Benchmark

In the business world, a benchmark is a reference point or standard used for measuring and evaluating performance. Benchmarks are often used to compare a company’s performance against competitors, industry standards, or historical data. They can be used to identify areas where a company is excelling or falling short, and to set goals for improvement. Common types of benchmarks include financial metrics such as revenue growth, profit margins, and return on investment, as well as operational metrics such as customer satisfaction and employee productivity.

Benchmark DEFINITION:

1.A standard or reference point used to measure or compare performance or quality in a business. 2.A standard used for comparison and evaluation of business performance. 3.A reference point or standard for measuring or evaluating performance, often used to compare against competitors.