Harrison runs a bicycle manufacturing company. Owing to increasing competition, his company starts losing its customer base. To regain its position in the market, Harrison keenly observes his competitors' business plans and strategies. Subsequently, he incorporates a change in his company's marketing strategy. Eventually, his company starts making profits. This is an example of _____.
A) delegation
B) suboptimization
C) benchmarking
D) brainstorming

Question

Quizplus · Accepted Answer

This scenario describes benchmarking, which is the process of analyzing and comparing a company's processes and performance to those of its competitors or industry leaders. Harrison observed his competitors' business plans and strategies and incorporated changes in his company's marketing strategy to regain its position in the market. This helped his company make profits again. Therefore, the correct choice is C) benchmarking.

Harrison Runs a Bicycle Manufacturing Company