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External Benchmarking
Assessing the company�s market research function against external competitors or industry standards.
Implications
The practice of comparing a company's performance, processes, or products with those of external organizations, often competitors or industry leaders, to identify areas for improvement and set performance targets.
Example
Example: A manufacturing company conducts external benchmarking by comparing its production efficiency with that of industry leaders, identifying best practices to adopt and setting new operational targets.
Related Terms
Different from internal benchmarking, which compares performance within the same organization, external benchmarking looks outside the company to identify gaps and opportunities for improvement.
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