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Home Definitions

What is a Benchmark? Definition or Meaning

Posted by Bizversity

Benchmarking is an important part of business that lets you compare your marketing, your profits and your results to those of others and set a standard to reach for.

For example…

To set a benchmark, it can be a good idea to look at the competition to see how they are doing things and how much market share they have. You can also set benchmarks based on the previous year’s performances in the areas of marketing, sales, production and income.

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