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Competitive Benchmarking
A focused type of benchmarking that specifically compares key metrics and practices against direct competitors to understand relative performance.
Implications
The practice of comparing a company�s performance, processes, or products against those of competitors or industry leaders, to identify best practices and areas for improvement.
Example
Example: A manufacturing company engages in competitive benchmarking by analyzing the production efficiency of its competitors and adopting similar methods to reduce costs and improve quality.
Related Terms
Different from internal benchmarking, which compares performance across different departments or units within the same company, competitive benchmarking looks externally at competitors.
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