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What is Benchmarking? - Definition, Types, Process & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

You own a roofing company and wonder how your average prices compare to your competition. You find the average roof prices charged for a 1,500 square foot ranch home and compile the data below. Which of the following is true based on the data you collected?

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1. Your company is trying to determine how competitive it is in the market, and it wants to design the strategic goals of the company. Company A is a company that is just as good as your company, while Company B is a much larger company that can be considered a leader of the industry with far greater revenue than yours. Which company should should you compare your company with in the case of best practices benchmarking?

2. What do companies use benchmarking for?

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About This Quiz & Worksheet

Benchmarking is an effective practice employed by many businesses. This quiz and worksheet combination will ask you about the purpose and practice of benchmarking to test your knowledge.

Quiz & Worksheet Goals

In this quiz, you will be asked about:

  • Benchmarking reports
  • Careers focused on benchmarking
  • Purpose of this practice
  • Example of data retrieved for this process

Skills Practiced

You will have the opportunity to practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Interpreting information - verify that you can read information regarding business data and interpret it correctly
  • Information recall - access the knowledge you've gained regarding business positions focused on benchmarking

Additional Learning

Deepen your understanding by reviewing the related lesson, What is Benchmarking? - Definition, Types, Process & Examples. This lesson will detail:

  • Definition of benchmarking
  • Why companies utilize this practice
  • Types of benchmarking
  • Seven steps of this process
  • A real world example
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