What Does Core Competencies Mean?
Core competencies represent the unique toolset that a company acquires from its founders or those which it develops and cannot be easily replicated. They give a company one or more competitive advantages in creating and delivering value to its customers in the chosen field.
They are also known as core capabilities or distinctive competencies.
Safeopedia Explains Core Competencies
Core competencies provide potential access to a wide variety of markets and are the result of the adoption of a specific set of skills or production techniques that deliver additional value to the customer.
They are the main strengths and strategic advantages of a company, including the combination of pooled knowledge and technical capacity that allow it to be competitive in the marketplace. Theoretically, they help a company expand into new end markets, as well as provide a significant benefit to customers. Ideally, they should be hard for competitors to replicate.
A company's core competencies provide potential access to a wide variety of markets. As a harmonized combination of multiple resources and skills that distinguish a company in the marketplace, core competencies make a significant contribution to the perceived customer benefits of the end product.