The term “benchmarking” refers to the processes of comparing a specific product, process or program with other successful products, processes, or programs; assessing any weaknesses; and establishing strategies or measures to improve performance, practice, user response, competitiveness, productivity, and so on. In other words, the goal of benchmarking is to identify and implement “best practices” within a company or organization.

Source: Design Dictionary: Perspectives on Design Terminology – Michael Erlhoff, Michael Erlhoff, Timothy Marshall.