Core competency determines a manufacturer's unique abilities to create consumer value. Leadership is based on the ability to do something that others cannot do at all or only partially. Leadership relies on key knowledge and capabilities that define a manufacturer's or supplier's unique ability to create market or consumer value. For example, consider the Japanese ability to produce miniature electronic circuits, rooted in a three-hundred-year history of painting landscapes on tiny lacquered boxes, or GM's unique talent for conducting successful mergers over the past 80 years. How can you determine if your existing knowledge is sufficient to gain and maintain leadership? How can you find out if core competency is strengthening or weakening and if changes are needed? First, you need to thoroughly analyze your own activities and those of your competitor, paying special attention to unexpected successes or failures where everything should be in order. Successes demonstrate what is valued in the market and will be purchased. They show where the business enjoys the advantages of a leader. Failures should be seen as early signs of market change or weakening core competencies of the company. TIP OF THE DAY. Identify your company's core competency. Is it strengthening or weakening?
Defining Core Competency
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