Understanding Core Competency

Understanding Core Competency

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reply to the students’ response and not the question in 150 words minimum and provide 1 reference. Respond to the students response as though you are talking to them, use name

question

Please share three relevant things you have learned last week about your project , and cite sources (maybe documents or data), people or things you met or talked to, to gather information. Thanks.

students response

Last week, I have learned how to apply different concepts and strategies to my business plan project. Among those things is the distinct core competency. Investopedia defines core competency as a field or task which differentiates a firm from its competitors and is hard to copy. It is the things the firm does best such as Walmart and its low product prices and operating costs (Kenton, 2019). What differentiates my bubble tea shop from others is that aside from offering healthier drinks and snacks to customers, we will also have weekly live music. I believe that music has a lot of health benefits which is why I would like to incorporate that into my business plan. I also asked my friends and they like the idea of a bubble tea shop with live music once a week.

Aside from distinct core competency, I also learned about defining a mission and vision statement for my business plan. Not only will it define the path I would like to take with my bubble tea shop, but it will also help me align my team towards the same goal and values.

Lastly, I gained more knowledge about the bubble tea industry. I was able to identify the key players in the industry, the target market for my business, the strengths and weaknesses of competitors, and the product and industry life cycles. These helped me understand the industry even more.

Reference

Kenton, W. (2019, August 22). Understanding Core Competency. Retrieved March 9, 2020, from https://www.investopedia.com/terms/c/core-competency.asp