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Competency refers to the ability of a firm to carry out an activity well. It is built and developed by firms consciously through experience and learning. A competency reside in people in the firm and not in physical assets.

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Q: What is the difference between synergy and distinctive competencies?
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How should a corporation attempt to achieve synergy among functions and business units?


Define the concept of synergy and how it relates to management of organizations?

The concept of synergyis at the core of resource-based thinking, dating back to EdithPenrose's seminal contribution. More specifically Penrose (1959), without using the actualword though, was concerned with two forms of synergy: the possibility of sharing particu-larly managerial resources, which is brought about due to inevitable indivisibilities ofresources, and transfer of excess (and limitedly tradeable) resources. According to Porter(1987) those are the only kinds of synergy available to firms, but this paper will hopefullymake it clear that his conception is too narrow in scope.

What are the five steps of the Synergy Action Plan?

1. Define the problem or opportunity 2.Their Way 3.Your Way 4.Brainstorm 5.High Way

Why should hr strategy be consistent with both organisational strategy and functional strategy?

Organizations gain synergy when all areas are in "alignment" with the core/key organizational strategies. It is as if all areas are moving in the same direction focusing on the same key business objectives. Alliance EDI, LLC

What is Harmonizing objectives in princples of management?

It simply means bring a common agreement or say combining the organizational objectives with the individual objectives If we create such a system where employees' as well as organization both are having the common goals and objectives, synergy will be achieved. Thus harmonization in objectives will ensure the welfare and benefits for both organization and individuals.

Related questions

How do information systems promote synergies and core competencies?

Effective information systems help businesses operate smoothly. They encourage interdepartmental communication, which promotes synergy and the ability to excel in core competencies.

What is a sentence for synergy?

"Gung ho" and "synergy" mean the same thing: work together.

What is the difference between an easton synergy imx power hitter lzn2 -10 and an easton cyclone lk37 -10?

One is a high-end composite bat (synergy). The other one is a budget aluminum bat (cyclone).

What is the definition of negative synergy?

synergy that ain't positive is termed as negative synergy...;)

What are the advantages of synergy?

financial and operating synergy

When was Synergy Health created?

Synergy Health was created in 1991.

What is Synergy Health's population?

Synergy Health's population is 4,000.

When was Tri Synergy created?

Tri Synergy was created in 1996.

When was BIG Synergy created?

BIG Synergy was created in 1989.

How is the word synergy used in a sentence?

they used synergy to form the group

Who supply synergy hockey stick?

The Easton company manufactures the synergy sticks

How can you put the word synergy in a sentence?

there is a type of baseball bat caaled synergy