PARTICIPATION IN THIS DISCUSSION BOARD IS COMPULSORY. Pick any one term (only oh
ID: 434713 • Letter: P
Question
PARTICIPATION IN THIS DISCUSSION BOARD IS COMPULSORY. Pick any one term (only ohe) and write a 300 word (or more) paragraph on it (including a definition, in your own words) If someone has already chosen a term, you cannot choose it. The terms include people, products, companies and concepts. I would also recommend that you make a 250 word comment on any one response made by a classmate. Here, multiple responses to a single posting are acceptable 1. Innovator's Dilemma 2. Strategic Alliances 3. Volcker Rule 4. Functional Structure 5. Tim Cook 6. Product Market Stakeholders 7. Leveraged Bavout 8. The Internet Properties of various discussions 4 9. Abilify 10. Janet Yellen 11. Bitcoirn 12. Warren Buffett 13 Rivalry (from Porter's 5 forces) 14. Power of Substitutes (from Porter's 5 forces) 15. Bargaining Power of Buyers (from Porter's 5 forces) 16 Bargaining Power of Suppliers (from Porter's 5 forces) 17 Barriers to Entry 18 Disruptive Technology 19 Resource-Based View of the firm 20. Core CompetenceExplanation / Answer
20. Core competence:
Amalgamation of various methods, tools, skills, attitudes, values, resources that clearly distinguish a business firm from its competitors in the market, so that to have an edge over them.
The concept of core competence was propounded by Gary Hamel and C.K. Prahald in 1990 in their book 'The Core Competence of The Corporation' at Harvard Business School.
The Core Competence focuses on delivering additional value to the customers than its competitors through specialized techniques and skills.
Thus, Core Competence involve people, procedure, strategic advantages, techniques, skills, experiences, capabilities, etc. to transform a business firm into a highly competitive and progressive than its competitors in the marketplace.
Therefore, core competence satisfies the following criteria:
Thus, Core Competence excels the business firm in the market and raises the customer and stakeholder value for the organization.
Core Competence enables the firm in cutting down the costs, maximizing the production and improving the quality of their products and services.Its because of core competence that a firm consistently delivers higher value to transform switchers into hardcore loyals.
Benefits of having Core Competence:
Core Competence has had volumes of advantages to the concerned business firm which are as under:
1. Core Competence encourages the firm to be innovative and risk taking which allows the firm to diversify its business in a profitable manner.
2. It assists the business firm in formulating competitive strategies by enforcing the key strengths and overcoming the weaknesses.
3. It helps the firm in recruiting competent, skilled, and experienced employees in order to run the business an effective and efficient manner.
4. It makes the organization proactive in deflecting the market forces and adopting various scientific methods and procedures to withstand with the tough times.
5. It develops a sense of progression and perpetuity.
6. It develops the firm into a market leader and provides a pool of loyal customers.
In nutshell, Core Competence is like a magic stick which can fulfill both the profit maximization and wealth maximization objectives of the firm if moved in the right direction at the time and place.
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