What Does External Analysis, Conducted During the Process of Benchmarking

question 225

Multiple Choice

What does external analysis, conducted during the process of benchmarking, involve?

• A) establishing a baseline for comparison with industry leaders
• B) identifying business processes that need improvement
• C) identifying the strengths and weaknesses of the firm's internal processes
• D) gathering information about competing firms perceived as leading performers

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Definitions:

Contingency Factor

An external condition or situation that affects the decision-making process or the effectiveness of a business strategy.

Financial Feasibility

An assessment of the viability of a project or business, focusing on its ability to generate sufficient financial returns.

Normative Decision Model

A framework that suggests leaders determine the best course of action based on normative rules and the involvement of team members.

Group Support

The assistance, encouragement, and resources provided by a collective to its members to achieve common goals or address individual needs.