Market Benchmarking

Market benchmarking is a process where a company compares its products, services, or performance metrics to those of leading competitors or industry standards. This helps identify areas where the company excels or needs improvement. By understanding how they perform relative to others, organizations can adopt best practices, set realistic goals, and make informed decisions to enhance efficiency, quality, and competitiveness. Essentially, it’s a tool for continuous improvement based on analyzing what works well elsewhere in the market.