meaning of complacency

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    A core competency is a concept in management theory originally advocated by CK Prahalad, and Gary Hamel, two business book writers. In their view a core competency is a specific factor that a business sees as being central to the way it, or its employees, works. It fulfills three key criteria:

    It is not easy for competitors to imitate.It can be re-used widely for many products and markets.It must contribute to the end consumer's experienced benefits.

    A core competency can take various forms, including technical/subject matter know-how, a reliable process and/or close relationships with customers and suppliers.[1] It may also include product development or culture, such as employee dedication, best Human Resource Management (HRM), good market coverage etc.

    Core competencies are particular strengths relative to other organizations in the industry which provide the fundamental basis for the provision of added value. Core competencies are the collective learning in organizations, and involve how to coordinate diverse production skills and integrate multiple streams of technologies. It is communication, an involvement and a deep commitment to working across organizational boundaries.[vague] Few companies are likely to build world leadership in more than five or six fundamental competencies.

    For an example of core competencies, when studying Walt Disney World - Parks and Resorts, there are three main core competencies:[2]


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