Final answer:
An Application Service Provider (ASP) is the entity that hosts, manages, and provides access to software and hardware over the Internet to multiple customers.
Step-by-step explanation:
The entity that hosts, manages, and provides access to software and hardware over the Internet to multiple customers is known as an Application Service Provider (ASP). An ASP supplies software applications and related services over the internet, allowing customers to access, use, and manage software without having to own or maintain the underlying technology. This contrasts with outsourcing, which involves hiring outside contractors to perform tasks, or offshoring, which is the practice of moving operations overseas. Benchmarking, on the other hand, is a process for measuring the performance of a company's products, services, or processes against those of another business considered to be the best in the industry.