FLF is a courier company based in Z Country which presents direct document and parcel express delivery services for commercial customers. It prides itself not only on its reliability but also its service in relation to customer convenience by picking up documents and parcels from its customers' home or business addresses. The company has recognized an excellent reputation for fast collections and on-time delivery. Its vision is to be known as the number single choice and best value courier company for all businesses in Z Country.
Describe what is involved in benchmarking and how it could help FLF, as part of its competitor analysis.
Essentially benchmarking contains a company evaluating its own performance against competitor groups and the best practice in the industry on selected key performance criteria. In the case of FLF Company, this will help it in the development of its future plans, and if essential to recognize where it needs to improve on particular aspects of performance if it is to achieve its vision of being number one and the best in the sector.