BENCHMARK STRATEGIES AND COMPETITIVENESS

Abstract

This study examines benchmark strategies and competitiveness. The study adopted dimensions of benchmarking strategies as Competitive Analysis, Monitor Performance, Planning and Goal Setting while measures of competitiveness are performance, quality, productivity, innovation. The study reveal that benchmarking strategies is relevant and imperative to enhance organizational performance in a business environment where competitiveness is the order of the day. Benchmarking as a tool helps companies to position themselves in the market place. Decision makers are persistently on the lookout for techniques to facilitate quality enhancement. Benchmarking, in recent times, occupies a prominent place, helping quality up gradation. Benchmarking is imperative for performance and the study highlights the diverse crucial aspects of benchmarking process, which proves essential for successful implementation. The study thus recommended that organizations should adopt adequate benchmarking strategies in order to enhance competitiveness and optimal organizational performance.