Amana Takaful Core Competencies

2.Competitive Advantage – It includes the best product of an Organization in the competitive market.

Acquisition and organisation of resources can be critical success factor in an organization. While on the other hand, change requires a firm to gain expand and utilise resource such as human, financial, knowledge as a crucial asset. Resource based approach supports this view and as Tywoniak (2007) claimed by that resource based view is the most dominant theory in history of management. This is achieved by targeting state of sustained competitive advantage by controlling resources and capabilities. This view emphasis on the need for a ‘fit’ among capabilities and external market, and since each firm has unique capabilities and resources, this result in achieving strategic

Edmundson (2013) explains that companies that consistently expand in a profitable manner have learned to take their strength and transform them into a competitive advantage. Edmundson (2013) list nine principals that will help companies turn their strengths into competitive advantages. The nine principals are to be quantifiable, stay objective and creditable, be true and accurate, not stated by you’re competition, contrast, use concrete facts and tangible data, emotional, focused and simple, and tell stories to make your audience relate. Edmundson (2013) continues that typically companies that have

He suggested that sustained competitive advantage derives from the resources and capabilities a firm controls that are valuable, rare, imperfectly imitable, and not substitutable. He further added that the resources and capabilities can be viewed in form of tangible and intangible assets. There are four different categories of resources financial, physical, human, and organization.

Core Competencies: The Company is full of assurance and potential. Each and every day represents a new opportunity to share Vision, strategy and style.

Every person gravitate its strengths to step up in life like the best cook in a family makes meals. The mechanically inclined person in a family fixes the broken parts at home and a plant lover takes care of the garden. Similarly, the businesses use their strengths to position themselves in the market. However they follow a formal path for developing core competencies. Successful businesses follow an exact approach to identify and define their core competencies and then jointly follow them. For example, Auto manufacturers restrict themselves only to the tasks that they do best like assembling or designing automobiles, leaving additional tasks for others. This keeps their mission clear and defined.

Core competencies are the most significant value creating skills within a company and key areas of expertise that are distinctive to a company and critical to the company's long-term growth. Core competencies are the pieces that a company is superior than its competitors in the critical, central areas of the company where the most value is added to its products. These areas of expertise may be in any area from product development to employee dedication. A competence which is central to business's operations but which is not exceptional in some way is not considered as a core competence, as it will not generate a differentiated advantage over rival businesses. It follows from the concept of core competencies; resources that are

For a business to be successful and have a competitive advantage, it is important to evaluate the company’s resources and capabilities (Pitt & Koufopoulos, 2012). Resources in a company are the productive assets owned (tangible or intangible) whereas capabilities are what the company can do with this (Grant, 2010). “Establishing competitive

A company’s resources include two types: tangible and intangible. The former is asset that can be observed and counted, such as, office furniture, production equipment, computer, and warehouse, etc. Unlikely, the intangible resources are assets that are rooted deeply in the company’s history, accumulate over time, and are relatively difficult for competitors to learn and copy, such as brand, intellectual property and reputation, etc.

This strategy emphasizes the use of an organization’s resources and capabilities to achieve a core competence that cannot be imitated by competitors. Furthermore, the resource based school argues that if an organization distinctively improves its internal capability; that is being able to have effective inside machinery to deliver products and services to customers, the organization will enjoy a massive advantage in the market. This school also argues that in order to have a competitive advantage, an organization must have resource and capabilities that are sophisticated to those of competitors (QuickMBA,

The resource-based view emphasizes the internal accumulation of firms’ resources and capabilities that contribute to firms’ development (Peteraf, 1993). Resources include all assets, attributes, knowledge, etc. (Barney, 1991), which enables the firm to implement

The resource-based view emphasizes on the internal factors of firms’ resources and capabilities that contribute to firms’ development and performance. Resources include all assets, attributes, knowledge, etc. (Barney, 1991), which enables the firm to

Resources are the source of the firm’s capabilities. Resources are bundled to create organisational capabilities. Some of a firm’s resources are tangible and intangible. Tangible resources are assets that can be seen and quantified. Intangible resources include assets that typically are rooted deeply in the firm’s history and have accumulated over time. Intangible resources are relatively difficult for competitors to analyse and imitate. The four types of tangible resources are financial, organisational, physical and technological. And the three types of intangible resources are human, innovation and reputational (Hanson, D., Hitt, M., Ireland, R. D., & Hoskisson, R. E., 2011, pp. 75-78).

For transforming a short-run competitive advantage into a sustained competitive advantage we require resources that are heterogeneous in nature and not perfectly mobile. This translates into valuable resources that are neither perfectly imitable nor substitutable without great effort. If these conditions are fulfilled then the bundle of resources can sustain the firm's above average returns.

Every organization uses multiple resources for the achievement of their goals. Organization seeks most of the resources from the environment like people, money, technology, equipment etc. Barney (1991) says that firm resources include all assets, capabilities, organizational processes, firm's attributes, information and knowledge controlled by a firm that enables the firm to conceive and implement strategies to improve its efficiency and effectiveness. Resource can be defined by approach that is more technical. Popular approach of resource-based review is followed to identify the resources of the firm. Many theorists are of the view that resources are something, which gives the firm competitive advantage over the other firm which can enhance the performance of the firm. According to this approach, resource normally fulfills the following criteria.