Question

Looking outside the organization to examine what industry competitors and excellent "performers" outside of your industry are doing in a particular process is called________.

Answer 1

Answer:

c) External benchmarking

Explanation:

This is a commonly known and spread out form of competition analysis, where a company examines the good practices of other companies. Benchmarking is a great way to see the actual industry trends and determine the next action plan. Although it may be deemed as "copying" sometimes, benchmarking is the only method to properly assess competition.