The goal of diversification is to thoroughly understand the "best practices" of other firms in order to make changes to achieve better performance and lower costs.

Question

Quizplus · Accepted Answer

Benchmarking is the process of assessing how well one company's basic functions and skills compare with those of another company or set of companies.The goal of benchmarking is to thoroughly understand the "best practices" of other firms and to undertake actions to achieve both better performance and lower costs.

The Goal of Diversification Is to Thoroughly Understand the "Best