Industry Best Practices

Persuasive Essay # 104029

Business > Applied Operations
Business > Companies
Business > Management

This paper looks at benchmarking and best practices strategy as a method of decision-making within business.

2,786 words () | 15 sources | APA | 2008 United States

Paper Summary:

This document discusses the benchmarking and best practices strategy of five companies. The writer looks at Home Depot, Wal-Mart, BMW, Nike and Office Depot, and explains that best practices are what have allowed these companies to become as successful as they have and are indicative of their innate leadership qualities. The writer discusses that leadership is a prerequisite for a business strategy guided by the implementation of best practices based on benchmarking competencies. The writer maintains that benchmarking and best practices are primarily a method that engenders more efficient and informed decision-making on the part of managers and employees alike because they indicate the areas in which an enterprise is most successful.

Outline:
Abstract
Overview
Home Depot
Wal-Mart
BMW
Nike
Office Depot
Conclusion

From the Paper:

"BMW is a recognized leader in the luxury automotive industry where its products are perennially among some of the most popular automotive products in the luxury car segment. The complex nature of reducing and managing operational and financial exposures in the automotive industry is difficult because of the nature of its production and supply base. With production of the major automotive companies taking place across several continents and in many countries, numerous supplier-partners who are depended on to integrate their supply-chains with that of the manufacturer and myriad raw material sourcing strategies, the automotive industry faces a monumental task in reducing its operational and financial risks through the management of its exposure in these areas ..."

Sample of Sources Used:

Beinhocker, E. & Kaplan, S. (2002). Tired of Strategic Planning? The McKinsey Quarterly, p. 49+. Retrieved May 1, 2007 from University of Phoenix online database: http:// www.apollolibrary.com/Library/library.aspx?bc=1
Business: A Hyper-Market. (2001). The Economist, 359/8216 p.68. Retrieved May 1, 2007 from University of Phoenix online database: http:// www.apollolibrary.com/ Library/library.aspx?bc=1
Corporate Information. (2007). Office Depot Corporate Website (online). Retrieved May 1, 2007 from: http://investor. officedepot.com/ireye/ir_site.zhtml?ticker=odp&script=700&l ayout=7
Ernsberger, R. (2002). Wal-Mart World: Can the Arkansas Giant Export its Price-cutting Around the World? Newsweek, May 20, p.50. Retrieved May 1, 2007 from University of Phoenix online database: http:// www.apollolibrary.com/Library/ library.aspx?bc=1
Johnson, W. and Weinstein, A. (2004). Superior Customer Value In The New Economy: Concepts And Cases. Boca Raton, FL: CRC Press.