_____________which refers to a process that continuously identifies, understands, and adapts outstanding processes found inside and outside an organization. Well-run organizations compare not only against competitors (where possible) but against best-in-class organizations as well.

Benchmarking refers to a process that continuously identifies, understands, and adapts outstanding processes found inside and outside an organization. Well-run organizations compare not only against competitors (where possible) but against best-in-class organizations as well.

This ultimately implies that, benchmarks are used to measure a firm's products, services, or processes performance in comparison with another business firm that are considered or assumed to be the best in that industry.

Hence, many business firms use benchmarking as a tool to identify and explore opportunities lying within them (internal opportunities).