Benchmarking occurs when a firm sets its own marketing performance standards based on prior actions by the firm itself, the prowess of direct competitors, the competence of the best companies in the industry, and/or innovative companies in other industries anywhere around the world.

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Benchmarking may be divided into two main categories.

1.         Process benchmarking is often most appropriate and deals with the more easily measurable aspects of a company’s operation (such as flexibility in the use of resources, fast new-product introduction, reduced defects, quick delivery time, and lower distribution costs).

2.         Strategic benchmarking is more difficult and deals with conditions identified by a SWOT (strengths, weaknesses, opportunities, threats) analysis.

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