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Resources, Capabilities and Core Competencies
Transcript of Resources, Capabilities and Core Competencies
and their link to Sustainable Competitive Advantage So where do we start?
With the big picture ! Let’s clarify what we mean by RESOURCES ! A DEFINITION of RESOURCES Resources are a firm’s assets, including people, its brand, capital equipment, skills of employees and financial resources.
There are tangible and intangible resources.
Tangible resources + intangible resources = create capabilities ……. which can be structured to become core competencies Some examples of TANGIBLE RESOURCES Some examples of INTANGIBLE RESOURCES Now about CAPABILITIES Capabilities = integration and interaction of specific tangible and intangible resources to achieve a desired business goal Now some links between RESOURCES and CAPABILITIES And onto CORE COMPETENCIES Core competencies are the resources and capabilities that combine to become the source of a company’s competitive advantage…usually activities that add unique value to the goods and services a company sells. These competencies represent what a company typically excels at…the areas where they out-perform competitors.
Core competencies are the resources and capabilities that combine to become the source of a company’s competitive advantage.
A core competency is fulfills three key criteria:
It is not easy for competitors to imitate.
It can be re-used widely for many products and markets.
It must contribute to the end consumer's experienced benefits. The importance of the product/service to its customers. Reinforcing the links For an example of core competencies, when studying “Walt Disney World - Parks and Resorts”, there are three main core competencies:
• Animatronics and Show Design
• Storytelling, Story Creation and Themed Atmospheric Attractions
• Efficient operation of theme parks The Basic Value Chain A REFLECTIVE QUESTION : HOW FAR DO YOU;
(1) UNDERSTAND ….
(2) CAN TALK ABOUT CONFIDENTLY ….
(3) CAN USE AS AN ANALYTIC TOOL ….
(4) CAN APPLY (relevant parts) TO YOUR CHOSEN FIRM …… THIS ?