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Core competencies
The big picture
A core competence is something unique that a firm has, or can do, strategically well. Premiered by Prahalad and Hamel in their 1990 Harvard Business Review article (and their 1994 book), an assessment of an organisation’s core competencies is an essential element in formulating strategy nowadays. Giving proper attention to what your organisation stands for and what strengths it has to stand out from the competition helps to answer the question as to what future possibilities your organisation possesses. The concept of core competencies is based on Barney’s (1991) resource-based view of the firm: the idea ...
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