Benchmarking is the process through which a company measures its products, services, and practices against its competitors, or those companies recognized as leaders in its industry. Benchmarking is a management tool for determining whether the company is performing particular functions and activities efficiently, whether its costs are in line with those of competitors, and whether its internal activities and business processes need improvement. The objective of benchmarking is for management to identify the practices that are most successful in the marketplace and to incorporate those techniques into the operation of their business.
Source: "Benchmarking." Encyclopedia of Management, 8th ed., vol. 1, Gale, 2019, pp. 45-47.
Use the Company and Industry Profiles and Reports available in the following databases to identify competitors in each industry.
The following are a few websites that can be used to identify company and industry competitors.