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







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