What are some examples of organizational core competencies?
Organizational Core Competencies:
Core competencies are the strategies embraced by organizations in order to distinguish them from the competitors. Indeed, firms strive to optimize their capabilities to attain competitive edge in the market.
Answer and Explanation:
The core competencies contributing to the organizational competitive edge include
- Production of innovative products. It entails the use of modern technology which aids in the creation of unique products capable of luring customers as compared to those of the competitors. A perfect example is Apple products which have innovative features and designs leading to increased sales.
- Superior customer services. Offering satisfactory services to the customers through improved interaction as well as responding to their complaints in-time is a noble way of improving the services offered. Indeed, the move contributes to augmented customer loyalty leading to a rise in sales.
- Provision of high-quality products and reliable services. Products of high quality are often preferred by customers compared to low-quality ones. As thus, businesses strive to incorporate quality management throughout the entire production process. Additionally, superior services such as just in time delivery is also a key core competency embraced by organizations due to its contributions towards heightened customers' loyalty.
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fromChapter 30 / Lesson 3
Entrepreneurs assume risks when venturing in business opportunities and must possess specific skills in order to be successful. Explore the skills and competencies common to successful entrepreneurs and how these contribute to risk vs. reward.