Which of the Following Comments Best Describes the Appropriate Application

question 38

Multiple Choice

Which of the following comments best describes the appropriate application of benchmarking to a medium-sized Australian company with a range of products and services specifically designed for local conditions and demands?

• A) In the absence of a valid basis for comparison, benchmarking is unlikely to be informative in this case.
• B) Benchmarking should be based on world best practice for the nearest equivalent organisation.
• C) Efforts should be made to compare particular activities and processes with similar processes elsewhere, allowing for differences in the business environment.
• D) The use of benchmarking may inhibit originality in meeting the special features and unique needs of the firm's market.

---

Definitions:

Unemployment

The situation in which individuals who are able and willing to work are not finding employment.

Aggregate Demand

It refers to the total demand for all goods and services within a particular economy at current price levels.

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to market demands.

Prices

The amount of money required to purchase a good or service, serving as a signal for scarcity and demand in the market.