Definition of Core competencies:
Core competencies are the resources and capabilities that comprise the strategic advantages of a business. A modern management theory argues that a business must define, cultivate, and exploit its core competencies in order to succeed against the competition.
A variation of the principle that has emerged in recent years recommends that job seekers focus on their personal core competencies in order to stand out from the crowd. These positive characteristics may be developed and listed on a resume. Some personal core competencies include analytical abilities, creating thinking, and problem resolution skills.
A unique ability that a company acquires from its founders or develops and that cannot be easily imitated. Core competencies are what give a company one or more competitive advantages, in creating and delivering value to its customers in its chosen field. Also called core capabilities or distinctive competencies. See also core rigidities.
How to use Core competencies in a sentence?
- Core competencies are the defining characteristics that make a business or an individual stand out from the competition.
- Identifying and exploiting core competencies is seen as important for a new business making its mark or an established company trying to stay competitive.
- It is important that your company always follows its core competencies so that it wont stray to far from its beliefs.
- To have a successful business, one must know his core competencies so he can thrive and maintain a great business.
- The core competencies of our company could not be matched by our competitors because we were constantly innovating and learning and improving.
- A company's people, physical assets, patents, brand equity, and capital all can make a contribution to a company's core competencies.
Meaning of Core competencies & Core competencies Definition