What are the generic steps in any benchmarking study and what are examples of the three types of benchmarking?

What will be an ideal response?

The steps in any benchmarking study are planning, analysis, integration, and action. The planning step requires the benchmarking team to identify the process, service, or product to be benchmarked, the firms to be used for comparison, and the collection of data. In the analysis step, the team determines the gap between its employer and the benchmarking partner. The integration step features the establishment of goals for the new process and secures management support for changes. The action phase is when plans are developed and implemented and the benchmarks are recalibrated as improvements are realized. Examples will vary but the three types are competitive, functional, and internal. Competitive benchmarking is comparison with a direct competitor; functional benchmarking is a comparison with similar functions outside the firm but not of a direct competitor; and internal benchmarking is a comparison with another department or function in the same company.