Core competence can be defined as bundle of skills and technologies resulting in a pool of experience,
knowledge, and systems that together can act as a catalyst that create and accumulate new strategic
assets. These strategic assets are very difficult to imitate by competitors thereby providing competitive
advantage to the firms possessing them. Competencies are considered to be core when these skills result
in a firm achieving ‘best in the world’ status and provide the customer with unique value.
Competencies can be broadly categorized into two categories:
- physical product
- service-product
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