Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and learning new processes from exemplary firms sometimes outside their own industries. We call this:
A) competency capturing.
B) technology swapping.
C) benchmarking.
D) broadening the knowledge base.

Question

Quizplus · Accepted Answer

The described practice is known as benchmarking, which involves identifying and studying the best practices, processes, and technologies of other companies, especially those outside one's industry, and incorporating them into one's own operations to improve performance and innovation.

Companies Benefit Today from Interfirm Cooperation