Definitions from the Web
Benchmarking
Description:
Benchmarking refers to the process of evaluating and comparing the performance or quality of a product, service, or business against industry standards or competitors. It is used as a tool to identify areas for improvement and set goals for performance enhancement.
Example sentences:
- Our company is implementing benchmarking strategies to measure customer satisfaction against our competitors.
- The marketing team conducted benchmarking analysis to identify the best practices in the industry.
- In order to stay competitive, businesses often rely on benchmarking to assess their own strengths and weaknesses.
- After analyzing the benchmarking data, we realized our production efficiency is below the industry average.
Possible related products on Amazon:
Books on Benchmarking
Benchmarking Tools |