Examlex
Which of the following approaches to process improvement could be described as process benchmarking?
Economic Conditions
The state of the economy at a certain time, characterized by factors such as GDP, unemployment rates, and inflation levels.
Open Market
A system where goods, services, and financial instruments are traded freely without restrictions, based on supply and demand forces.
Foreign Competitors
Companies based in one country that compete with those in another country, often affecting market share, pricing strategies, and innovation efforts.
External Environment
The external forces that affect an organization's performance, including economic, technological, socio-cultural, and political factors.
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