Advantage of benchmarking , Marketing Management

Assignment Help:

Benchmarking is in important tool for firms looking to continuously improve their own processes. The obvious advantage of benchmarking is that a firm is able to copy and imitate the characteristics of another firm's successful process, so that those acceptable results may be acheived. One of the disadvantages is that a similiar process may deviate even slightly from firm to firm, so to merely copy another firms's best practice may not be wise.

Benchmarking is a widely accepeted method of process improvement, yet a firm may encounter resistance when enquiring about benchmarking another business entity. Many companys consider their successfull processes as assets, and would be relectant to share details in order to protect such assets.

 


Related Discussions:- Advantage of benchmarking

Buying motives, buying motives of industrial customer

buying motives of industrial customer

Objective of pricing decision, Objective of pricing decision: a firm may c...

Objective of pricing decision: a firm may choose its pricing objectives from any of the following: 1. To maximize the profits: the primary objective of the pricing decision i

Marketing strategy development - new product development, Marketing Strateg...

Marketing Strategy Development a. The fourth step is marketing strategy development that involves designing primary marketing strategy for a fresh product depends on the manuf

What is market segmentation, Question: (a) What is market segmentation?...

Question: (a) What is market segmentation? (b) "It is often said that each consumer is unique, with unique needs." How useful is then, market segmentation as a marketing t

Discuss the buyer decision process, Question 1: Consumer buying behavio...

Question 1: Consumer buying behaviour is based on the degree of buyer involvement and differences among brands. Assume that you are in the process of buying the latest cruise

How agencies gain clients, Q. How agencies gain clients? 1) Acquire new...

Q. How agencies gain clients? 1) Acquire new clients as a result of referrals from existing clients. 2) Searching of new clients by making calls, writing letters and visitin

Discuss different types of pricing strategies, Discuss the different pricin...

Discuss the different pricing strategies accessible to an organization. Each product has a price, although each firm is not essentially in a position to find out the price at w

Marketing, in context of marketing, explain three approaches that were use ...

in context of marketing, explain three approaches that were use in early days

What is economic utility of marketing, What is economic utility of marketin...

What is economic utility of marketing? Economic Utility of Marketing: The extent to that, a product satisfied customer requirements and wants is called utility. The amount

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd