I. bench ‧ mark 1 /ˈbentʃmɑːk $ -mɑːrk/ BrE AmE noun [countable]
something that is used as a standard by which other things can be judged or measured:
benchmark data
The valuation becomes a benchmark against which to judge other prices.
benchmark for
figures that are a useful benchmark for measuring the company’s performance
benchmark of
results that are used as a benchmark of success
II. benchmark 2 BrE AmE verb [transitive]
to use a company’s good performance as a standard by which to judge the performance of other companies of the same type
benchmark somebody/something against something
British Steel is benchmarked against the best operations anywhere in the world.
—benchmarking noun [uncountable]