What are the steps in benchmarking process?

I was studying management techniques by different gurus, I came to this term in the quality enhancment techniques. I am not sure of the exact meaning of it. Please help me to resolve this issue.
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unknown user
"1) Team Formation 2) Data Collection 3) Data Analysis 4) Action Plan (Preparation and implementation)"
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"The benchmarking process typically follows these steps. a) A benchmarking planning team is formed. The team’s initial task is to identify what is to be benchmarked, identify comparative organizations, and determine data collection methods. b) The team collects internal and external data. c) The data is analyzed to identify performance gaps and to determine the cause of the difference. d) An action plan is prepared and implemented."
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