Question

One of the principles of TQM is continuous improvement.

Name and explain one area in your company that needs to be improved by benchmarking.

What is the significant of benchmarking particularly in your company?

Answer 1

One area in my selected company Apple to improve is the financial analysis process. Apple is already performing well as compared to other competitiors and also has a great market to target and produce. But as we can see, Samsung and other rival companies are bringing better phones with best technologies at a price lower than Apple. This is giving Apple a tough match and competition and thus is the only reason Apple is about to launch IPhone 12 at a price which would be lower than what was expected with Iphone 11. Thus, the financial performance and anslsyis needs to be improved by the process of Benchmarking. Benchmarking could be defined as the process where the performance of the company's services, proucts or processes are meaured in accorsance with those of the competitors and other businesses in the industry to have a strategical view and summary about how well are we performing in regard with other companies in the same industry. Benchmarking helps us to identify out strengths, weaknesses, opportunities and how to overcome our weaknesses to become the best and thus this is one of the finest ways for Apple to consider and compare its financial performance with other companies and start working on the same.