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Benchmarking
Comparing a company's practices, performance, and processes to those of competitors or industry standards in the target market to identify areas for improvement.
Implications
The process of comparing a company�s performance, processes, or products against industry standards or competitors to identify areas for improvement.
Example
Example: A manufacturing firm benchmarks its production efficiency against industry leaders to identify best practices and improve its operations.
Related Terms
Different from competitive analysis, which focuses on understanding competitors, benchmarking involves comparing specific metrics or processes to identify gaps.
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