Final answer:
Benchmarking is a process where a company compares its performance against that of its competitors or industry leaders to identify areas for improvement. Fastjet can use benchmarking to assess its performance in areas such as operations, customer service, and cost efficiency. This helps Fastjet identify weaknesses and implement strategies for improvement.
Step-by-step explanation:
Benchmarking is a process where a company compares its performance against that of its competitors or industry leaders in order to identify areas for improvement. In the case of Fastjet, benchmarking can help the company assess its performance in comparison to other airlines or industry standards and identify opportunities to enhance its operations, customer service, or cost efficiency.
For example, Fastjet could benchmark its on-time performance against other airlines in terms of flight delays, cancellations, or punctuality. This would allow Fastjet to identify any weaknesses in its operations and implement strategies to improve its performance, such as better scheduling, maintenance, or crew management.
Benchmarking can also be used to evaluate Fastjet's customer service by comparing it to the industry's best practices. This could involve looking at factors like response times, complaint resolution, or overall customer satisfaction. By benchmarking its customer service, Fastjet can identify areas where it may be falling short and make necessary improvements to enhance the overall passenger experience.