What Is Benchmarking

question 35

Multiple Choice

What is benchmarking?

• A) Identifying a problem to be fixed
• B) Seeking an industry's or profession's best practices to imitate and improve
• C) Explaining why a problem occurred
• D) Asking the CEO's opinion and going with his or her idea

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Definitions:

Price Takers

Firms or individuals who accept the market price as given and have no influence over it.

Differentiated Products

Goods that are distinguished from one another by quality, design, branding, and other features that make them unique to consumers.

Easy Entry And Exit

A market characteristic where firms can freely enter or leave the industry without substantial barriers.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.