competitive (adjective, com-pet-i-tive, \ kəmˈpetətɪv \) benchmarking (noun, bench-mark-ing, \ ˈbentʃmɑːrkɪŋ \)
Definition: is the process of constantly comparing the policies, practices, and strategies of a company to it’s the leading competition on the market. This process serves to estimate the performance of an organization, analyze how it compares to other successful companies, and determine if any drastic changes are needed. Not only that but benchmarking also allows to know when a competitor is struggling, allowing a firm to get ahead of the competition.
In a Sentence:
- According to the results of the competitive benchmarking completed by our company, the difference in performance between Ray Energy and us has decreased, which means that we are moving in the right direction.
- The board of directors concluded that our firm could benefit from competitive benchmarking because right now, we have no idea how well our direct competitors are doing.
- It’s been four years since Momentum Forge has started doing competitive benchmarking, and they used it to improve their marketing department and copy the most progressive policies of the top competitor in the area.
Synonyms and related words: competitive marketing, direct competition, indirect competition, competitive analysis, strategic map
