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

Leverage, evaluate the importance of leverage in financial management of a ...

evaluate the importance of leverage in financial management of a small scale company

Objective of working capital management, What is the Objectives of Working ...

What is the Objectives of Working Capital Management? Describe please.

Explain hard capital rationing and soft capital rationing, Explain Hard cap...

Explain Hard capital rationing and Soft capital rationing The NPV decision rule to admit all projects with a positive net present value requires the existence of a perfect cap

What is performance appraisal - cost of capital, What is Performance apprai...

What is Performance appraisal - cost of capital Performance appraisal further, cost of capital framework can be used to evaluate financial performance of top management. I

Role of Trustee in Pension Fund, Role of Trustee in Pension Fund: Trust...

Role of Trustee in Pension Fund: Trustees are people in control of long-term asset allocation of a pension scheme. Whatever benchmark they set will, as we shall see, influence

Calculate the required return - maintenance & other expense , An asset need...

An asset needed by the ABC Corp. can be purchased for $100,000.  Maintenance and other ownership expenses will total $20,000 each year for the asset's expected 10-year life. On the

Determine the factors of auditors, Determine the factors of auditors Wh...

Determine the factors of auditors When anticipating to apply analytical review as a substantive procedure, auditors determine a number of factors like: Factor

What is the trade payable days, What is the Trade payable days (turnover) ...

What is the Trade payable days (turnover) Year-end trade payables/Credit purchases (or cost of sales)x   365days This is the length of time taken to pay suppliers. The rat

Representation of generator winding, Q. Representation of generator winding...

Q. Representation of generator winding? The notation using subscripts is such that VAB is the potential at point A with respect to point B, IAB is a current with positive flow

Assuptions, what are the basic assumptions of financial management?

what are the basic assumptions of financial management?

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