Because his firm's product market share has declined in the past 12 months, the sales manager for RLC Group instructed his marketing professional to perform a benchmarking analysis. What would you instruct the marketing professional do for this analysis?

Question

Quizplus · Accepted Answer

Benchmarking involves identifying the best practices of competitors and comparing them with the firm's own practices in order to identify areas for improvement. Therefore, the marketing professional should identify the competitors' best processes and compare them with RLC's processes. This will help RLC Group to understand where they need to improve their processes to gain back market share. Identifying key staff, forecasting sales by competitors, analyzing customer demographics, and developing scenarios for competitors may also be valuable, but they are not directly related to benchmarking.

Because His Firm's Product Market Share Has Declined in the Past