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Benchmarking Analysis and Competitive Advantage

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How could benchmarking be effectively used to achieve competitive advantage? Provide an example.

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Companies use benchmarking to determine how the competition is achieving results in comparison to the company. Management then prepares a comprehensive benchmark analysis to determine where the competition has gained an advantage. This is oftentimes in the form of an abbreviated SWOT analysis. Three of the most common metrics used in a benchmark comparison are costs/expenses, quality of resources, and innovative ...

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This solution explains how benchmarking can be effectively used to achieve a competitive advantage. Includes 2 references.

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Resource-based, internal analysis, life cycle, benchmarking

Just a few sentences answering these questions please. With a reference or two.

1. Compare and contrast the resource-based, the functional, and value-chain approach to internal analysis - pros and cons of each?

2. How does internal analysis fit within a SWOT approach?

3. How does a firm's industry life cycle impact strategy formulation? What competencies and skills are needed at which evolutionary stage?

4. Pros and cons to benchmarking - who should Harvard benchmark themselves against? Why?

5. Find McDonalds' most recent annual report on the net. Develop liquidity, leverage, activity and profitability ratios for the firm (at least for the last reported year). Would you buy, sell, or hold this firm's stock given your analysis? Explain.

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