What factors can cause a core competency to change or evolve?
Core Competency
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The video explains the concept of core competency, a key skill or ability that enables a firm to deliver value to its customers. Developed by Praline and Hamill and published in the Harvard Business Review, core competency is crucial in strategy development. It involves integrating available resources into the firm's value chain. As resources and skills evolve, so must the firm's core competency to maintain its effectiveness.
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Why is it important for a company to evolve with its core competency?
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