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FREE online courses on Business Strategies - Business Strategy - Determining Necessary Core Competencies

 

Following the identification of customer groups and customer needs, companies must determine how to bundle resources and capabilities to form core competencies and then use these core competencies to satisfy customer needs by implementing value-creating strategies.  This means that:

 

In the new competitive landscape, companies must improve their ability to convert innovation and new technologies into commercial products.

New products ideally should be based on the company's core competence or core technology.

 

New products and new product innovations must meet either present or future customer needs.

 

We will now talk about generic business-level strategies that can be implemented to provide customers with distinctive products that meet customer needs and enable the company to achieve a competitive advantage and earn above-average returns.  Business-level strategies are considered to be generic because they are generally believed to be applicable across industries, products, and the public and private sectors.

 

The discussion of business-level strategies will focus on four features of generic business-level strategies:

  • the relationship of each to the five competitive forces
  • how the value chain concept can be used to select primary and secondary activities necessary to implement each strategy
  • risks associated with each
  • a fifth or hybrid generic strategy that is being used more frequently

 

 

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