Question

 What is benchmarking? What role can benchmarking play in determining a product’s competitive position? What role can benchmarking play in determining a product’s pricing strategy?

Answer 1

benchmarking is nothing but the comparison of the current business practices and process and performance levels with that of a desired set industry level all in all. benchmarking can actually get to give you a goal regarding certain performance metrics change level of cells as a result of which the strategies and efforts will be added in such a way that the desired levels are actually recharge all in all and in this way benchmarking can actually get to guide you in a particular direction for the Welfare of the company. consider benchmarking involves the level of sales all the level of ribbon and if the benchmark is set to the level of revenue then the pricing would be in such a way that the revenue would be reached and for instance if we increase by $1 then the the expected change in sales resulting in the revenue reaching the built work then you would get to increase the price and similarly if it would be reach by decreasing the price similar pricing strategies used with the help of benchmarking