Q:

What are some examples of distinctive competencies?

A:

Examples of distinctive competencies include lean manufacturing, management development and payroll processing. Distinctive competencies are unique capabilities of a company that set it apart from others in the industry, giving it a competitive advantage. A company's distinctive competencies usually arise from sources such as unique business processes and technology.

A company's competitors can not imitate its distinctive competencies over the short term, which gives it a competitive advantage. A distinctive competency is only advantageous to a company if there is a demand for it within the market. A company must assess its internal and external environment to determine its distinctive competencies. A firm typically integrates its distinctive competencies into its corporate strategy since they are the company's strongest qualities. A company must nurture its distinctive competencies to evolve with the changing environment to sustain its competitive advantage. By cultivating a learning environment a business creates a dynamic capability that enables it to stay ahead of its competitors; this dynamic capability must be protected to prevent it from being replicated by competitors. Management should constantly monitor changes within the market, and when necessary realign a firm's distinctive competencies to suit the market. A company such as McDonald's uses its distinctive competency of effective control systems to earn high profits from its franchises.


Is this answer helpful?

Similar Questions

  • Q:

    What is a list of Lominger competencies?

    A:

    There are 67 Lominger competencies listed below. These abilities and skills serve to measure a person's effectiveness in business. Lominger is a portmanteau of the last names of system creators Michael M. Lombardo and Robert W. Eichinger.

    Full Answer >
    Filed Under:
  • Q:

    What are some examples of purchasing procedures?

    A:

    An example of a business purchasing procedure is one that starts with identification of a needed product and ends with the execution of a purchase order. An eight-step purchasing process frequently used by businesses consists of identifying the need, selecting a specific product, appointing a purchasing team, determining technical specifications, establishing a budget, researching potential suppliers, soliciting bids and awarding the business.

    Full Answer >
    Filed Under:
  • Q:

    What are examples of homogeneous products?

    A:

    Fruits and vegetables are prime examples of homogeneous substances: many suppliers offer fruits and vegetables for sale, but regardless of company, all brands offer the same end product. Most homogeneous products are very similar in physical composition, as well as quality, and the only real difference between the various manufacturer's products is price. In addition to produce, other types of homogeneous products are cosmetic items such as cotton balls and cotton swabs.

    Full Answer >
    Filed Under:
  • Q:

    What are examples of turnkey projects?

    A:

    Examples of turnkey projects include houses, factories, storefronts, churches, aviation hangars and chemical production and other facilities. Turnkey projects denote contracted construction endeavors that, when completed, are ready for occupation, use or sale. New housing construction is a prevalent example of a turnkey project because builders normally finish the project before it is sold.

    Full Answer >
    Filed Under:

Explore