Benchmarking: A benchmark is a standard point of reference that is normally used for the measurement of quality and value. With this in mind and considering business, benchmarking is the process by which an organization establishes the standards to determine the progress. It is a tool used both internally and externally (Camp 2006). It is divided into two basic parts that is the performance measurement and the continuous improvement. There are three basic types of benchmarking that is the kind where comparison of within the same organization is done then there is the one that compares relative service performance and the final type compares the supply chain performance of different firms although not necessarily competing ones. Benchmarking involves the process of data collection analysis and reporting. (Cheney 1998) It is a very valuable tool in the improvement of product innovation. The product innovation helps in delivering top line growth, the creation of new customer value and the establishment of a competitive advantage to the organization. The improvement of product innovation is important because it helps the organization face certain challenges. The challenges associated with product innovation include the following: The complexity of the process since it requires cross functional collaboration throughout the organization. There is also the need for cross functional management teams for the decisions on new product investments. It also enables the company to zero in ...