Searching for the best practices among competitors or noncompetitors that lead to their superior performance is called __________.
A) corporate espionage
B) environmental scanning
C) substitution effect
D) competitive intelligence
E) benchmarking

Question

Quizplus · Accepted Answer

Benchmarking involves searching for and analyzing best practices among competitors or noncompetitors in order to improve performance. Corporate espionage refers to the illegal or unethical gathering of confidential information from competitors. Environmental scanning is the process of gathering information about external environmental factors that may impact a business. The substitution effect refers to the tendency of consumers to switch to lower-priced goods or services when prices rise. Competitive intelligence is similar to benchmarking but focused primarily on gathering information about competitors.

Searching for the Best Practices Among Competitors or Noncompetitors That