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benchmark sentence examples

These metrics can be collected internally to establish the rate of progress in each area, and the results can also be compared to those of similar organizations to assess their position in the wider landscape. Benchmark definition, a standard of excellence, achievement, etc., against which similar things must be measured or judged: The new hotel is a benchmark in opulence and comfort. The benchmarking process should reveal areas in which you can make improvements and provide some insight into the best way to make them. A definition of competitive benchmarking with examples. Benchmarking can also work for smaller businesses with limited budgets as they can learn a lot about how to plan strategically with simple benchmarking activities such as following their competitors' activities on social media or checking their websites for product and pricing data. The other 79 percent funds all lagged the widely followed benchmark. Benchmarking has become an important part of planning for a number of businesses. By taking a more holistic look at competitor activity, you can get an accurate picture of the sector's landscape and how you fit into the wider market.

Benchmarking can help identify effective marketing strategies, inform product development and encourage new business ideas. Understanding the different types of benchmarking can help you to use it more effectively in your business. Benchmarking is key to staying competitive in the hospitality industry where everything is recorded and compared, from details of bar consumables and food costs to employee benefits and retention rates.

Benchmarks may be cited in terms of numbers, such as sales figures.

The following are illustrative examples of benchmarking. To measure (a rival's product) according to specified standards in order to compare it with and improve one's own product. www.use-in-a-sentence.com English words and Examples of Usage Example Sentences for "benchmark "The Federal Reserve cut its benchmark discount rate to an year low. You can set professional and personal goals to improve your career. For example, a farmer near a large market may negotiate a higher price for crops if they can sell directly to local shops because this reduces transportation costs and customers may prefer local produce. It is an essential business activity that is key to understanding competitive advantages and disadvantages. All rights reserved. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.

It is hugely useful as a tool to inform planning and as a means to assess the potential for expansion or diversification and any measurable metric that can inform those processes can be used to create a benchmarking strategy.

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