MGMT 3563 Lecture 4: Chapter 4

• School: University of Arkansas
• Department: Management
• Course: MGMT 3563
• Professor: hasija

Document Summary

Core competencies: unique strengths, embedded deep within a firm, allow a firm to differentiate its products and services from those of its rivals, results in: Creating higher value for the customer or. Offering products and services at lower cost. Examples of core competencies: walmart"s goal = offering lowest price possible, they have to have core competencies to differentiate itself from its competitors. Ikea: targeting low-income/ college kids who can"t afford expensive furniture (build it yourself) Superior in designing modern functional home furnishing at low cost: facebook. Resources, capabilities, and activities help deliver core competencies: resources: any assets that a firm can draw on when formulating and implementing a strategy. Reinforces core competencies: capabilities: organizational and managerial skills necessary to orchestrate a diverse set of resources and deploy them strategically. Orchestrates core competencies: activities: distinct and fine-grained business processes that enable firms to add incremental value by transforming inputs into goods and services.