Benchmarking

In this lesson

1. 0:00 Introduction to benchmarking
2. 0:22 Benefits of benchmarking
3. 1:54 Limitations of benchmarking
4. 3:16 Internal benchmarking approach
5. 5:00 Competitive benchmarking types
6. 8:19 Process and best-in-class benchmarking
7. 12:25 Strategic and customer benchmarking
8. 16:13 Characteristics of successful benchmarking
9. 18:29 Exam preparation and study strategy

About this lesson

Benchmarking is the ongoing process of measuring your performance against the best performers—whether that's an internal department, a competitor, or a best-in-class organisation from any industry. You'll explore five key types: internal benchmarking (comparing departments within your organisation), competitive benchmarking (measuring against successful competitors), product benchmarking (reverse-engineering successful market products), process benchmarking (comparing specific activities or functions), and strategic benchmarking (aligning your strategy with competitors or industry leaders). Each type has distinct benefits and limitations, and the lesson walks you through practical examples—like how an airline reduced aircraft refuelling times by a third by learning from F1 pit crews. You'll also discover how to apply benchmarking in your exam answers. The key is focus: identify what you want to improve, select two benefits and two limitations that matter most to your scenario, and link them back to the case study. This approach will help you build a strong answer without memorising everything. The lesson emphasises that successful benchmarking requires choosing critical success factors, maintaining it as an ongoing process rather than a one-off exercise, fostering an open culture of information sharing, and aiming to outperform competitors—not just match them. Understanding when and how to use benchmarking effectively is essential for Performance Management and Strategic Business Leader papers, where you'll need to evaluate improvement strategies and competitive positioning.

Duration: 19m