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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.
A core competency is, for example, a specialised knowledge, technique, or skill. [29] Yang (2015) concluded, with the examination of a long-term development model, that developing core competencies and effectively implementing core capabilities are important strategic actions for any enterprise in order to pursue high long-term profits.
At its essence, core competence includes involvement, commitment and communication, transcending organizational boundaries and hierarchies, while fostering a culture of inclusivity within the organization. [23] At the nexus between 'core competences' and 'end products' are the core products. Core products are the physical components (e.g ...
Competencies in this category should demonstrate pertinent behaviors for management to be effective. Organizational competencies: The mission, vision, values, culture and core competencies of the organization that sets the tone and/or context in which the work of the organization is carried out (e.g. customer-driven, risk taking and cutting edge).
Competence (polyseme), capacity or ability to perform effectively; Competence or competency may also refer to: Competence (human resources), ability of a person to do a job properly Competence-based management, performance-oriented organizational operation; Core competency, management concept of identifying the basis of competitiveness in an ...
A competency dictionary is a tool or data structure that includes all or most of the general competencies needed to cover all job families and competencies that are core or common to all jobs within an organization (e.g., teamwork; adaptability; communication).
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One of the remarkable effects of knowledge transfer is the increase in profits and the development of competitive advantage. In a few words, a competitive advantage is the possibility for an organization to strengthen its core competencies by using knowledge from outside. For this, three elements have been defined to measure it: [73]