Final answer:
The term 'Best practices' refers to the most efficient methods and strategies employed by top companies to achieve superior results, and these often stem from a strong focus on a company's core competencies.
Step-by-step explanation:
A common phrase used to define the things that world-class companies do better than others is d. Best practices. This term encapsulates the methods, strategies, and processes that are recognized as the most efficient and effective for achieving desired results in the industry. World-class companies typically have a unique combination of core competencies, a well-respected brand name, and other competitive advantages, such as economies of scale or a reputation for aggressive pricing strategies. By focusing on their core competencies, businesses can often outperform competitors who diversify too broadly.