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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.
Question : (a) A company wants to purchase a plant for its expanding operations. The desired plant is available at Rs 300,000 in cash. Alternatively, the company has the option
nestle is an orgnization wether bureacratic approach approperiate for the organizational performance or not?
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