Benchmarking is when:
A) a firm compares its performance with its previous performance.
B) a firm sets up a future strategic plan based on its current performance.
C) a firm advises other firms on organization, based on its success.
D) a firm compares other firms in the industry to derive its strategy.

Question

Quizplus · Accepted Answer

Benchmarking involves comparing a firm's performance with that of other firms in the same industry to identify best practices and areas where improvements can be made. Option A is more specifically termed as internal benchmarking, option B is related to strategic planning, and option C is consulting.

Benchmarking Is When