Core competence is among the best-known strategic management concepts. A core competence it is believed to constitute and sustain the firm’s competitive advantage. The importance of core competencies for organisations is explored, in addition to technical capacities as one of the elements that allow organisations to be competitive in the market.
Core Competencies Definition
"Core competencies are capabilities the firm emphasises and performs especially well while pursuing its vision." Core competencies can lead to competitive advantage when companies create value for customers exceeding the value created by their competitors (Ireland et al., 2010:82).
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Core Competencies References (4 of up to 20) *
- Barney, J. B. (1991) Firm Resources and Sustained Competitive Advantage, Journal of Management, Vol. 17 (1), pp. 99-120.
- Brown, T. (2009) Change by Design: How Design Thinking Transforms Organizations and Inspires Innovation. New York: HarperBusiness
- Business Week (2006) What Top Execs Really Say About Apple, [Online], available at: http://www.businessweek.com/innovate/NussbaumOnDesign/archives/2006/04/what_top_execs.html.
- Coyne, K. P., Hall, S. J. D. and Clifford, P. G. (1997) Is Your Core Competence a Mirage?, The McKinsey Quarterly, pp. 40-54.
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