What is 'benchmarking'?
A) It is an internal soul searching exercise.
B) It is a one-off analysis of competitors.
C) It is a continuous process of measuring products, services, and practices against those offered by leading competitors.
D) None of the options given are correct.

Question

Quizplus · Accepted Answer

Benchmarking is a continuous process of comparing and measuring an organization's products, services, and business practices against those of its direct and indirect competitors in order to identify best practices and improve performance. It is not just a one-off analysis of competitors or an internal soul searching exercise. Therefore, the correct answer is C. It is a continuous process of measuring products, services, and practices against those offered by leading competitors.

What Is 'Benchmarking