How could benchmarking be effectively used to achieve competitive advantage? Provide an example.
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 ...
This solution explains how benchmarking can be effectively used to achieve a competitive advantage. Includes 2 references.