The Process by Which Companies Find Out How Others Do

question 55

Short Answer

The process by which companies find out how others do something better than they do and then try to copy and/or improve it is known as _____.

---

Definitions:

Direct Labour

The labor costs associated with employees who are directly involved in the production of goods or services.

Gross Margin

The difference between sales revenue and the cost of goods sold, showing the profitability of sales before other operating expenses are deducted.

Cost of Goods

The total direct costs attributable to the production of goods sold by a company, including materials and labor.

Cost of Goods Manufactured

The aggregate expense of finished goods within a certain timeframe, encompassing materials, workforce, and indirect costs.