Marc 1 Realty is a real estate company located in Charlotte Metro area of North Carolina and has grown from only serving two of the smallest counties in the area to becoming one of the largest real estate firms in the metropolitan area over the past twenty years (Mosteller, 2015; Trulia, Inc., 2015). The company has successfully thrived during the economic recession and is now facing a steadily improving market (Koepke, 2015; Federal Reserve Bank of Richmond , 2015 ). As seen from the SWOT analysis and balances scorecard previously analyzed, the company has seen success in many of its critical success factors, including sales, customer satisfaction, productivity, and innovation (Mosteller J. , 2015). This does not mean that the company needs to stop innovating and seeking new ways to manage its resources and grow its customer base. A company should always continually seek to better itself or it will slowly fall behind its competitors and not realize this is occurring until it is too late.
Though companies have a broad range of different contemporary management techniques that they can use to respond to the contemporary business environment, benchmarking appears to be the technique by which Marc 1 Realty should seek to better itself. A combination of low information availability, high number of competitors, and the company being a service provider makes this technique the most appropriate in this stage of the company’s life cycle. The fact that the company provides a service removes the ability to apply activity-based costing, target costing, life-cycle costing and the theory of constraints in a simple and effective manner. An inability to dedicate a large number of resources to implementin...
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... different for each company based upon its size, needs, and internal culture; some companies will seek inclusion of non-management employees whereas others will allow only senior management to be involved in this process (Bain & Company, 2015; Stapenhurst, 2009).
Many argue that a fourth phase called maturity should be included as a key part in the standard benchmarking process. In this stage the company would conduct two task. The first being to continue monitoring the process of improvement and identify any further changes that could increase the benefits of the changes implemented. The second task is to enable continuous learning and improvement by changing the organizational culture (Kelessidis, 2000). One company in particular has developed a “GIS Maturity Matrix model” for benchmarking to assist in completing this fourth stage of the process (Exprodat, 2015).
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