Types of Benchmarking Processes for Business Strategy

Firms are always comparing themselves to their competition, to their industry, even to different parts of their own firm. This process of evaluating yourself versus others is termed Benchmarking. It is a very popular tool to see how your firm measures up to their competition. Here we go through the different types of benchmarking and the benchmarking process.
Filmed in London, UK
Copyright Mark Wolters 2019
Dear Marketing Student, Entrepreneur, or Interested Person, I am Dr. Mark Wolters an Associate Teaching Professor in Business Administration and I have been teaching marketing and business courses around the world since 2002. I hope that these marketing & business videos can help you learn more about business and help you succeed in class or in the business world. And yes, this is the same Mark Wolters from the CZcams travel channel Wolters World.
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[@tosht2515]

Love this. Hope your students appreciate that these are real world scenarios and not just academic concepts. In my business life, many of the benchmarking you've highlighted are analyzed every week: year over year sales, YoY new customer acquisition, legacy vs new products growth (actual and %), enterprise vs small accounts, territory vs territory and on and on. Really fun videos, Mark. 👍

[@woltersworld]

Thanks Tosh. That's what I am trying to do with this whole channel. Take those academic business concepts and make them relatable to students so they can "get it" thanks for all the support. Just filmed a video on what not to comment on CZcams videos and your comments on another person's comment directly set up one of them :) should be out in a week or two.

[@kam.26]

Thank you Professor! Love the back drop as an American that went to UCL for grad school. Very helpful video!

[@angeldevega6002]

This is helpful. Thank you!

[@doubleaalmighty2275]

Helped a lot thank you

[@cisomercader3127]

Thanks for info god bless

[@bettycurtis5581]

Very well explained! Thanks so much. By far the BEST video that BEST descrisbes Benchmarketing.

[@ProfessorWolters]

Glad I could help out

[@dalisiwekaira4545]

Very well explained!
Thanks!

[@ProfessorWolters]

Glad it was helpful!

[@torycook1215]

Good info, Professor! 😊

[@ProfessorWolters]

Thank you Vicky

[@renardsotto5970]

Very informative Thank you!

[@ProfessorWolters]

Cheers!

[@sadaharu9717]

This is really helpful, thank you❤️

[@ProfessorWolters]

You're welcome

[@apurbusarderapu3383]

nice

[@ProfessorWolters]

Thankd

[@euroterraeuroterra9441]

benchmarking bonds?

[@samuelflores9922]

Bond rating company’s like S&P global, rate based on risk and return.

[@ItsMikeLearns]

isn't internal and historical benchmarking the same thing?

[@ProfessorWolters]

it can be, but in general internal is comparing different parts of the company, while historical is comparing the exact same metrics
so internal may be comparing Coke's numbers to Sprite's numbers, while historical would be comparing coke's 2019 numbers to Coke's 2023 numbers