BizSugar.com › Management › Benchmarking: Types, Features, Purpose & Limitations

According to current scenario, there are different kinds of industries which follow various methods to make their product a success. In order to survive in the market, industries follow various strategies to compete in the market. One important process is benchmarking. It involves choosing a best method to produce a product by analyzing it and comparing from the market standards. The main aim of the benchmarking is to understand the performance of the organization in related to the best practice method used which will help it indirectly to identify the areas of improvement.