In conducting internal analysis, managers often point to things they do well as critical strengths. However, for it to be an important strength, it would be important to know: 1) How it relates to value creation (e.g., does it lower costs or increase willingness to pay), and 2) Do rivals have similar or substitute capabilities. In the end, many things that managers report as strengths may not be relevant in determining whether the firm has a competitive advantage. Take this video on extreme ironing, for example. One might ask their class if it depicts valuable capabilities? It might if you consider promotional expertise (video has over a million views)…
Contributed by Russ Coff
Carpenter Strategy Toolbox 
I used this video in an undergrad class discussion about core competencies and competitive advantage. Students loved the video and I saw a few “a-ha!” light bulbs turn on after watching… thanks for this suggestion!
YouTube link no longer works – there seem to be lots of extreme ironing videos online but not sure which you had linked to!
Sorry about that. Keeping up with Youtube requires a dynamic capability that I lack. I’ve replaced the video with a short one I found. I generally prefer shorter videos if they are sufficient to generate the discussion I want.