Core competencies define the main strengths and characteristics of a company that gives it a competitive advantage. Core competencies can include technical capabilities or enhanced knowledge that allow businesses to get ahead of others. These characteristics also enable companies to expand to new markets and increase their chances of survival. In this blog post, we’ll be discussing what core competencies are and how companies can benefit from them. What is core competency? The concept was first introduced by Gary Hamel and C.K. Prahalad in an article published in the Harvard Business Review. The authors described core competencies as multiple skills that distinguish a firm from other companies. In order to develop core competencies, companies must first filter out their best abilities. Once that’s done, they can start honing these characteristics into organization wise strengths for better results. Keep in mind, these abilities ought to be unique and must provide value…