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The Steps to Be Taken in the Benchmarking Process Are

question 54

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The steps to be taken in the benchmarking process are:
i. establishing performance goals.
ii. identifying functions or activities to be benchmarked.
iii. implementing plans.
iv. data collection and analysis.
v. selecting benchmark partners.
What is the correct sequence of these steps?

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Definitions:

Merchandise

Goods that are purchased, held, and resold by a business in the normal course of its operations.

Discount Offered

A reduction applied to the regular price of goods or services as a form of promotion or negotiation.

Sales Discount

A reduction in the price of goods or services offered to customers, usually as an incentive for prompt payment.

Credit Sales

Credit sales are transactions where the customer purchases goods or services with the agreement to pay at a later date, typically invoiced by the seller.

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