MANAGEMENT

Detailed explanation-1: -Answer and Explanation: The correct answer is True.

Detailed explanation-2: -Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.

Detailed explanation-3: -Benchmarking is a strategy tool used to compare the performance of the business processes and products with the best performances of other companies inside and outside the industry. Benchmarking is the search for industry best practices that lead to superior performance.

Detailed explanation-4: -What is benchmarking? Benchmarking is a process that involves measuring the performance of your business against a competitor in the same market. This will give you a better understanding of your business performance and potential.

Detailed explanation-5: -Explanation: Benchmarking is used by organizations as a continuous improvement tool. It is the process of systematically searching for best practices, innovative ideas, and highly effective operating procedures.