Benchmarking Means Identifying the Best-In-Class Performance by a Company in a Given

question 70

True/False

Benchmarking means identifying the best-in-class performance by a company in a given area and then comparing one's processes to theirs.

---

Definitions:

Economies Of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in a decreased cost per unit of production.

Single-Firm

Refers to a market situation dominated by a single producer or service provider.

Network Externalities

Effects on a user of a product or service that depend on the number of other users of the same or compatible products or services.

Smartphone Market

The sector of the economy that deals with the production, sale, and distribution of smartphones and related services.