Benchmarking is mainly used for which of the following purposes?

Benchmarking primarily serves the purpose of comparing business results within an industry. This practice involves identifying performance standards and best practices by looking at what other organizations within the same sector are achieving. By examining these peer comparisons, organizations can pinpoint areas where they may be underperforming or excelling.

The intent is to establish a baseline for performance metrics and to adopt methods that have proven successful for others in order to improve overall results. This process of comparison allows companies to understand industry trends, recognize the effectiveness of various strategies, and strive for continuous improvement by learning from the experiences of others.

While improving employee morale, enhancing product quality, and measuring customer satisfaction are all important aspects of organizational performance, they are not the central focus of benchmarking as a systematic approach. Benchmarking emphasizes a strategic evaluation against industry standards rather than directly targeting specific outcomes like morale or satisfaction measures.