Unique competencies are defined as “unique strengths that allow a company to achieve superior efficiency, quality, innovation, or customer responsiveness.” Such strengths are typified by product offerings that other companies find difficult to match or imitate. Thus, unique competencies are vital for a company’s competitive advantage. They enable a company to lower costs and also differentiate its product offerings. Companies with valuable distinctive competencies can often realise huge returns by applying those competencies and the products they produce to foreign markets, where indigenous competitors lack similar competencies and products.
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