Core competence framework in business strategy
How does the core competence framework support business growth?
The core competence framework supports business growth by identifying and leveraging the unique strengths, capabilities, and expertise of a business. It enables the development of competitive advantages, fosters innovation, guides resource allocation, and helps businesses sustain a long-term competitive edge in the market.
What are the key elements of core competence in a business?
Core competence refers to the unique capabilities, resources, and knowledge that differentiate a business from its competitors and provide a sustainable competitive advantage. Key elements of core competence include specialized expertise, innovative processes or technologies, strong customer relationships, superior product or service quality, effective branding and reputation, efficient supply chain management, and the ability to leverage these strengths to create value for customers and achieve business objectives. Core competence is the foundation for a business's strategic positioning and long-term success.