Benchmark

Pronunciation: BENCH-mark
Origin: Originally a surveying term from the 19th century, referring to a reference point.

A benchmark is a standard or point of reference used to measure or compare performance, quality, or success. In business, benchmarks help organizations assess progress, set goals, and maintain competitiveness.

For instance, a company might use industry benchmarks to evaluate its customer satisfaction scores.

Example Usage:
“While discussing our goals, I proposed using industry benchmarks to measure our performance and identify areas for improvement.”

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