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Core competency
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{{Short description|Management concept of identifying the basis of competitiveness in an industry}} {{Strategy}} A '''core competency''' is a concept in management theory introduced by [[C. K. Prahalad]] and [[Gary Hamel]].<ref name="PRAH">Prahalad, C.K. and Hamel, G. (1990) "[http://km.camt.cmu.ac.th/mskm/952743/Extra%20materials/corecompetence.pdf The core competence of the corporation] {{webarchive|url=https://web.archive.org/web/20140714112311/http://km.camt.cmu.ac.th/mskm/952743/Extra%20materials/corecompetence.pdf |date=2014-07-14 }}", Harvard Business Review (v. 68, no. 3) pp. 79β91.</ref> 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.<ref>Schilling, M. A. (2013). Strategic management of technological innovation, p.117 International Edition, McGraw-Hill Education.</ref> Core competencies fulfill three criteria:<ref name="PRAH"/> # 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.<ref name="PRAH"/>
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