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A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel. [1] It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness.
Gary Hamel is the originator (with C.K. Prahalad) of the concept of core competencies. He is also the director of the Woodside Institute, a nonprofit research foundation based in Woodside, California. He was a founder of the consulting firm Strategos, serving as chairman until 2003.
C. K. Prahalad is the co-author of a number of works in corporate strategy, including The Core Competence of the Corporation (with Gary Hamel, Harvard Business Review, May–June 1990) which as of 2010 was one of the most frequently reprinted articles published by the journal. [20]
A core competency is a concept introduced by Prahalad and Hamel (1990). Core competencies are part of the corporate identity; they form the foundation of corporate competitiveness. Core competencies fit within the "resource-based view of the firm". [19] [20] Resources can be tangible or intangible.
In a 1990 edition of the Harvard Business Review, Gary Hamel and C.K.Prahalad published an article entitled "The Core Competence of the Corporation" which defined the notion of a "core competency". Core Competencies are identified by three criteria: 1) they are difficult for competitors to imitate 2) they make a substantial contribution to a ...
Gary Hamel and C. K. Prahalad described the idea of core competency in 1990, the idea that each organization has some capability in which it excels and that the business should focus on opportunities in that area, letting others go or outsourcing them. Further, core competency is difficult to duplicate, as it involves the skills and ...
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Hamel and Prahalad's main idea was that over time companies will develop key areas of expertise which are unique to that company and crucial for their long term growth. They said the core competencies should not be seen as being fixed; these competencies should change in response to changes in the company's business environment.