Quiz 6: The Voice of the Market

Business

Benchmarking: A benchmark is a recognition for any company for its excellent operational performance. It is a method of finding an organization that is very good at any particular activity. Learning what it does, and gaining ideas for improving your operation in this particular area. The different types of benchmarking are: • Financial benchmarking • Process benchmarking • Performance benchmarking • Strategic benchmarking • Product benchmarking • Functional benchmarking For example, one of my familiar restaurants has very good food and an awesome atmosphere, but an ungraceful job of seating arrangement when it is particularly busy. The management people of this restaurant can visit another restaurant that does a great job of seating arrangements when it is busy, learn how they do it, and improve its own seating arrangements. Thus, the concept of benchmarking is described and an example for improving restaurant by the process of benchmarking is explained.

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Benchmarking firm: A benchmark firm is a firm that is recognized for the effectiveness of some aspects of its process. Some benchmarks in the world include, • Intel especially for design • Motrola especially for training • Hond specially for rapid product development • Toyot specially for processes • Scandinavian airlines specially for service Deming's thought, " The worst thing for a business is a weak competitor". Hence, to improve your own business by strengthening the competition forces everyone. Openness gives a forward motion for constant development. The benchmark firms open their doors due to the following two reasons: From Deming's thought, openness is a driving force behind continual improvement and the other reason is given below, A director of a high-technology firm marketing a new product once said, "We do not mind if the others come to see how we produce our product. Once they see what we can do, they will not want to compete against us." Therefore, the benchmark firm is described and the reasons for openness of benchmark firms are explained.

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