Permalink of this method: https://www.universalforesight.com/uf-methods-bank/11277
| Nature of the method: | Quantitative Methods |
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Benchmarking is a method commonly used for marketing and business strategy planning and has recently become more popular in governmental and inter-governmental strategic decision-making processes.
One of the main questions is what others are doing in comparison to what you are doing. It involves comparison of similar units of analysis in terms of common indicators (i.e. research capabilities of key sectors, market sizes of industries, potential for development and exploitation of technologies, capacity of human resources, etc.). Quite often, benchmarking studies are sub-contracted to specialised consultancy groups with access to relevant and up-to-date data about the countries, regions, industries or companies in question.