Riveras, a chain of discount stores, utilized the best retailing strategies of another successful retail chain to create a market for itself. By learning from the retail chain, Riveras has used _____.
A) qualitative forecasting
B) quantitative forecasting
C) scenario planning
D) external benchmarking
E) internal benchmarking

Question

Quizplus · Accepted Answer

External benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. In this case, Riveras used the strategies of another successful retail chain, which is an example of external benchmarking.

Riveras, a Chain of Discount Stores, Utilized the Best Retailing