________ involves investigating the best practices used by competitors and noncompetitors and imitating those that can be done in the firm.
A) Benchmarking
B) Competitive intelligence
C) Forecasting
D) Corporate espionage

Question

Quizplus · Accepted Answer

Benchmarking is the process of comparing the firm's own practices, processes, and performance against those of its competitors or noncompetitors, identifying best practices or areas for improvement, and adapting them to the firm's operations. Competitive intelligence, on the other hand, involves gathering and analyzing information about competitors' strategies, strengths, weaknesses, and actions to anticipate their moves and gain a competitive advantage. Forecasting is the process of predicting future trends, events, and opportunities based on past data and analysis. Corporate espionage, meanwhile, is an unethical and illegal practice of stealing or infiltrating confidential information from rivals to obtain a competitive edge.

________ Involves Investigating the Best Practices Used by Competitors and Noncompetitors