Explain the benefits of benchmarking, Financial Management

Assignment Help:

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.

 


Related Discussions:- Explain the benefits of benchmarking

Duration and convexity of mortgage backed security, Duration an...

Duration and Convexity of MBS A graph decpicting the price of the security under study and the interest rates helps in assessing the duratio

What is the rationale of the double-play strategy, Q. What is the rationale...

Q. What is the rationale of the double-play strategy? The hedge funds deploy a double-play strategy in order to engineer steep increases in interest rates and steep declines in

Costs affect the capital budgeting decision-making process, How do opportun...

How do opportunity costs affect the capital budgeting decision-making process? Opportunity costs reflect the foregone advantages of the alternative not chosen when a capital bu

What is nvp and cost of equity , 1. A standard arrangement for the orderly ...

1. A standard arrangement for the orderly retirement of long-term debt calls for the corporation to make regular payments into a(n):      A)  custodial account.     B)  sinking

Define stress testing and leverage, Lehman Brothers Holdings was a global f...

Lehman Brothers Holdings was a global financial services firm which, until declaring bankruptcy in 2008, participated in business in investment banking, equity and fixedincome sale

Financial statement, A company commissioned a valuation of its land and bui...

A company commissioned a valuation of its land and buildings for inclusion in its financial statements. The valuation document contained the following details:

Prepare an investment plan proposal, Yanni and Joanna need some investment ...

Yanni and Joanna need some investment advice. Joanna has sold $660,000 worth of Woolworths Limited (WOW) shares that she inherited late last financial year. She has $616,000 remain

Long currency straddle, If the future spot rate of euro at option expiratio...

If the future spot rate of euro at option expiration is uncertain and takes a value within a range of $0.95 to $1.10, construct a contingency graph for a long currency straddle and

Integration of economic, a) Globalisation refers to the interdependence and...

a) Globalisation refers to the interdependence and integration of economic, social and politic issues (services, goods, people and capital), across the world. For example, consumer

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