Purpose The purpose of this study is to review a major section of the literature on benchmarking practices in order to achieve better perspectives for emerging benchmarking research streams. Design/methodology/approach The paper examines the benchmarking literature and presents a framework that suggests evolving patterns of firms' benchmarking practices. This paper examines the studies published in Benchmarking: An International Journal and other articles related to benchmarking practices in major Strategic Management, OM/SCM, and Technology Management journals from 2001 to 2010. Findings Benchmarking remains an important strategic tool of business in turbulent times. Five research dimensions for benchmarking are discussed in terms of the following: strategy‐based benchmarking; operational effectiveness‐based benchmarking; technical efficiency‐based benchmarking; and micro‐macro integrative benchmarking. For sustainable competitive advantage, benchmarking goes beyond the operational level and moves into a wide range of value chain, strategic, operational, and project levels. Research limitations/implications The study contributes to the benchmarking literature by identifying key areas of benchmarking. It reflects a qualitative orientation, but future research may achieve a more systematic and quantitative analysis of the benchmarking literature. Originality/value This review paper is unique in that it examines the benchmarking literature and summarizes the results in order to gain a proper understanding of benchmarking and provide perspectives for future research.
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