Cadbury's Core Competencies and Strategy
Added on 2020-03-07
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Running Head: Core Competencies.Marketing ManagementCorporate strategies by Prahalad and Hamel.
Core Competencies.Concept of core competenciesThe essay discusses the concept of core competencies using the example of Cadbury. Thereby the notion of corporate strategies given by CK Prahalad and Gary Hamel is studied thoroughly. In order to expand the business, there is a need for both core competencies and corporate strategy. Core competencies figure out the skills, knowledge, and ability of the individual or particular section of the organization. Corporate strategies help in constructing the blueprint of the business and targeting the market where the business could excel. Relating both the terms core competencies and corporate strategies the higher position could be attained in the market area. The organization will build up strategies keeping in mind the power point and USP of the business and set up the level of competition for competitors.Competencies are the knowledge, skills, and abilities that a person holds on. It emphasizes on deep knowledge and quality of work rendered. Competencies assist in the expansion of mind and sharpening the interpersonal skills. It is the qualities that differentiatesan individual or in a broader sense an organization from the competitor and other related organizations. It is that unique point which every business requires to reflect a distinct image in the market. This image could be made by both lowering the cost and increasing the quality and setting the fixed proportion of both the quality and quantity. The core competencies focuson the best performance and increased work efficiency. It could be bifurcated in four modes i.e. organizational, personal care, outsourcing and developing core competencies (Ingram, 2017).The organizational competencies oscillate around a specific quality. No organization is cent percent adequate and qualified in every aspect of the business but the crux is to gain expertise at least in one or more field and set a remarkable benchmark which could not be easily attained by the competitors. In a company multiple departments work together to comeout as the best, the competent individual of all field needs to be selected to excel and grow ahead in the external market establishing a better goodwill in order to attract the consumers, investors and other related stakeholders. This way the organizational and individual competencies link together to create wonders (SHRM, 2012). To justify the latter personal core competencies are embraced which states about the quality of an individual to perform the activity and to run the sole business. As the organizations differ from each other so as the 1
Core Competencies.people, some consist of better leadership quality and can prove to be a good manager while other lacks the leadership but owns the marketing tactics and can influence the customers perfectly thereby enhancing the business. It depends upon the individual traits along with deep research, knowledge, and practice in the interested field (Silverthorne, 2009). To gain competencies a lot of investment is required in the study field. Now the problem that arises is how to engage all the experts at a single base thus to resolve this issue outsourcing opts. Outsourcing helps in clubbing the individual and organization by saving the recruitment cost and accomplishing the desired work because a company is not able to hire all the gems at one. Some cream employees are working within while for certain contract or projects which are time being are rendered to other people in different organization paying them on the contractual basis likewise saving the hiring and training cost. Most of the time small organization outsources the finance and account experts to scrutinize the business financial affairs at the time of closing, contacting the civil engineers for partial construction at a specific area and paying them for accomplishing their part. This helps in diverting the work and retaining the efficiency to stay in the lime light (Sperling, 2009). Till now the emphasis ison creating and enhancing competencies but the root is that some portion is inherent while other is need to be developed to gain the exact perfection. In order to develop the competencies individual as well as an organization needs to work on their very own strength, picking up challenges and learning from the mistakes (Ingram, 2017).To illustrate core competency even better it could be explained with the help of a live example of Cadbury dairy milk. Cadbury was initiated by John Cadbury in the year 1824 by opening a small shop of tea and coffee in Birmingham. Later on cocoa and drinking chocolatewas also introduced and likewise business was flourishing. The core competencies of the Cadbury are attaining a high financial position and maintaining the top quality of chocolate. In order to maintain the quality best cocoa is been used which is imported from Ecuador & Venezuela; these are the country which provides best raw cocoa (Cadbury, 2017). The main product and brand that is concentrated more are Cadbury Dairy milk but to expand and introduce more variety will help in fulfilling the financial goal as well. Thus, divergent varieties of dairy milk were inaugurated namely Cadbury dairy milk fruit and nut, hazel nut, silk, almond silk, bubble and much more in different size, shape, and design. To stay connected with the customers there is a need to be in everyone’s reach. This will help in growing the business and varieties to attract the customers (Google user content, 2017). Cadbury introduced the small shots, bytes, gems and other products available in small 2
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