DEF: a level of quality that can be used as a standard when comparing other things.
EX:
Her outstanding performances set a new benchmark for singers throughout the world.
A new free benchmark program that tests your computer’s performance just came out.
Chiseled horizontal marks that surveyors made in stone structures, to be used as reference points for future surveys (see picture)
Merriam-Webster Online Dictionary
benchmark (noun)1.
a mark on a permanent object indicating elevation and serving as a reference in topographic surveys and tidal observations
2.
a) a point of reference from which measurements may be made
b) something that serves as a standard by which others may be measured or judged
c) a standardized problem or test that serves as a basis for evaluation or comparison (as of computer system performance)
transitive verb
to study (as a competitor's product or business practices) in order to improve the performance of one's own company