Explain the benefits of benchmarking, Financial Management

Explain the Benefits of benchmarking

- Better understanding of business, competition and customers.

- Improves business performance and discourages complacency.

- Good way of comparing competitive strategies to reposition products.

- You can learn from other organisations mistakes.

- Youdo not need to 're-invent the wheel 'for innovation and creativity for example learn from other organisations and a source of new ideas.

- Advance warning for deteriorating competitive performance for instance faster awareness of industry innovation and other competitor decisions.

- Fewer complaints, product returns and warranty claims for example quality improves.

- Leaner and more cost efficient organisation.

- Brand loyalty and Customer satisfaction increases.

- Sales and profitability will improve in long-term.


Posted Date: 9/3/2013 2:10:45 AM | Location : United States

Related Discussions:- Explain the benefits of benchmarking, Assignment Help, Ask Question on Explain the benefits of benchmarking, Get Answer, Expert's Help, Explain the benefits of benchmarking Discussions

Write discussion on Explain the benefits of benchmarking
Your posts are moderated
Related Questions
You are considering an investment in a 40-year security. The security will pay $25 a year at the end of each of the first 3 years. The security will then pay $30 a year at the end

Individual/Borrower Rating This includes rating a borrower to whom a loan/credit facility may be sanctioned.

Letter of Credit (LOC) A popular bank instrument begins that a bank has granted the holder an amount of credit equal to the face amount of the L/C. A bank guarantees payment of

Types of asset-backed securities 1.  Auto Loan-Backed Securities (ALBs) 2.  Credit Card Receivab

QUESTION (a) (i) Describe briefly two potential E-Banking risks that may have an adverse impact on banks. (ii) Outline some measures to control these two risks. (b) Outli

Johnson & Johnson (JNJ) is trading at 68.15 (Sep 12th 2012 close). JNJ is a large health care conglomerate. It has done well so far this year (though not as well as the market) and

Inventory T ur nover In the accounting, a measure of the number of times that the average amount of inventory on hand is sold within a given time of period. In the o

Q. Illustrate the Nature of Financial Management? Less Descriptive as well as More Analytical: - Financial management is less descriptive and more analytical. Because of the

What is an agent? What are the responsibilities of an agent? An agent is a person who has the actual or implied authority to act on behalf of another.  The owners whom the agen

Yang Su is considering the following information on two stocks:                                                                              Rate of Return State of Economy