Core competency is an organization's major value-creating capability that determines its competitive weapons.
According to Management by Robbins and Coulter (14th edition),
- Core competency. An organization's major value-creating capability that determines its competitive weapons.
According to the HRBoK Guide,
- Core competency. Specific expertise. The skills or knowledge that an organization or employee needs to do work.
- To be the Competency, it shall:
- Benefit customers. The Competency shall be a source of competitive advantage and make a significant contribution to perceived customer benefits.
- Help the seller of the market exchangeable access markets. The Competency shall have applications in a wide variety of markets.
- Be difficult for the seller's competitors to imitate.
- VIRO stands for Valuable, hard to Imitate, Rare, and an Opportunity to exploit.