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Application Of The Benchmarking Approach In The Agricultural Sector

Author

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  • Boycho Boychev

    (St. Cyril and St. Methodius University of Veliko Tarnovo)

Abstract

Marketing strategy is related to the way a company operates in relation to its competitors. In the short run, its success depends on the financial performance of ongoing activities, while its long-term evaluation and development depend on its ability to adapt to emerging market changes in the agricultural sector. To be effective, the strategy must be organized in a systematic and formal way in a written document that formulates the long-term and short-term goals of the company and the ways to achieve them. Benchmarking is actually a system aimed at finding, evaluating and researching the best examples, regardless of their size, business scope and geographical specifications. Therefore, it can be argued that benchmarking is a special kind of art to discover what others do better than us, as well as to study, master and improve their methods of work. The purpose of benchmarking is to understand and evaluate the current position of a business or organization in relation to best practices and to identify areas and means to improve efficiency.

Suggested Citation

  • Boycho Boychev, 2021. "Application Of The Benchmarking Approach In The Agricultural Sector," AGRIBUSINESS AND RURAL AREAS - ECONOMY, INNOVATION AND GROWTH 2021 CONFERENCE PROCEEDINGS, University publishing house "Science and Economics", University of Economics - Varna, issue 1, pages 181-191, June.
    • Handle: RePEc:vra:pr2106:y:2021:i:1:p:181-191
    DOI: 10.36997/ARA2021.181
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    More about this item

    Keywords

    benchmarking; types of benchmarking; principles of benchmarking;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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