Strategic Benchmarking Notes: Definitions & Explanations PDF | Download eBooks
Study Strategic Benchmarking lecture notes PDF with total quality management definitions and explanation to study What is Strategic Benchmarking?. Study strategic benchmarking explanation with TQM terms to review total quality management course for online MBA programs.
Strategic Benchmarking Definition:
Strategic benchmarking involves observing how others compete.
Managing Quality: Integrating the Supply Chain by S. Thomas Foster
Strategic Benchmarking Notes:
Strategic benchmarking focuses on identifying the best combination of strategies that an organization uses which enables it to successfully operate. Although in all other benchmarking types, the initiator and target firms both belong to the same industry, but the case in strategic benchmarking is different. For this type of benchmarking, the initiator firm can go beyond the boundaries of a specific industry and target a firm related to any industry. The initiator firm can compare its adopted strategies to any successful company and learn lesson from it, however, it is better to at least compare a similar function/process. For example, when looking for a successful strategy to manage a warehouse, the target firm must be a leader in managing warehouses (not necessarily belonging to the same industry).
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