GENERAL KNOWLEDGE

Detailed explanation-1: -Competitive benchmarking is basically the process of utilizing a variety of metrics in an effort to compare the success of your brand with its competitors as well as the overall market. Basically, it allows you to determine where you stand within your industry.

Detailed explanation-2: -Benchmarking is the process of measuring key business metrics and practices and comparing them-within business areas or against a competitor, industry peers, or other companies around the world-to understand how and where the organization needs to change in order to improve performance.

Detailed explanation-3: -Competitive benchmarking is a method of researching competitors and industry leaders for strategies, practices and services that help in establishing comparison and benchmark for performance. This is a method of adapting to industry processes as well as prevent losing out on market share.

Detailed explanation-4: -Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.