Competitive Benchmarking

Definition of Competitive Benchmarking

Comparing a company’s performance and practices against industry standards or competitors.

Explanation of Competitive Benchmarking

Competitive Benchmarking involves comparing a company’s performance, products, or processes against those of its competitors or industry leaders. This analysis helps identify areas for improvement, set performance standards, and develop strategies to gain a competitive advantage. Competitive benchmarking can be applied to various aspects of a business, such as marketing, operations, customer service, and financial performance. By understanding how competitors perform and what best practices they follow, businesses can refine their own strategies and enhance their competitiveness. The benchmarking process includes selecting key performance indicators (KPIs), gathering data, and analyzing the results to identify gaps and opportunities. Regularly conducting competitive benchmarking ensures that businesses stay informed about industry trends, market dynamics, and emerging threats. It also fosters a culture of continuous improvement and innovation. By leveraging insights from competitive benchmarking, businesses can make informed decisions, optimize their operations, and achieve long-term success.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.