APPLICATION OF THE BENCHMARKING APPROACH IN THE AGRICULTURAL SECTOR

Boycho Boychev ()
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Boycho Boychev: St. Cyril and St. Methodius University of Veliko Tarnovo

AGRIBUSINESS AND RURAL AREAS - ECONOMY, INNOVATION AND GROWTH 2021 CONFERENCE PROCEEDINGS, 2021, issue 1, 181-191

Abstract: Marketing strategy is related to the way a company operates in relation to its competitors. In the short run, its success depends on the financial performance of ongoing activities, while its long-term evaluation and development depend on its ability to adapt to emerging market changes in the agricultural sector. To be effective, the strategy must be organized in a systematic and formal way in a written document that formulates the long-term and short-term goals of the company and the ways to achieve them. Benchmarking is actually a system aimed at finding, evaluating and researching the best examples, regardless of their size, business scope and geographical specifications. Therefore, it can be argued that benchmarking is a special kind of art to discover what others do better than us, as well as to study, master and improve their methods of work. The purpose of benchmarking is to understand and evaluate the current position of a business or organization in relation to best practices and to identify areas and means to improve efficiency.

Keywords: benchmarking; types of benchmarking; principles of benchmarking (search for similar items in EconPapers)
JEL-codes: M31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vra:pr2106:y:2021:i:1:p:181-191

DOI: 10.36997/ARA2021.181

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