An Accounting Firm Realizes It Is Woefully Inadequate at Cultivating

question 154

Multiple Choice

An accounting firm realizes it is woefully inadequate at cultivating new clients. It is allowed to observe a rival firm perform the new-client cultivation process in hopes of gleaning improved methods it can adopt. This is an example of:

• A) competitive benchmarking.
• B) functional benchmarking.
• C) internal benchmarking.
• D) generic benchmarking.

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Definitions:

Straight Line

A direct path between two points in a plane or three-dimensional space, having no curvature.

Opportunity Costs

The expense of the best alternative given up to make a choice.

Factors Of Production

The resources used to produce goods and services. Labor and capital are examples of factors.

Increasing Opportunity Cost

Increasing opportunity cost implies that producing more of one good requires giving up an increasing amount of production of another good, reflecting resource specialization.