Is the Process of Comparing the Company's Products and Processes

question 138

Multiple Choice

is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.

• A)Advertising synergy
• B)Competitive advantage
• C)Publicity
• D)Benchmarking
• E)Sales promotion

---

Definitions:

Opportunity Cost

The consequence in terms of lost benefits from not selecting the immediate next preferable option when making a choice.

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Terms of Trade

The ratio at which a country's exports are exchanged for imports, influencing the level of a country's economic health and prosperity.

World Price

The price at which a good is traded on the world market; determined by the world demand and world supply for the good.