Discuss the Application of the Core Competence-Market Matrix

question 33

Essay

Discuss the application of the core competence-market matrix.
C. K. Prahalad advanced the core competence-market matrix, as a way to guide managerial decisions in regard to diversification strategies. The first task for managers is to identify their existing core competencies and understand the firm's current market situation. When applying an existing or new dimension to core competencies and markets, four quadrants emerge, each with distinct strategic implications.

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Definitions:

Unfair Labour Practice

Actions by employers or unions that violate the rights of employees or the labor union's regulations, such as discrimination or interference with union activities.

Employees Fairly

Treating workers with impartiality, justice, and equality in the workplace regarding opportunities, rewards, and conditions.

Represent

To act on behalf of someone or something, or to symbolize, embody, or exemplify particular qualities or ideals.

Collective Agreement

A written contract negotiated between an employer and a union representing the employees, detailing the terms of employment, wages, and workplace policies.