Benchmarking As far as benchmarking is often used as a standard method to define the companys place in the world of business, it became the obligatory instrument for any company that strives for success. Benchmarking techniques consist of experience and standards of business perfection. The very procedure of benchmarking shows how to examine, gain and implement achieved experience and knowledge. For example, Volvo Car Corporation wanted to be recognized as one of the top three public relations organizations in the automotive industry within three years (Anders Gronstedt, Anders Hogstrom ).
In order to achieve this objective, the company undertook a benchmarking study. The company conducted a thorough analysis of problems and processes in Volvo group and created a steering committee in order to find out how other organizations deal with senior management and other departments, implement professional tactics, and recruit individual professionals. The Gronstedt Group conducted a number of surveys (also by phone) with American and European journalists in order to choose the companies to benchmark.
Further they used secondary sources (Fortune’s “Most Admired” list and Fortune/Yankelovich’s Corporate Equity study), and interviewed industry experts and highly regarded pr authorities. The result of their choice was three automotive companies (American, European and Japanese).
The Term Paper on Australian Company Report
Group Oral Presentation: the drivers and conditions for the survival and success of an Australian business enterpriseQantas Airways Limited ABN 16 009 661 901 October 2005Fact FileQANTAS AT A GLANCEHISTORY Qantas is the world's second oldest airline. It was founded in the Queensland outback in 1920 andis Australia's largest domestic and international airline. Qantas is also recognised as one of ...
According to pre-benchmark self-analysis, Volvo Corporation found out that the company needs to enhance its crisis and environmental communication. Volvo Corporation applied a top-down approach when they were contacting these automotive companies. All of them agreed to share the results because it could be helpful for their business. After the study, representatives of committee made qualitative analysis.
However, as far as pr industry has no generally accepted standards for measuring, quantitative analysis was mainly based on a self-report assessment of benchmark company performance along ten criteria for world-class public relations (Anders Gronstedt, Anders Hogstrom ).
The report helped Volvo Corp. to measure its strengths and weaknesses compared with its competitors and improve it using recommendations provided by the committee. The company got a unique opportunity to pick and choose the best elements of each its competitor. Bibliography Anders Gronstedt, Anders Hogstrom . (n.d.).
Benchmarking world-class public relations: The Volvo Story . Retrieved January 12, 2007, from Gronstedt Group: http://www.gronstedtgroup.com/f_focus.htm?s_focus_ v3benchmarking.htm~sectionFrame.
