Briefly Discuss the Significance of Benchmarking

question 8

Essay

Briefly discuss the significance of benchmarking.

---

Definitions:

Exporting

The process of selling goods or services produced in one country to buyers in other countries.

Unequal Economic Distribution

The uneven allocation of economic resources and wealth among individuals or groups within a society, often leading to disparities in living standards and opportunities.

Consumers

Individuals or groups who purchase goods and services for personal use, playing a key role in the economic system through their demand for products.

Global Segmentation

The process of dividing the world market into distinct subsets of customers who share common needs or characteristics, allowing for targeted marketing strategies.