Question

XYZ Company desires a successful product launch for its new product venture. Looking outside of its industry, the company solicited the advice of companies JKL and MNO, known for successful product introductions in past years. The business term used to describe the practice of looking toward others to develop a model approach is called:

Answer 1

Answer:

bench marking

Explanation:

XYZ Company desires a successful product launch for its new product venture. Looking outside of its industry, the company solicited the advice of companies JKL and MNO, known for successful product introductions in past years. The business term used to describe the practice of looking toward others to develop a model approach is called

BENCH MARKING

Answer 2

Answer:

Benchmarking

Explanation:

Benchmarking is an approach in business which involves comparing the similarities and differences in your business processes and performance standard against those of other leading organizations within your industry so as to identify performance lapses in order to achieve competitive advantage. It involves looking outside your organization to study how others achieve their results. Benchmarking as a strategy can be adopted against a product, function, process etc.