Benchmarking as a factor of an economic crisis consequences' levelling

V. N. Ostrovkaya
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V. N. Ostrovkaya: North Caucasian Federal University, Russia

Review of Applied Socio-Economic Research, 2012, vol. 4, issue 2, 191-197

Abstract: Issues of European companies' effectiveness in the conditions of an unstable world economic situation became a priority for all managers. The economic crisis caught many managers unawares and made economic agents of the European market face new major problems on formation of instruments of successful corporate adaptation to the changing environment. The author argues that the benchmarking as an effective way out of the unfavourable situation should become a major factor of an economic crisis evening-out. As the benchmarking unites development of strategy, the analysis of competitors and branch as a whole, the European companies can use it as the tool to find the solution for all the problems arising during the crisis; relying on the experience of other countries, they can define how to organize work so that in short terms restore the forces and to move on to the new levels. In other words, realization of benchmarking potential for the companies of the European Union countries in modern economic conditions allows to develop and introduce recipes of effective development in the uncertain environment, and to prevent the negative effects of an economic crisis. In the article the author's methodology of business processes improvement by means of benchmarking (that is supposed to help European companies avoid bankruptcy following other companies as a result of the crisis, and even to keep the current rates of development despite that the current macroeconomic situation will contradict it) is considered. The competitive and integration benchmarking as the instrument of market agents interaction is offered by the author as a supportive application on the one hand, and the unique factor whose account will allow to level an economic crisis, on the other hand. Also in the article, a comparative and critical SWOT analysis as the tool of a competitive and integration benchmarking, the marketing strategy of solving the problems of a competitive and integration benchmarking, the 'house of quality' hierarchy is considered at an assessment of companies' activities efficiency. These standard economic statements of the author are urgent for the companies of the European Union countries in connection with an existing economic crisis.

Keywords: benchmarking; economic crisis; development strategy; economic potential; competition. (search for similar items in EconPapers)
JEL-codes: M10 M11 (search for similar items in EconPapers)
Date: 2012
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