Benchmarking Is Not About Trying to Achieve Another Company's Metrics,but

question 166

Multiple Choice

Benchmarking is not about trying to achieve another company's metrics,but about

• A)Maintaining internal processes and customer relations to stay competitive with other companies in the industry.
• B)Replicating the successful practices that lead to their outstanding metrics.
• C)Trying to outperform the other company in its best practices areas.
• D)Outdoing the other company in profit and reputation.

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Definitions:

External

Referring to factors, forces, situations, or inputs that exist outside of the organization and can impact its performance and strategies.

Competitive Advantage

Competitive Advantage is a condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.

Patented Expertise

Specialized knowledge or skills that have been legally protected by patents, preventing unauthorized use.

Nuanced Product

A product designed with subtle differences or features that distinguish it from competitors, often aimed at catering to specific market needs.