The idea behind benchmarking and best practices is to
A)identify which companies are the best performers of a strategically relevant activity and then copy their methods exactly.
B)search the world for a company that performs a strategically relevant task or value chain activity at the lowest possible cost and then use business process reengineering techniques to try to meet or beat the costs of the world's low-cost performer of that activity.
C)perform each activity in the industry value chain according to standard industry practice and then regularly benchmark the company's performance to see if it is actually achieving the industry standard.
D)identify companies that are the best performers of an activity and then adapt their practices to fit the company's own specific circumstances and operating requirements.
E)determine whether a company has a world-class value chain.

Question

Quizplus · Accepted Answer

Benchmarking and best practices involve identifying companies that are the best performers of a specific activity and then adapting their practices to fit the company's own unique circumstances and operating requirements. It is not simply copying methods verbatim or trying to meet the lowest possible cost. It also goes beyond just performing activities according to standard industry practice and regularly benchmarking performance. The goal is to learn from others' successes and create a competitive advantage by implementing those practices that best fit one's own business.

The Idea Behind Benchmarking and Best Practices Is to