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BenchMarking

Benchmarking is the process by which companies collect a vast amount of information about the competition so that they obtain new ideas. In order to do so, they compare their own businesses with the strongest leading companies that already exist on the market. Benchmarking is considered as a point of reference by which companies value their performance so as to improve their productivity and increase their ROI.Benchmarking aims at improving the company´s performance in the most important areas. It also takes advantage of the competitive environment in which companies perform. Thanks to benchmarking companies can improve the product´s quality comparing it with competitor´s in price and costs of manufacturing. Additionally, companies can increase their productivity comparing with different pattes of efficiency in the process.

Which kind of benchmarking should we perform?

The Food Marketing Agency has an extensive experience in performing Benchmarking actions. The first one to take is the inte action that consists of comparing different departments from the same company. This measure usually applies for big corporations, and it is an efficient strategy to value the improvements inside the corporation.Besides this, benchmarking is also an efficient method to be aware of company´s competition, as some factors are compared with competitors and brands which are in the top positions.The last benchmarking action that can be taken is the functional patte. It compares the company with another one from a different sector. In this way, mechanisms and tools can be better assimilated, as the counter company is not a competitor. Only an agency such as The Food Marketing Agency is capable of performing all this benchmarking actions successfully.

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