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show notes

Stages of Development

Core Competencies - Jeremy Gray

29/11/2020

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Jeremy Gray - "Practical Solutions to Difficult Problems"

The concept of core competency was developed by Gary Hamel and C. K. Prahalad in 1990 and discussed in their book “Competing for the future”. A core competence is something that your business has or can do strategically well.


In today’s show we will review:

  • What are core competencies?
  • How does a company develop a core competency
    • Collective learning within the business
    • Ability to integrate skills and technologies
    • Ability to deliver superior products and services
    • Ways a business is differentiated to be competitive

  • TIe to SWOT analysis

  • Examples of Core Competencies - Ikea, Apple, Starbucks

  • 3 Conditions  to be considered a core competency:
    • Customer benefit
    • Hard for competitors to match
    • Can be leveraged widely 

  • Focus on core competencies and outsource non core activities
    • Overzealous outsourcing

  • How to identify my company’s core competencies?
    • Can be a challenge to find your unique proposition
    • Look at your customers and clients
    • The reason for your business
    • Discuss with your team - widen discussion if necessary

  • How to build on your core competencies:
    • Keep them top of mind

  • Risk of moving away from your core competencies
    • Core competencies build over time
    • Risk of becoming me too
    • Pivoting a business is challenging


Jeremy@business-in-asia.org
thedentistcfo.com
​

F3.09.3AA

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