In benchmarking, a firm
A) sets marketing performance standards on its own performance and that of others.
B) sets cost standards on the basis of the world's most efficient firms.
C) attempts to reduce channel conflict through negotiation.
D) sets up formal practices to evaluate its important customers.

Question

Quizplus · Accepted Answer

Benchmarking involves comparing a firm's performance metrics to industry bests or best practices from other companies to set performance standards.

In Benchmarking, a Firm