What are the different types of benchmarking, Business Management

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Problem

What are the different types of benchmarking and explain the reasons for Benchmarking?

Different types of bench marking

Performance benchmarking or operational benchmarking
Process benchmarking or functional benchmarking
Strategic benchmarking

Reasons for Benchmarking (any four reasons given below)

to achieve business and competitive objectives
external orientation
helps in developing best practices
time and money are saved
helps in developing healthy competition
helps an organisation to identify whether they have fallen behind in competition
enhances innovation

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