Benchmarking

Posted in Marketing and Strategy Terms, Total Reads: 1457
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Definition: Benchmarking

It is a metric for measuring one’s performance with the desired/ideal performance. The measurement involves both quantitative and qualitative comparison of one’s product, practices, programs, strategies and policies.
The main objective of benchmarking is to determine one’s own performance vis a vis the desired one, identify the loopholes and accordingly work on improving the in a definite time frame.

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