Question

Abc company desires a successful product launch for its new product venture. looking outside of its industry, the company solicited the advice of companies jkl and mno, known for successful product introductions in past years. the business term used to describe the practice of looking toward others to develop a model approach is called _____________.

Answer 1

The business term that we use to depict the act of searching for others to build up a model approach is called benchmarking. Benchmarking is looking at one's business procedures and execution measurements to industry bests and best practices from different organizations.