It is often stated that those who benchmark do not have to reinvent the wheel (Parker, 1996). By following others one can make improvements and not focus on stale ideas. Benchmarking at first glance may be mistaken for a copycat form of developing strategic plans and for making improvements within an organization. This is not true. Benchmarking is a process that allows organizations to improve upon existing ideas. In order to eliminate myths and misconceptions about benchmarking it is important to know exactly what benchmarking is, the different types of benchmarking, the criticisms of benchmarking, and the ethical practices concerning benchmarking.
Lankford, William M.
"Benchmarking: Understanding the Basics,"
The Coastal Business Journal: Vol. 1:
1, Article 8.
Available at: https://digitalcommons.coastal.edu/cbj/vol1/iss1/8
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