Benchmarking is the measurement of the quality of a firm's practices, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of the best-in-class firms.
The objectives of this exercise are (1) to determine what and where improvements are called for, (2) how other firms achieve their high performance levels, and (3) use this information to improve the firm's performance. (Business Dictionary)
Benchmarking is an important tool that all decision makers should use in assessing the performance of their companies. Ultimately, benchmarking is about comparing one's company on relative terms—not just to peers, but also against one's own performance and health over time.
Selected Bibliography
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2) Ailawadi, K., Gedenk, K., & Neslin, S. (2003 May). Understanding Competition Between Retailers and Manufacturers: An Integrated Analysis of Store Brand and National Brand Deal Usage. Tuck Business School Working Paper No. 03-16.
3) Akehurst, G. & Alexander, N. (1997). Retail Employment, Retail Struture, Retail Marketing. European Retail Digest.
4) Augustine, C. & Hovers, C. (2006). Retail Stock Performance: A Historical Look at Seasonality and the Impact of the End of Monetary Tightening Cycles. Bear Stearns.
5) Aziz, A. & Lawson, G.H. (1989). Cash Flow Reporting and Financial Distress Models: Testing of Hypotheses. Financial Management, 18(1), 55-63.
6) Back, P. (2005). Explaining Financial Difficulties Based on Previous Payment Behavior, Management Background Variables and Financial Ratios. European Accounting Review, 14(4), 839-868.
7) Boatwright, P., Dhar, S., & Rossi, P. (2000 July). The Role of Retail Competition, Demographics and Account Retail Strategy as Drivers of Promotional Sensitivity. Journal of Economic Literature, L1, M3.
8) Brynjolfson, E., Hu, Y., & Rahman, M.S. (2008). Battle of the Retail Channels: How Product Selection and Geography Drive Cross-channel Competition.
9) Draganska, M., & Klapper, D. (2006 December). Retail Environment and Manufacturer Competitive Intensity. Research Paper Series, Stanford Graduate School of Business.
10) Drbul, R. (2008). Department Stores/Broadlines: Industry Overview. Lehman Brothers.
11) Exstein, M., Balter, G., Kelly, E.J., & Lejuez, P. (2008). 2008 Survey of Retail Industry Capital Spending and Returns. Credit Suisse.
12) Exstein, M., Roller, T., & Su, C. (2008). 2008 Broadline Retail Primer. Credit Suisse.
13) Evans, P.F., Sehgal, V., Vogel, D., & Daniels, D. (2007). US Online Retail Forecast, 2007-2012. Jupiter Research.
14) Finn, A. (2001 May). Mystery Shopper Benchmarking of Durable-Goods Chains and Stores. Journal of Service Research, 3(4), 310.
15) Gaur, V., Fisher, M. L., & Raman, A. (2005). An Econometric Analysis of Inventory Turnover Performance in Retail Services. Management Science, 51(2), 181-194.
16) Gentry, J.A., Newbold, P., & Whitford, D.T. (1985). Classifying Bankrupt Firms with Funds Flow Components. Journal of Accounting Research, 23(1).
17) Gerzema, John., Lebar, Ed., & Rivers, Anne. (2009). Measuring the Contributions of Brand to Shareholder Value. Journal of Applied Corporate Finance, 21(4).
18) Gombola, M.J. & Ketz J.E. (1983). Financial Ratio Patterns in Retail and Manufacturing Organizations. Financial Management, 12(2), 45-46.
19) Gombola, M. J., Haskins, M.E., Ketz, J.E. & Williams, D. D. (1987). Cash Flow in Bankruptcy Prediction. Journal of Financial Management.
20) Hatfield, G.B., Cheng, L.T.W., & Davidson, W.N. (1994). The Determination of Optimal Capital Structure: The Effect of Firm and Industry Debt Ratios on Market Value. Journal of Financial and Strategic Decisions, 7(3).
21) Janiak, S. R. & Mullin, T. (2008, February). The Retailing Industry: A Statistical Review for Fiscal Years 2006, 2005, and 2004. Deloitte & Touche LLP.
22) Levis, C. (2008, February). Johnson Redbook Index®. Redbook Research Inc.
