Question: What does the term benchmarking refer to? a. The process of auditing internal company strengths and weaknesses. b. The process of studying the business practices

What does the term benchmarking refer to?

a.

The process of auditing internal company strengths and weaknesses.

b.

The process of studying the business practices of other companies to gain ideas for improvement.

c.

The process of auditing external environmental factors.

d.

More than one of the above.

e.

The idea of consistently producing goods or services in accordance with best possible design specifications.

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