Porter’s Generic Strategies were developed in 1985 by Michael Porter, and they first appeared in his book “Competitive Advantage: Creating and Sustaining Superior Performance.” These strategies help businesses assess their growth, management, and profitability and create a competitive advantage. What are Porter’s Generic Strategies? Porter’s Generic Strategies include three approaches applied to all products or …
Definition: In performance benchmarking, businesses examine their competitors’ performance measurements and procedures and make improvements to their own operations at the ground level to increase efficiency and obtain competitive advantages. Businesses can evaluate industry leaders’ functional performance parameters and apply best practices to improve their processes. They can compare functional units such as human resources, …
Definition: Benchmarking is the process of comparing a company’s operations and performance to industry best practices. Benchmarking is a method of evaluating several areas of a company’s processes and comparing them to industry leaders or competitors. This helps businesses find weak spots or gaps in their process so they can take steps to improve efficiency …
The training process includes five steps that should be followed for an efficient training program. The training program helps employees upgrade their skills and attitude to perform a job more efficiently. Training is not a one-off event; it is a process that starts before the beginning of training and continues after it is completed. Training …