What is Benchmark?
A definition of Benchmark
“A benchmark is a standard or reference point used for comparison with other items or performances in business or finance.”
Business Glossary > What is Benchmark?
Examples of Benchmark in a Sentence:
Our company uses industry benchmarks to measure performance.
New benchmarks were set to improve productivity.
The benchmark for customer service has increased this year.
Why is Benchmark Important in Business?
Understanding benchmarks is crucial for businesses to assess their performance against industry standards. By using benchmarks, companies can identify areas for improvement, recognize competitive advantages, and make informed strategic decisions to stay ahead.
Know Your Niche Inside Out by Tomorrow: Learn everything you need to know about a niche from a report rushed to you in 24 hours, (or spend the next 3 weeks researching).
Associated Terms
Here are some associated business terms and synonyms for “Benchmark”:
- Standard
- Yardstick
- Reference Point
Apple Benchmark
Apple often sets the benchmark for innovation and design in the technology sector. Their products are frequently compared against industry benchmarks for performance and user experience, guiding competitors in their development strategies.
Final Notes on Benchmark
When businesses consider benchmarks, they should evaluate the standards within their industry and continuously monitor changes to maintain competitiveness.
This has been a definition of Benchmark meaning.
Explore more from our Business Term Glossary for Entrepreneurs