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Competitor Cost Benchmarking
Comparing the cost structures of competitors to identify efficiencies or cost advantages that could be leveraged for competitive gain.
Implications
The practice of comparing a company�s costs against those of competitors to identify inefficiencies, cost-saving opportunities, and areas for improvement.
Example
Example: An automotive manufacturer engages in competitor cost benchmarking to understand how its production costs compare to those of rivals, identifying areas where it can reduce expenses.
Related Terms
Different from pricing benchmarking, which compares prices, cost benchmarking focuses specifically on the expenses and efficiencies of competitors.
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