Strategic Management : First Individual Assignment

1045 Words5 Pages
Strategic Management
First individual assignment

After the industrial revolution, business world has flourished with new concepts of management functions & strategies, goals setting and performance techniques, evaluation and assessments methods which strength the competition level not only locally, but either globally. Organizations allover world tries their best to be the superior one in their field and to be able to set the rules in an industry to control the market. This need creates the benchmarking which defines as,” a comparative method where a firm finds the best practices in an area and then attempts to bring its own performance in that
…show more content…
Therefore the best branches set as benchmarks that other branch should follow their performance and try to exceed it.
Benchmarks can be set for more than one field only if they had the same practices and activities.
In addition we able to use the same benchmarks in the services sector in both hospitals and hotels, even though they serve different kind of clients and provide for them different types of services but they both under the same sector.
Benchmarking set to critical parts of strategic and operation to influence the organization overall performance. It uses in main processes and activities in organization as; strategic planning, accounting systems, decision making, manufacturing processes, strategic human resources management, searching and development, customer services and so on.
Types of benchmarking;
There are many benchmarking levels using different types of benchmarking depending on the kind of industry and field. these types helps in the internal assessments in SWAT analysis in defining strengths and weaknesses.
According to Savanam Chandra Sekhar in his academic article “benchmarking”, he listed nine types of benchmarking , (Sekhar, 2010 ).
1) Performance benchmarking; by comparing two or more performance within or without an organization to recognize the
Get Access