Business A-Level
benchmarking
What benchmarking means in Business A-Level, as defined for AQA.
Definitions of benchmarking
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Reference: AQA
Involves identifying and adapting best practices from other organisations, even in different sectors, to improve processes and spark new ideas.
Comparing a calculated figure against previous periods, competitors, or industry norms, without which no calculation is meaningful.
Setting a figure against an industry benchmark or a close competitor, so the numbers are measured on a common scale.
Topics that use benchmarking
- Analysing the existing internal position of a business to assess strengths and weaknesses: financial ratio analysis (AQA A-Level)
- Annex: quantitative skills in business (AQA A-Level)
- Assessing innovation (AQA A-Level)
Related terms
- average rate of return
- net present value
- analysis
- averages
- axes and scales
- base year
- break-even charts
- break-even output
Using benchmarking in the exam
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