BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Manufacturing organizations only
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Service organizations only
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Manufacturing and service organizations
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Government institutions only
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Detailed explanation-1: -Explanation: Benchmarking is used extensively in manufacturing and service organizations. It is the process of systematically searching for best practices, innovative ideas, and highly effective operating procedures.
Detailed explanation-2: -What Is Benchmarking in Manufacturing? In manufacturing, managers use benchmarking to compare their business to other industry examples. Benchmarking in manufacturing can also find gaps in service delivery, measure and track improvements, and help a business succeed.
Detailed explanation-3: -The goal of benchmarking is to create new methods or improve current processes to meet that higher standard. It’s not a one-time effort. Rather, it’s another part of continuous process improvement that the best organizations commit to if they want to stay competitive.
Detailed explanation-4: -Benchmarking in Six Sigma involves a company analyzing its performance rather than measuring it against the standard set by the industry they work in or a world-class company in another industry. It typically focuses on processes and operations within one area of the company.
Detailed explanation-5: -Companies use benchmarking as a way to control supply and demand.