The idea behind benchmarking is to

Question $7$

Next$->$

$$ learn if a company is performing its value chain activities in a manner that is superior to standard industry practice.

$$ determine whether a company is performing a specific task or activity in the lowest cost manner.

$$ identify which companies are able to perform a strategically$-$relevant activity with the greatest accuracy $($fewest defects per million iterations$)$ and then exactly copy their methods.

$$ identify companies that are the best performers of an activity and then modify and adapt their practices to fit the company's own specific circumstances and operating requirements, all the while aiming to achieve performance outcomes comparable to the best performers.

$$ identify companies that are able to perform a value chain activity with Six Sigma or better accuracy.