Competitive businesses have solid core competencies and points of differentiation. This raining video explains what core competencies are and how to differentiate your business in the marketplace. By focusing on core competencies and positioning your business well versus your competitors, you have a higher likelihood of delivering great results.
- You should have a good sense for how your company…competes and wins in the marketplace.…The way I encourage people to think about how you'll win…is through core competencies.…These are the points of differentiation…that help you compete and beat your competition.…They're the things that you hold up…as you're the best at in the marketplace.…These aren't just things you're good at,…these are the one or two things that make you great.…Step back and look at your business…and ask, what are we great at?…Is it time, the time that we can get to market?…Is it our capability to deliver?…Turnaround time.…
Is it your cost position?…Or the quality of your products?…Is your company more innovative than others?…Do you have a world-class supply chain?…Is it your brand…or features and functionality of your products?…Are you great at life cycle management?…Or customer relationship management?…Are your products more reliable…or more durable than those of your competition?…You have to be able to explain…how your products and services…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.
- Define and explain business acumen.
- Describe different types of growth horizons.
- Identify critical elements of knowing your business.
- Explain the effects of price changes on profits.
- List common growth methods.
- Evaluate your initiative pipeline.
- Define common business terms.
- Assess trends and your competitive environment.