Generally, competence refers to the ability to perform well. And, company competence is the result of a learning experience that represents the real expertise of the company in performing internal activities. Business competencies are skills that allocate for victory in the world of business. In the lack of these skills, small-business owners might find the task of establishing and maintaining their businesses harder than it otherwise would be. There are basically two types of company competencies. These are as follows:
Core competence: A core competency is something that a company does well relative to other internal activities. They are what the company does best and consist of the combined activities, operations, and resources that distinguish the company from competitors.
Distinctive competence: A distinctive competence is the something a company does well relative to competitors. They are the major source for organizations to grow and survive, and that’s exactly what differentiates the brand from competitors.