Monday, 25 September 2017

The world of competence

Hello readers, it has been a while. Hope you did not miss me much, the good news is I am back now. Today, I will be writing about competence.

Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company.

Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate.

Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able to gain the loyalty of the customer.

Innovative products when marketed well do generate good profit. Innovation is a core competence that makes companies compete well in the business market. However, the cost of innovation should be managed well so as not to gulp up the revenue made.

Resources like good reputation, good relationship with suppliers, having highly skilled staff, when deployed well gives a firm a competitive advantage.

That is all for today. Thank you for reading this article. Keep checking my blog. Cheers!