Strategic competency
DESCRIPTION
A combination of distinctive capabilities that assists the firm in obtaining a sustainable competitive advantage.
A combination of distinctive capabilities that assists the firm in obtaining a sustainable competitive advantage.
KEY INSIGHTS
Strategic competencies involve combined intellectual abilities in skills, processes, and knowledge bases, in addition to the provision of significant customer value. It is not just about a unique product, current market strength, or asset but rather a sustained ability that differentiates it from the competition. Examples include a production process that allows the development of creative products or partnerships with other firms that allow for a capability gap that endures over time.
Strategic competencies involve combined intellectual abilities in skills, processes, and knowledge bases, in addition to the provision of significant customer value. It is not just about a unique product, current market strength, or asset but rather a sustained ability that differentiates it from the competition. Examples include a production process that allows the development of creative products or partnerships with other firms that allow for a capability gap that endures over time.
KEYWORDS Distinctive capabilities, sustainable competitive advantage
IMPLICATIONS
An in-depth identification of the key strategic competencies of a firm is essential, ensuring that these are not mixed with basic competencies or strengths. Effectively formulating a company’s overall marketing strategy relies on determining those strategic competencies as well as those of competitors.
An in-depth identification of the key strategic competencies of a firm is essential, ensuring that these are not mixed with basic competencies or strengths. Effectively formulating a company’s overall marketing strategy relies on determining those strategic competencies as well as those of competitors.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Black, J. A., and Boal, K. B. (1994). ‘Strategic Resources: Traits, Configurations and Paths to Sustainable Competitive Advantage,’ Strategic Management Journal, 15, 131–148.
Marketing Strategy
Black, J. A., and Boal, K. B. (1994). ‘Strategic Resources: Traits, Configurations and Paths to Sustainable Competitive Advantage,’ Strategic Management Journal, 15, 131–148.
Marketing Management
Thompson, J., and Cole, M. (1997). ‘Strategic Competency: The Learning Challenge,’ Journal of Workplace Learning, 9(4–5), 153–162.
Thompson, J., and Cole, M. (1997). ‘Strategic Competency: The Learning Challenge,’ Journal of Workplace Learning, 9(4–5), 153–162.
BIBLIOGRAPHY
Zingheim, P. K., Ledford G. E., Jr., and Schuster, J. R. (1996). ‘Competencies and Competency Models: Does One Size Fit All,’ ACA Journal, 5(1), 56–65.
Zingheim, P. K., Ledford G. E., Jr., and Schuster, J. R. (1996). ‘Competencies and Competency Models: Does One Size Fit All,’ ACA Journal, 5(1), 56–65.
Aaker, David A. (2005). Strategic Market Management. New York: John Wiley & Sons, Inc.