Competitive benchmarking is a strategic process of comparing a company’s performance, products, and services against its direct competitors in order to identify areas of improvement and gain a competitive edge in the market. This involves analyzing various metrics such as pricing, quality, customer satisfaction, and market share to determine the strengths and weaknesses of a company in relation to its rivals. By benchmarking against competitors, businesses can gain valuable insights and make informed decisions to enhance their overall performance and stay ahead in the competitive landscape.