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Benchmarking between Hyundai and Toyota

Pick a company or industry. Choose a potential area of improvement for this company or industry.
Discuss two benchmark companies or industries you would use for the previously listed improvement area".
1. Select a benchmark in a like company or industry
2. Select a benchmark company or industry that does not participate in the same type of business.
3. Why would you choose these companies (industries)?
4. Discuss pertinent benchmarking information (lessons learned) that makes them a good choice.

Solution Preview

//Business organizations often develop several strategies for enhancing their growth and profitability. However, most of them encounter numerous problems, which need considerable improvement. In this context, potential area of improvement, needed in an automobile company is the main area of discussion in the following section by benchmarking it by other two companies //

Hyundai motor company (HMC) is the largest automobile company in Korea and is known as the world's eighth largest car manufacturer. However, with its rapidly growing business, the company often faces challenges of improving their quality and productivity. Significant improvement in quality and productivity is needed to support their increasing sales and growth (Hitt, Ireland & Hoskisson, 2012). The company needs to improvise its quality and productivity for providing the highest standard of customer service. In this context, benchmarking is done for the ...

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The response addresses the query is posted in 479 words with references.

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