Ask Question
7 January, 21:41

Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries. This is called

+1
Answers (2)
  1. 7 January, 23:14
    0
    Seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries is called Generic Benchmarking

    Explanation:

    Benchmarking is a word that is synonymous with "standard". It is a yardstick used to improve performance and processes as well as create new standards.

    there are four types of benchmarking. they include

    internal benchmarking competitive benchmarking functional benchmarking generic benchmarking

    The type that suits the question is generic benchmarking.

    Generic benchmarking seeks technical knowledge from unrelated business and new processes or functions that can be practiced in the same or similar ways regardless of the industry.

    Generic Benchmarking will highlight method of comparing the performance and processes of organizations in unrelated industries.
  2. 8 January, 00:03
    0
    Benchmarking.

    Explanation:

    Benchmarking is the process by which a company compares it's processes with best practices of other companies with an aim of maintaining industry best standards in operating.

    The four types of benchmarking are internal, competitive, functional and generic.

    So companies by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries are engaging in benchmarking.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers