Core Competencies
Response to Classmate
Great job with your post! However, I hold a different opinion about the authors exhibiting similar views on the issue of core competencies. Prahalad & Hamel contend that a company attains core competencies and develops a product within the shortest period and at the lowest cost. Leonard‐Barton (1992) views core competencies from the employeesemployees’e, technical skills, managerial structure, values, and norms. Eisenhardt & Martin (2000) perceive core competencies as stemming from best practice. Collis & Montgomery (1995) assess core competencies from a resource-based point of view. Each of the authors has somewhat dissenting opinions. Therefore generalizing their outlook under one umbrella would be incorrect. For instance, Prahalad & Hamel base core competencies on cost leadership, focusing on minimizing overheads to maximize profits. This notion differs from that of Eisenhardt & Martin (2000), who believe in benchmarking the industry in adopting the most effective strategy. This way, a firm saves on cost and product development.
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Nonetheless, some degree of relationship exists between authors authors’ premises. Montgomery’stgomery’s (1995) resource-based view would enable a firm to develop competencies that maximize cost savings, which is emphasized by Prahalad & Hamel. The principles of core competencies tend to interlock as they are based on effective resource management, cost reduction, product differentiation, and efficient exchange of information that results in innovation. I concur with you regarding adopting all the suggestions for creating a competitive advantage for a firm. Companies do not have to rely on a single approach but could instead culminate different ideas in harnessing the literary information on core competencies.
Other Related Post: When Duty to One’s Employer Conflicts With a Duty Owed to the Public
References
Collis, D.J. & Montgomery, C.A. (1995). Competing On Resources. Harvard Business Review.
Eisenhardt, K. M., & Martin, J. A. (2000). What are dynamic capabilities? Strategic management journal, 21(10‐11), 1105-1121.
Leonard-Barton, D. (1992). Core Capabilities and Core Rigidities: A Paradox In Managing New Product Development. Strategic Management Journal, Volume 13, 111-125.
Prahalad, C. K., & Hamel, G. (1997). The core competence of the corporation. In Strategische Unternehmungsplanung/Strategische Unternehmungsführung (pp. 969-987). Physica, Heidelberg.
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Question 
Core Competencies
Hi, I need help responding to a fellow student about Core Competencies. Thank you
Core Competencies
Fellow student Post
Core Competencies
The articles this week have a common thread. It is the idea that companies must be unique to their core, be built on a specific product or service, and sustain that core product and service throughout the company. Be intertwined with the culture and employees from bottom to top. Leonard-Bar”on says, “capabilities are considered core if they differentiate a company str”tegically” (1995, pg. 2). Collis and Montgomery gave an example of a Japanese automobile company that multiple core competencies that they had developed over the years (1995, pg. 120). This company evolved and created low-cost, lean manufacturing, high-quality production, and rapid product development. This touches on the resource management that had to have taken place in any company with these goals but also the results to go with it. As a result of companies having excellent/practical core competencies, the company can deliver their product/ service at a faster rate and higher quality than competitors (Prahalad & Hamel, 1997). Colossians 3:23 tells us to go big or home and be significant for the Lord.
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References
Collis, D.J. & Montgomery, C.A. (1995). Competing On Resources. Harvard Business Review.
Leonard-Barton, D. (1992). Core Capabilities and Core Rigidities: A Paradox In Managing New Product Development. Strategic Management Journal, Volume 13, 111-125.
Needles, Powers & Crosson (2014). Financial And Managerial Accounting. (10th Ed.). Mason, OH: South-Western Cengage Learning
Prahalad, C.K. & Hamel, G. (1990). The Core Competence of The Corporation. Harvard Business Review.