Core competencies
Core Competencies
Core competencies (pronunciation: /kɔːr kəmˈpɛtənsiːz/) are a concept in management theory introduced by C. K. Prahalad and Gary Hamel. 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.
Etymology
The term "core competencies" was coined by C. K. Prahalad and Gary Hamel in their 1990 article for the Harvard Business Review, "The Core Competence of the Corporation". The word "core" comes from the Old English core, meaning "central part", while "competency" originates from the Latin competentia, meaning "meeting together, agreement, symmetry".
Related Terms
- Competitive Advantage: A condition or circumstance that puts a company in a favourable or superior business position.
- Strategic Management: The formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners.
- Resource-Based View: A method of viewing and managing the organization from the perspective of the resources and capabilities that it controls.
- Value Chain: A set of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market.
See Also
External links
- Medical encyclopedia article on Core competencies
- Wikipedia's article - Core competencies
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