Customer competence
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The ability to serve a particular market. It is not sufficient for a technology to have many applications. To leverage its technology by applying it to additional markets, a firm must build complementary market-related assets to serve those markets. This is called a customer competence. Market-related resources include:
- knowledge of customer needs, preferences
- purchasing procedures,
- distribution and sales
- access to customers,
- customer goodwill or franchise reflected in the reputation of the firm and its brands
- communication channels for exchange of information between the firm and customers during development and commercialization of the product.
Together these market-related resources constitute the customer competence.
