Core Competencies Are Those Activities in Which a Company Excels

question 66

True/False

Core competencies are those activities in which a company excels and has the potential to create competitive advantages.

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Definitions:

Anchoring Bias

A cognitive bias where an individual depends too heavily on an initial piece of information (the "anchor") when making decisions.

Escalating Commitment

A behavioral pattern where an individual or organization continues to follow a failing course of action due to emotional attachment or the desire to justify prior investments.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making by reducing complex problem-solving to simpler judgment processes.

Cost-benefit Impact

An assessment that compares the costs involved in an action to the benefits derived from it, used to determine its overall value and feasibility.