The goal of ________ is to thoroughly understand the "best practices" of other firms and to undertake actions to achieve better performance and lower costs.
A) satisficing
B) benchmarking
C) organizing
D) competition
E) SWOT analysis

Question

Quizplus · Accepted Answer

Benchmarking involves studying and analyzing the best practices of other firms and implementing them in order to improve performance and reduce costs. Satisficing is a decision-making strategy that involves choosing a satisfactory option rather than trying to maximize the outcome. Organizing refers to arranging resources in order to achieve a specific goal. Competition is a force that drives firms to improve their performance but does not necessarily involve studying the practices of other firms. SWOT analysis is a strategic planning tool used to identify a firm's strengths, weaknesses, opportunities, and threats. None of the other options involve this type of analysis.

The Goal of ________ Is to Thoroughly Understand the "Best