Final answer:
The term 'core competencies' refers to the specific strengths and abilities that a company excels in, providing it with a competitive edge. Focusing on these core strengths often leads to greater success, similar to how individuals can benefit from transferable skills in the job market.
Step-by-step explanation:
The skills a firm employs especially well are called core competencies. Core competencies are the unique strengths and abilities that a business develops over time which allow it to outperform competitors. These can include a particular set of skills, knowledge, technologies, or processes that a company executes better than anyone else, often contributing to its competitive advantage in the marketplace.
Businesses with a focus on their core competencies tend to experience greater success because they can provide value that is difficult for competitors to replicate. This concept is closely related to transferable skills in the job market, which are abilities that employees can leverage across various job functions and diverse industries.