Final answer:
Core competency identification is achieved through customer and stakeholder feedback, while strategic premise identification is based on expert insights and root cause analysis to comprehend the fundamental issues influencing strategy.
Step-by-step explanation:
Core competency identification comes from gathering information from customers and other stakeholders, while strategic premise identification comes from finding expert information (either in person or through books or other sources), and doing a root cause analysis to identify what the real problem is.
Identifying core competencies involves understanding what a company does best, how it delivers value to its customers, and what sets it apart from competitors. This process requires engaging with customers and stakeholders to receive direct insight into the value proposition of the company.
On the other hand, strategic premises are assumptions about the environment in which the company operates, including competition, market trends, and customer behavior. These assumptions are often shaped by research and expert opinions. Root cause analysis helps to deeply understand the underlying issues affecting strategic decision-making.