"Core" Competence

Here, the experts remind us what the phrase "core competence" really stands for:

[T]here is a difference between "necessary" competencies and "differentiating" competencies. It makes little sense to define a competence as core if it is omnipresent or easily imitated by competitors ... A core competence is truly core when it forms the basis for entry into new product markets. In assessing a competency's extendability, senior management must work hard to escape a product-centric view of the firm's capabilities [and focus on a skill-centric view].

That should be a simple enough recipe to remember.

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