What Is the Purpose of Benchmarking

question 25

Multiple Choice

What is the purpose of benchmarking?

• A)To save money
• B)To reduce the workforce
• C)To adopt best practices
• D)To expand internationally
• E)To diversify products

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Definitions:

Differentiation

A business strategy aimed at developing and marketing unique products or services to stand out from competitors.

Fee-For-Service

A payment model where services are unbundled and paid for separately, often used in healthcare.

Advertising

The activity or profession of producing advertisements for commercial products or services.

Internet Business Model

A strategy outlining how an online business will create value, serve customers, and generate revenue through the Internet.