What is meant by the term core competencies?

I associate the “core competences” with the “unique selling points” (USP's) of a person or an organization.

 

Core Competencies is the Unique ability that a company or individual acquire and cannot be easily immitated and give a competative advantage in its chosen field.

There can be varying definitions of what is meant by the term “core competencies.”

Core competencies are those capabilities that are critical to a business achieving competitive advantage.

A core competency is fundamental knowledge, ability, or expertise in a specific subject area or skill set.

In Business context, core compentency focuses on strategies and goals that is done especially well by the company or an individual. Business leaders need to be able to identify the organization’s core competencies and provide required focus to effectively enable differentiation in the market.

In order to know the core competencies of the company, we need to know the answers of the three key questions mentioned below: 

1. What are the organization’s area of specialization &/or expertise? 

2. What complex streams of business activity across the organization’s value chain does it do well? 

3. What intangible assets does the organization possess that brings it success in the market? 

 

Answering these questions would be an appropriate starting point to understanding where an organization’s core competencies are likely to reside. 

Competence (or competency) is the ability of an individual to do a job properly

Core is the central or most important part of something

So, Core Competency is the most important ability of an individual or a company. It is the defining capability of enterprise that makes it stand apart or subject matter expertise of an individual

Complete this statement: Our customer is paying more for – and choosing our product and / or service because ____________. This exercise will give you key information to help you define your mission statement, your vision statement, key marketing and web based messages, organizational development plan, you will Use core competencies as part of the strategic planning process, It will lead you to your greatest opportunities , it motivate your employees ,it will guide your decisions , it is Consider your “secret to ongoing success. It is like having that one perfect gift that keeps on giving so By defining your core competencies, and S.W.O.T., your organization will be able to focus on what is unique about your organization (your unique value proposition)

Core competencies are the unique strengths of a business. A successful company will use its core competencies to create its main products or services. A core competency provides access to a variety of markets, leads to providing a better product or service and is difficult for competitors to copy.

 

Core Competencies is an ability or strategic strength that company acquires from its founders or develops to differentiate an organization from its competitors and creats a company's competitive advantage in market place.

"Core competencies" have to do with "core business model processes and their outcomes" ..  They cover all what is considered to be "mission-critical" to the organization. i.e. without them, the very specific mission of the organization cannot be fulfilled/achieved. Core competencies also relate to the industory sector each and every business entity belongs to;  airlines, banking, government, health-care, oil & gas, energy, telecom, utilities, ... etc... etc.  Hence, it would only be natural to expect a bank to have "banking" core competencies and not "health-care" competencies.  A hospital should have "health-care" competencies and not airlines or transportation core competencies and so on so forth. 

core competencies are the different & unique feature of any human or any business.