Competencies are firm – specific strengths that allow a company to differentiate its products and for achieve substantially lower cost than its rivals and thus gain a competitive advantage.
Types of competency
i) Core competency: It is an activity central to a firm’s profitability and competitiveness that is performed well by the firm. Core competencies create and sustain firm’s ability to meet the critical success factors of particular customer groups.
ii) Distinctive competency: It is a competitively valuable activity that a firm performs better than its competitors. These provide the basis for competitive advantage. These are cornerstone of strategy. They provide sustainable competitive advantage because these are hard to copy.
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