This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Benchmarking – Survival strategy or means of differentiation
Globalization and liberalization has led to an increase in the competitiveness amongst companies and they are increasingly trying to match and exceed their offerings with competitor’s offerings. Customers are becoming more demanding and they do not wish to settle for less. They seek multiple benefits from a single product and this has increased the pressure on companies to innovate and consistently add value to their offerings. There are many tools which can be used. One of the most important tools is benchmarking. The process of benchmarking has been on a rise globally as shown below in the diagram....