Which One of the Following Statements About Benchmarking Is TRUE

question 59

Multiple Choice

Which one of the following statements about benchmarking is TRUE?

• A) Benchmarking is only useful when a company compares itself against other companies.
• B) Because of the power of benchmarking, specific plans of action are not necessary.
• C) Benchmarking is the same as the plan-do-check-act cycle in continuous improvement.
• D) Benchmarking focuses on setting quantitative goals for continuous improvement.

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Definitions:

Bertrand Duopoly

An economic model describing interactions between two companies that compete by setting prices rather than the quantity of output.

Joint Profit

The combined profit earned by two or more firms when they cooperate or work together in a venture.

High Performance

The achievement of significantly better outcomes or higher efficiency levels than average benchmarks or expectations.

Advertising Strategies

Tactics and methods used by businesses to promote their products, services, or brand to potential customers effectively.