Key competencies are the defining characteristics that distinguish a company or person from competitors.
Identifying and leveraging core competencies is considered important for a new business making its mark or an established company trying to remain competitive.
Company people, tangible assets, patents, brand value and equity can all contribute to a company’s core competencies.
The idea of core competencies was first proposed in the 1990s as a new way to evaluate business managers compared to how they were evaluated in the 1980s.
Examples of companies with core competencies that have kept them successful for decades include McDonald’s, Apple and Walmart.