APPLICABILITY AND USEFULNESS OF THE BENCHMARKING TOOL IN BUSINESS PRACTICE

Camelia-Catalina Mihalciuc () and Diana Nicoreac ()
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Camelia-Catalina Mihalciuc: Stefan cel Mare University, Suceava, Romania
Diana Nicoreac: Stefan cel Mare University, Suceava, Romania

European Journal of Accounting, Finance & Business, 2023, vol. 11, issue 1, 34-44

Abstract: The best lesson a firm can learn to maximize profits and survive in the marketplace is to continually benchmark itself against its main competitors. Benchmarking is the comparison tool used in business, being a good support for choosing the best practices and solutions, this practice of using the benchmarking tool, being more and more advanced and adapted to new market trends. Thus, the research objective of the paper is, on the one hand, the analysis of specialized works that address the usefulness of the benchmarking concept, the report and the relationship that this concept has with feasibility studies, but also other aspects specific to the use of benchmarking in a transition economy and in a crisis situation, as well as the presentation of benchmarking indicators specific to different fields, and on the other hand, the applicability of the benchmarking tool on a company will be considered to analyze the efficiency and profitability obtained in relation to the methods and techniques applied for this purpose.

Date: 2023
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