Benchmark is a term used for a standard, a reference value, which measures the performance, or the performance is compared with it.
Benchmark in practice: In practice, different types of benchmarks are used. Virtually every industry uses some benchmarks. There are, for example, various performance comparisons in hardware - phone benchmarks, computer or computer component benchmarks (e.g. CPU benchmark, hard drive benchmark, memory benchmark). There are also different pricing benchmarks and financial benchmarks.
Benchmarks can be used individually for comparing anything. Benchmarking is a method, which systematically works with benchmarks, and it is based on them.