Performance analysis is used to help managers mitigate business risks and take advantage of business opportunities. Developing information by using tools such as benchmarking and gap analysis enables managers to engage in goal setting so business success can be achieved. However, it is difficult to set achievable goals without a clear understanding of the performance standards that apply to your specific industry.
Find an article about a company that has used industry benchmarking to make strategic changes in their own planning. Look for a different retailer (not your own) or other business success story of best practices that has used benchmarking to develop their competitive advantage.
1. Describe how the use of industry standards impacts the goal setting process.
2. Are there other types of information that would be helpful when setting performance goals?
3. What is the importance of industry benchmarking?
Include a reference and link to your article in your post.
