VI. Plan for Implementing Benchmarking at Marc 1 Realty
If Marc 1 Realty has a desire to better itself and chooses benchmarking as the method to determine what changes need to be made for positive change at the company, it should use the four phase standard process mentioned above in a manner altered to meet its needs. As the company is currently in the habit of making changes to its service provision, it is quite clear that the company has accepted that its business model is not infallible and is willing to seek other ideas to innovate. This willingness to change surpasses the preliminary step of the benchmarking process by admitting that the company is not the best. The four phases the company must complete to have a successful benchmarking
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The team should select the participants for the study, which should include both traditional and non-traditional competitors. To determine which traditional competitors to study the team could utilize the Multiple Listing Service data available and websites such as Trulia, Zillow, and Homelight to pinpoint those companies which are the most successful in assisting customers to both buy and sell homes in the relevant markets. The team should also plan to study the business models and technique utilized by non-traditional service providers such as Redfin because these online service providers have seen a drastic increase in revenue over the past few years. The team must also propose metrics by which they will evaluate competitors, which could include things such as total sales, number of customers served, and customer perception of quality. The last preparation step is for the team to create a rigid resource budget for the benchmarking project, this should discuss any monetary, labor, or other resources which will be used or consumed in the course of the study. At this point the team will not present every step discussed thus far to the owners of the company and seek their approval to move forward with the