Management concept of identifying the basis of competitiveness in an industry
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A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel.[1] It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness.[2]
Core competencies fulfill three criteria:[1]
Provides potential access to a wide variety of markets.
Should make a significant contribution to the perceived customer benefits of the end product.
Difficult to imitate by competitors.
For example, a company's core competencies may include precision mechanics, fine optics, and micro-electronics. These help it build cameras, but may also be useful in making other products that require these competencies.[1]
^ abcPrahalad, C.K. and Hamel, G. (1990) "The core competence of the corporation Archived 2014-07-14 at the Wayback Machine", Harvard Business Review (v. 68, no. 3) pp. 79–91.
^Schilling, M. A. (2013). Strategic management of technological innovation, p.117 International Edition, McGraw-Hill Education.
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