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Benchmarking

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Benchmarking

(1)The process of finding a company that is superior in a particular area, studying what it does, and gathering ideas for improving your own operation in that area.

(2) Identifying an organization that appears to do something well and copying or adapting its methods. Studying how well competitors are meeting customer needs or what other organizations appear to do well can be beneficial, providing management is aware that transferring a method from one set of circumstances to another will not necessarily produce the same results. It is important to have a theory as to why a method or system works and the conditions needed for its success.


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