Hi, I need some assistance with the following question about benchmarking. I am not too sure how to approach this.
Question: Benchmarking is the comparison of one's organization to another to determine variances in operations, quality improvement, and financial measurement. As a manager, how would we obtain such information from a competitor? If we did not have a good relationship with the organization that we are trying to benchmark, how would we obtain such operational measures? Explain your answer.
Generally, even if we do have a good relationship with the competitor, the competitor wouldn't turn over such information to us. We obtain this information from public information, which mainly consists of our competitor's annual financial report and the ...
This solution explains the process of benchmarking and how such information can be obtained. A thorough discussion is provided for all benchmarking issues presented in the question.