Review article
https://doi.org/10.20867/thm.12.1.15
BENCHMARKING IN THE INTERNATIONAL ECONOMY
Ana Vizjak
; Faculty of Tourism and Hospitality Management in Opatija, University of Rijeka, Croatia
Romina Alkier Radnić
; Faculty of Tourism and Hospitality Management in Opatija, University of Rijeka, Croatia
Abstract
Benchmarking in the international economy – in particular, in the economies of the most advanced countries – has emerged fairly
recently. This is a modern economic concept that implies improving the performance of a company’s practices with the aim of increasing its competitive ability. Benchmarking is carried out through the mutual
cooperation of managers with colleagues in similar or differing businesses; exchanged visits; brief, active participation in other companies; and through other forms of cooperation, providing insight to the production process or various practices in other, usually competitive companies. In essence, benchmarking in a form of education for top management personnel, enabling them to achieve a
higher degree of business efficiency, and in turn, to enhance the competitive ability of their business entity,enterprise, company, etc.
Highly valued by the Japanese in the 1980s, this type of education resulted in outstanding business achievements by the companies that applied these models of analytical operations. Through the application of this model, managers were provided with insight to the practices of competitive companies. This knowledge acquired from others they sought to apply in their own companies and as a
result, they succeeded in considerably improving both the business and production efficiency of their companies. The aim of benchmarking is to detect a company’s internal weaknesses and to identify the competitive advantages of its stronger rivals. The efficiency level of the competition is revealed through an analysis of date gathered.
Keywords
benchmarking; appearance; application; efficiency
Hrčak ID:
62028
URI
Publication date:
8.6.2006.
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