Foreign country Essay Example | Topics and Well Written Essays - 500 words

Foreign country - Essay Example As a late comer in the industry, it is prudent for the company to seek ways to elevate its performance toward the standard benchmarks set forth by its forerunners. In simple terms, benchmarking can be defined as â€Å"learning from the pros† (American Productivity & Quality Center, 1993). Benchmarks are very essential for organizational operations in that they lay in the open the processes that hold the keys to a successful business take off and the subsequent operations. Through such standards, a business venture Lodgit Courier will identify and adopts a mix of practices of top performers that will in effect define the course that the business initiative takes. Put quite simply, benchmarking is the art of finding out straightforward organization and implementation strategies that leads to success. The concept engenders comparative efficiency to other industry key players with the intent to know the exact processes, procedures, and/or technological applications principles that can results in the production of superior outputs (Ammons, 1996; Camp, 1989). Since businesses are all about competition, benchmarking plays a very important role of measuring specific performance gaps that could be used to gain competitive advantage (Boxwell, 1994). Indeed, it is â€Å"not a cost to be avoided, but a tool that when utilized properly can result into quantum leaps in organizational performance" (Dodd and Turner, 2000). Given that this joint venture business, it would take an influential positive stand to convince colleagues that certain standards have to be met for the company to remain competitive in the industry. It is also essential to note that group of investors can consistently utilize a common investment strategy and emerge victorious. As leant in the analysis of market efficiency, market outcomes are not always efficient to all investors due to the cost of information which may lean towards those with the capacity to acquire such, if at