Benchmarking involves 1) checking whether a company has achieved more of its financial and strategic objectives over the past five years relative to the other firms it is in direct competition with 2) studying whether a company's resource strengths are more/less powerful than the resource strengths of rival companies. 3) comparing the best practices in one industry against the best practices in another industry. 4) comparing how different companies perform various value chain activities and then making cross-company comparisons of the costs of these activities. estion 541 point)