Question

What are the various core competencies of your firm and does it recognize and strategize business based on these competencies?

List as many core competencies as possible. Why is each competency important and how can it assist in accomplishing a desired strategic outcome?

Answer 1

Firms have several core competencies to recognize and strategize business. The firm where I work has its core competency as: Science and Innovation - Merck and Co.

Merck and Co. objective is: Develop innovative products backed by science.

Merck and Co. is one of the global leaders in the pharmaceutical industry. Merck drives its business based on its core competency which is Science and Innovation. They are known for innovating breakthrough innovative products for difficult diseases. E.g. Keytruda is an immunotherapy to treat cancer. Merck's competitive advantage lies in the science they use to deliver value to customers. Science and Innovation is responsible for discovery of new products which will bring future growth to the company. Merck's strategy is to market their product based on science as it strongly believes Medicines are for people and not for profits. Using science for marketing promotions, they are successful in creating an image of a responsible business which is adding value in lives of customers and patients.

Other competency of Merck and Co. is Talent. Merck and Co. hires the best talent in the industry. The products of Merck and Co. are highly scientific and require strong science background to be able to fulfill the objectives of firm. Right from Marketing, Sales, Finance, product development, research, supply chain to HR, every employee is required to know about the products and its science to accomplish the objective of organization. The talent at Merck helps in maintaining and strengthening its image of a responsible and science driven business.