Core competency is a way that makes any business to be closer to its customers, works or employees. It aims to gain 2 targets:
i. Various products & markets can be leveraged
ii. Not easy to copy
Any core competency can take different directions it can be technical related, it can be subject related knowledge, any reliable process, or on the other side, any close relationships with the suppliers and customers can be benefited with the help of this core competency. Along with this, it comprises of culture, product development and management of the product.
Core competencies are the strengths that are relative to other organizations in the industry that actually provide the basis for the idea to add value in products and services. It is also termed as the collection of learning in any organization and it involves the major steps that takes place while building the product and making it essential for the end users. Businesses working and managing in order to be the best one in the industry often tries to have the best core competencies in order to be the best one. In order to be the leader, one should try to have the best and unique core competencies that can help in gaining the desired target.
Andrew Campbell, Kathleen Sommers Luchs (1997), "Core competency-based strategy", International Thomson Business Press", pg 327