Question

Baked Delights, a startup bakery, recently collected data on the quality and pricing of the products of Sweet Tooth, the largest and most popular bakery in the region, to help set up its own business standards. This is an example of _____.

Answer 1

Answer:

This is an example of Bench marking.

Explanation:

Bench Marking:

It is defined as a process in which an individual, company or a business compares its performance with another individual, company or business that is considered as a standard.

For example:

If a company "A" is very famous in shoe making industry. Then a company "B" compares its products and services with that company "A". This is called bench marking.  

In this case, Baked Delights, collects the data of Sweet tooth in order to improve their standards, so it is an example of bench marking.