Student or Learner
I'm confused about the meaning of "take place" in the following.
Their advice is to hold onto your "core" competencies..... More recent versions of the idea ask the same question---Which functions belong in the core?---for headquarters versus divisions or other operational units. This question is important for strategics analysis: you study which functions take place in your industry, and where, both among your competitors and in your operations. Core competencies can help organize a large company into units of common strength.
I know the literal meaning of "take place"---happen/occur.
But when they say "some functions happen/occur in your industry," it sounds strange to me. In the text, I understand "functions" as meaning various work in a company or a organization such as sales, marketing, design, and so on. Is this correct?