Professional Documents
Culture Documents
(Definition
of
business
policy,
Importance
of
To
strengthen
the
decision
making
process:
Strategic
acceptance among the rank and the file as there will be no resistance to
change within the business enterprise.
management
and
overlook
or
ignore
several
lucrative
Competencies
and
their
Importance
in
Strategy
Formulation
The term Core Competency has its origin in an article titled The
Core Competence of the Corporation, written by C. K. Prahalad
and Gary Hamel for the Harvard Business Review in 1990. In this
article, core competency has been defined as The collective
learning and coordination skills behind the firm's product
lines. The authors illustrated that the core competencies of an
organization led to the development of core products, which in turn,
can be used for personalization of products for end users. An
organizations core competency is developed through 7continuous
evolution over a period of time. Core competencies are also
essential to succeed in global market. The authors claimed that In
the 1990s managers will be judged on their ability to identify,
cultivate, and exploit the core competencies that make growth
possible - indeed, they'll have to rethink the concept of the
corporation itself. (C K Prahalad and G Hamel, 1990.) When the
core competencies are matched with the market opportunities, new
businesses
are
created.
By
combining
and
matching
core
organization
a) It should provide the company with a wide variety of markets
Communication
An
effective
leader
possesses
good
the organizations
takeovers.
existence
is
not
threatened by
hostile