A traditional department store with a small catalog division has decided to set performance standards for its telephone-based order takers based on intensively studying the operations of L.L.Bean and Lands' End.This strategy is an example of ________.
A) scenario analysis
B) gap analysis
C) benchmarking
D) variance analysis

Question

Quizplus · Accepted Answer

Benchmarking involves studying the best practices of other companies in the same industry and using them to improve one's own performance. In this case, the traditional department store is studying the operations of L.L.Bean and Lands' End, which are both well-known catalog retailers. Therefore, the strategy described is an example of benchmarking.

A Traditional Department Store with a Small Catalog Division Has