Benchmarking
Aim: To prepare a report explaining what is benchmarking, compare at least 4 vehicles and provide a proper conclusion for the report, suggesting a suitable vehicle among the comparison made. What is Benchmarking? It is the process of comparing one's business process and performance metrics to industries best.
What is Benchmarking?
It is the process of comparing one's business process and performance metrics to industries bests and/or best practises from other industries. Process benchmarking includes studying process flows, operating systems, process technologies and the operations of target firms and departments.
Also it can be defined as the way of discovering what is the best performance being achieved – whether in a particular company, by a competitor or by entirely different industry. This information can then be used to identify gaps in an organization’s processes to achieve a competitive advantage.
Three Primary Classifications of Benchmarking:
Although there are many forms of benchmarking, they can be classified into three categories – internal, competitive and strategic.
Internal benchmarking is used when a company already has established and proven best practices and they simply need to share them. Internal benchmarking also may be necessary if comparable industries are not readily available.
Competitive benchmarking is used when a company wants to evaluate its position within its industry. Also, competitive benchmarking is used when a company needs to identify industry leadership performance targets.
Strategic benchmarking is used when identifying and analysing world-class performance. This form of benchmarking is used most when a company needs to go outside of its industry.
CONCLUSION:
If he depends on mileage efficiency, it would be better to move with Kia Sonet as it has top notch interior finish and quality.
If he goes with the industrial safety standards. then Tata Nexon will be the best option as it has 5 star NCAP rating.
And finally if he is keen on stability and stiffness, then Ford Ecosport will be the best option.
In my opinion, for 4 adults and 1 child, with NCAP safety rating of 4 and high mileage efficiency and spacious cabin and leg room, KIA sonet will be my first priority to suggest.