As discussed by Gutierrez (2003), core competence is of great importance for every business. When we say core competence, it means the fundamental set of skills, abilities, capabilities, knowledge or expertise which is required for being specialized in a particular area or subject.
Competence is the skills, knowledge or capabilities present for being the master of a specific field. But when the word “core” is associated with the term “competence”, it means strong and immeasurable power of knowledge. The word competence is stronger when it is referred as core competence.
(1000ventures.com, 2008) Core competence is the strategic business skills and capabilities of any business oriented organization which acknowledges the company with several marketplace niche advantages and competitive edges to its competitors. The whole model of an organization can be considered as dependent on the core competencies of business. It not only drives the growth ratio graph of the company but also takes care of the expanding pattern of the entire business environment of that particular organization. A business cannot be considered as growing and performing well without the help of core competencies of business. The whole process of core competencies verification and identification has been undergone by the organizations who have practices it thoroughly and evenly.
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