Developing a Benchmarking Methodology for Marina Business

Abstract

Measuring and monitoring the accomplished carrying capacity and business results of marinas provide managers with the information that gives them better understanding of their business decision effects. Today's managers are regularly confronted with new business problems and opportunities in marinas. Running a marina requires the ability to look outside the business for solutions, ideas, and best practices. Benchmarking is the search for the industry's best practice that will lead to superior performance. It is a systematic process for identifying and implementing best or better practices, which are used by highly successful organizations. It enables marina managers to choose the competitive enterprises to examine their operations, offering them the possibility of reacting in real time in order to improve their revenues and business results. This article aims to define the benchmarking methodology for marina business. For this purpose, the scientific literature and the possibilities of implementing benchmarking into marina business have been investigated. The research results show that there is no evidence in theoretical articles that benchmarking and revenue management have been developed and applied in marina business. Marina managers should understand that sharing information is a valuable business tool for them and not the enemy, and therefore the model of implementing benchmarking as an instrument of revenue management for marina business is presented. The article contributes to the development of theoretical framework of benchmarking methodology in marina business.