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Benchmarking
Benchmarking is a continuing process of measuring products, services, and practices against your strongest competitors. More simply stated, it means using the best companies as the yardstick against which your company measures itself. If your company comes up short, than improvements must be made to ensure that your products are just as high in quality as those of your competitor.
There are two types of benchmarking. The first, competitive benchmarking, entails benchmarking against direct competitors in the marketplace. This can include comparing specific numerical or statistical measurements—return on assets used, market share, etc. The more detailed information that can be obtained about a competitor, the better.
The second method, noncompetitive benchmarking, can take two forms. The first is measuring your company against the best companies in the world, regardless of industry. Companies such as 3M, Coca-Cola, and General Electric are considered to be......
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Title: Bench Marking
Approximate Word Count: 369
Approximate Pages: 2 (250 words per double-spaced page)
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