The benefits of market research and benchmarking

Benchmarking v Benchmarks

There is an important distinction between benchmarking as a process and specific benchmarks. Many people regard the benchmarks as benchmarking, when this is only a small part of the process.

Benchmarking is the process that starts from identifying an area for improvement and ends in enhancing the quality of its products and services to key internal and external stakeholders.

Benchmarks are data comparisons, such as performance output figures. They can be a pointer to what you should be improving and from whom you should be learning.

Source: Benchmarking Partnerships, www.benchmarkingpartnerships.com.au

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Looking for a service provider to help with your market research or benchmarking needs? Check out the Supplier Directory on the Australian Market & Social Research Society website at www.mrsa.com.au