BENCHMARKING AS A FUNCTION OF COMPETITIVENESS AND EFFICIENCY IN BUSINESS

Jovan Babovic, Vuk Raicevic and Marko Caric

Economics of Agriculture, 2012, vol. 59, issue 01, 13

Abstract: Benchmarking is a method of comparison between its’ own and the best possible organization that would contribute to the implementation of best practice solutions, new technologies, improvement of business processes and the quality of products, cost savings, increase of productivity, creativity, innovation and competitiveness on the market, and would lead to satisfying the needs and desires of consumers, as well as achieving efficiency in its’ own business. However, the concept of benchmarking affects the creation of new ideas and lucrative solutions to improve the existing organization, process and competitive products of high quality. It is, without doubt, the easiest way of applying and achieving best practice leader for the maximization of profit in business. There are several types of benchmarking, such as: the internal, external competitive, external functional, external generic, combined internal and external benchmarking. For a successful implementation of benchmarking, it is inevitable to choose a small number or a single leadership organization suitable for comparing and increasing of competitiveness and profitability in business.

Keywords: Marketing; Productivity Analysis (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ags:iepeoa:123963

DOI: 10.22004/ag.econ.123963

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