Which of the following best describes the term "benchmarking?"
A)producing a particular product at the lowest possible cost.
B)designing the highest quality product in a given market.
C)developing the best selling product
D)improvement gained through measuring one's products against the best products.

Question

Quizplus · Accepted Answer

Benchmarking is the process of measuring one's products, services, or business practices against the best in the industry or market to identify areas for improvement and establish goals for performance. It involves evaluating the performance of competitors, identifying best practices, and implementing changes to improve one's own performance. Therefore, option D is the best choice as it describes the true meaning of benchmarking.

Which of the Following Best Describes the Term "Benchmarking