23) Levis, C. (2005, May). Johnson Redbook® Retail Sales Monthly. Redbook Research Inc.
24) Levis, C. (2005, June). Johnson Redbook® Consumer Indicators. Redbook Research Inc.
25) Levitan, L.C., Wong, C., & Swan, J. (2008). Investment Controversy Series: Specialty Retail Tax Rebate Survey Results/Q1 Earnings Preview. Cowen and Company.
26) Lindsell, N. (2007, December). Fashion Retailers-November U.S. Sales Performance Affected by Heavy Discounting. Versant Partners.
27) Lundholm, R.L., McVay, S.E., & Randall, T. (2009). Forecasting Sales: A Model and Some Evidence from the Retail Industry. Journal of Economic Literature, M41, G29.
28) McGurr, P.T. & DeVaney, S. A. (1998). Predicting Business Failure of Retail Firms: An Analysis Using Mixed Industry Models. Journal of Business Research, 43, 169-176.
29) Nijs, V.R., Srinivasan, S., & Pauwels, K. (2007). Retail-Price Drivers and Retailer Profits. Marketing Science, 26(4), 473-487.
30) Nwogugu, M. (2005). Structural Changes in the US Retailing Industry: New Theories of Industrial Growth and Competition; Legal, Economic, and Strategy Implications for US Real Estate Sector.
31) Opportunities for Action in Industrial Goods. (2003). Asset Productivity: A Potent Lever for Competitive Advantage. Boston Consulting Group.
32) Park, J. (2008 May 27). Korea Industry Analysis: Retail. Woori Investment & Securities.
33) Rosenblum, P. & Kilcourse, B. (2005, December). The Multi-Channel Retail Benchmark Report. Aberdeen Group, Inc.
34) Sibert, S.W., Zubanov, N., Chevalier, A., & Viitanen, T. (2006 September). Labour Turnover and Labour Productivity in a Retail Organization. IZA.
35) Stein, J.S., & Rezotko, M.M. (2007 June 29). Retail: KBCM Index Shows Slight Improvement but Still Pockets of Weakness. KeyBanc Capital Markets, Inc.
36) Talley, K. (2009, May 7). Wal-Mart’s Move to Drop Sales Reports Has Broad Ramifications. Dow Jones Newswires. Retrieved from http://online.wsj.com/article/BT-CO-20090507-719132.html.
37) Wigder, Z.D., Fogg, I., Evans, P.F., Mulligan, M., Vogel, D., & Daniels, D. (2008). Global Online Retail. Navigating Succesful International Expansion. Jupiter Research.
38) Wright, K. & Biggins, J. (2002, August 16). US Retail Sales-Benchmarking Apparel Retailers. UBS AG.
39) Yang, H. (2007). Do Industry-Specific Performance Measures Predict Returns? The Case of Same-Store Sales. Journal of Economic Literature, G12, G14.
40) Zavgren, C. V., Dugan, M. T., & Reeve, J.M. (1988). The Association Between Probabilities of Bankruptcy and Market Responses – A Test of Market Anticipation. Journal of Business Finance & Accounting, 15(1), 0306 686X.
41) Non-Author References
42) IBISWorld Industry Report. (2008, March 03). Big Box Retail Stores in the US. IBISWorld.
43) IBISWorld Industry Report. (2008, March 03). Miscellaneous Retail Stores in the US. IBISWorld.
44) IBISWorld Industry Report. (2008, March 13). Jewelry Stores in the US. IBISWorld.
45) IBISWorld Industry Report. (2008, March 13). Lingerie, Swimwear, Uniform & Bridal Stores in the US. IBISWorld.
46) IBISWorld Industry Report. (2008, May 07). Auto Parts Stores in the US. IBISWorld.
47) IBISWorld Industry Report. (2008, December 08). Men’s Clothing Stores in the US. IBISWorld.
48) IBISWorld Industry Report. (2008, March 13). Lingerie, Swimwear, Uniform & Bridal Stores in the US. IBISWorld.
49) Times & Trends: A Snapshot of Trends Shaping the CPG and Retail Industries. (2008 May). Competing in a Transforming Economy. Information Resources Inc.
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