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Benchmark is a set of standards that is used as a point of reference for estimating the level of quality. Benchmarking Strategy is a continuous process used to discover and measure one’s own product, activities and services against the best performance. Different units performing same activities within an organisation are compared. The unit with the best performance is set as benchmark and other units are targeted to meet or exceed it. Benchmarking Strategy deals with target costs for services, products; customer satisfaction, quality, inventory turnover, inventory levels, productivity and cycle time. It helps the organisation to gain good customer feedback and also raises the company standards by comparing it with different companies in the market. The different types of benchmarking given in Benchmarking StrategyAssignment Help are process benchmarking, strategic benchmarking, product benchmarking, global benchmarking, corporate benchmarking, collaborative benchmarking, SWOT benchmarking, financial benchmarking, energy benchmarking, etc.
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Different Types of Benchmarking Strategy
The different types of benchmarking Strategy explained in Benchmarking Assignment Help are
• Process benchmarking: – Process benchmarking is a type of benchmarking that gives a clear comparison of other organisations strategies and ideas. It is done by gathering information about other company’s strategies through seminars, through workshops conducted by other companies, visiting sites and through researches. It shows an organisation how it rates in an operational performance compared to other industry leaders.
• Strategic Benchmarking: – Strategic benchmarking is a type of benchmarking that enables an organisation to choose high performing strategy. In this process, winning strategies of companies in the market place are compared. It is explained thoroughly in Benchmarking Assignment Help.
• Product Benchmarking: – Product benchmarking is a type of benchmarking that is based on the reverse engineering concept. In this process, an organisation buys competitors’ products and dismantles it into pieces in order to know its functions and performance. This helps in the improvisation of products by knowing the standard of other products in the market.
• Global Benchmarking: – Global benchmarking is a type of benchmarking that is basically an extension of strategic benchmarking where the comparison of strategies takes place globally. Benchmarking Assignment Help provides descriptive idea about global benchmarking.
• Corporate Benchmarking: – Corporate benchmarking is a type of benchmarking that compares various divisions of the organisation and involves studies in order to improve the working model of the organisation. To improve the overall efficiency of the organisation, other organisation’s finance, marketing division, research team, etc are compared in this process.
• Collaborative Benchmarking: – Collaborative benchmarking is a type of benchmarking which happens within the organisation. It is a common type of benchmarking among all industries.
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