Competency Vs Core Competency

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1. What is the difference between a strength, a competitive advantage, and a sustainable competitive advantage? STRENGTHS - Positive advantageous skills that is framed as the strongest points of a firm. COMPETITIVE ADVANTAGE - The one skill that stands out and makes that firm unique and stand out from their close competitors. SUSTAINABLE COMPETITIVE ADVANTAGE – The skill that is acquired with time, thus long lasting, this makes the company live longer in the minds and hearts of people. The firm with a sustainable competitive advantage could sustain longer in the markets (could be a strategic intent) (Melissa A. Schilling, 119) STRENGTHS SUSTAINABILITY Example: Apple 2. What makes an ability (or set of abilities) a core competency? Ability refers to the skill that helps a company sustain in the marketplace, when an ability is harmonized in a combination of multiple resources and skills that distinguishes that firm in that marketplace, then that ability becomes that core competency. Without core competency a firm cannot prolong its lifespan in a competitive market. Core competency provides a strong foothold for that firm in the market. (Melissa A. Schilling, 118) Core competency defines the strategy of the entire firm. But too much reliance on core competency could result in Core Rigidity, a phenomenon where the firm does not keep up with the technology as they stick firm to their strategies. Stand-out skills 3. Why is it necessary to perform an external and internal analysis before the firm can identify its true core competencies? The starting point for understanding ... ... middle of paper ... ...the world, their strategic intent changed as a consequence of the changes in trend and business expectations. Solar Impulse: Their intent could be to become the dominant design, too ambitious, yet justifiable. BIBLIOGRAPHY 1. (n.d.). Retrieved from http://www.mindtools.com/pages/article/newTMC_94.htm 2. (n.d.). Retrieved from http://www.slideshare.net/mybskool-online-courses/core-competence-and-strategic-advantage 3. (n.d.). Retrieved from http://www.solarimpulse.com/en/#.UwGnVvldVQg 4. (n.d.). Retrieved from http://mystrategicplan.com/resources/internal-and-external-analysis/ 5. (n.d.). Retrieved from http://www.businessdictionary.com/definition/core-competencies.html 6. (n.d.). Retrieved from http://www.forbes.com/2009/06/26/amazon-cloud-computing-technology-cio-network-outsourcing.html 7. A.Schilling, M. (n.d.). Strategic Management and Technological Innovation.

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