Benchmarking Involves

question 66

Multiple Choice

Benchmarking involves:

• A) comparing how different companies perform various value chain activities and then making cross-company comparisons of the costs and effectiveness of these activities.
• B) checking whether a company has achieved more of its financial and strategic objectives over the past five years relative to the other firms it is in direct competition with.
• C) studying whether a company's resource strengths are more/less powerful than the resource strengths of rival companies.
• D) studying how a company's competitive capabilities stack up against the competitive capabilities of selected companies known to have world-class competitive capabilities.
• E) comparing the best practices in one industry against the best practices in another industry.

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Definitions:

Particular-To-General

An approach that starts with specific details or instances and moves to a general conclusion or principle.

PAIBOC Analysis

An assessment framework considering Purpose, Audience, Information, Benefits, Objections, and Context to strategize communication.

Request For Proposals (RFPs)

A document issued by a business or organization asking for detailed proposals from potential suppliers or service providers.

Government Agencies

Organizations at the federal, state, or local level that administer specific functions and services on behalf of the government.