Question
Core Competency Analysis in the retail industry can be practically applied in several ways. Firstly, it can help identify the unique strengths and capabilities that set a retailer apart from its competitors. This could be exceptional customer service, exclusive product lines, or efficient supply chain management. Secondly, it can guide strategic planning and decision-making, ensuring that the retailer focuses on areas where it has the most competence. Thirdly, it can inform the development of new products or services, ensuring they align with the retailer's core competencies. Lastly, it can help in identifying areas for improvement or investment to enhance the retailer's competitive advantage.
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Core competencies introduce a combination of resources and skills that distinguish a business in its respective marketplace. It could be an organization's skills and knowledge base, managerial systems, or technical systems that form a series of values and norms. Core competency theory explains the success of household names like McDonald's, Walmart, Apple, and IKEA. All four brands have honed their mastery of core competencies to focus on what they do best even as they consistently reinvent themselves.(Slide 2)
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