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Strategic Management
On page 3.18 of study material, it is given line , Competence does not necessarily have to exist within one company in order to define as core competence . Please explain it . Video Details ------------- P6B - Strategic Management Strategic Analysis - Internal Environment #16. Major conditions for Core Competencies
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To know our core competence we have to think beyond our organization also i.e. we cannot get core competence if it exist only within one company, we have to cope up with all the rest others competitors. In simple words, if we have to build core competence we have to build with all the existing competitors in the industry not just one. This was from my knowledge and understanding. Sincerely Apologies if anything is wrong shared by my side. Thank you!
Companies can leverage external resources, partnerships, or collaborations to access expertise or capabilities that complement or enhance their core competencies. This can include outsourcing certain functions to specialized firms, forming strategic alliances, or acquiring technology or talent through mergers and acquisitions.
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