When Benchmarking

question 94

Multiple Choice

When benchmarking

• A)the best levels of performance are usually found in companies that are within different industries.
• B)finding appropriate benchmarks is a minor issue.
• C)it is important to set standards at industry averages.
• D)comparisons can highlight areas for improved cost management.
• E)a broader scope allows for easier comparison.

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Definitions:

Social Influences

the effects that the words, actions, or presence of other people have on an individual's attitudes, beliefs, values, or behaviors.

Real Need

A genuine necessity or requirement that drives individuals or organizations to seek solutions or fulfillments.

Individualized Segmentation

A marketing strategy that involves dividing the market into segments based on individual customer preferences, behaviors, or needs.

Differentiated Marketing

A marketing strategy where a company targets several market segments with a unique marketing mix for each, catering to the specific needs of those segments.