Benchmarking
WHAT IS BENCHMARKING?
Benchmarking is structured process to understand the success of your product against others in your industry. You may want to review their business strategy, processes, or products and services that they offer to see if you are making good or bad products as compared to them. Using key performance indicators, you can create a set of benchmarks to match others in your field and understand where the gaps are.
Benchmarking is a useful tool to understand where to follow your product strategy, as well as to determine where you can better serve your customers. It can help you see why your audience might choose a competitor instead of you, and use tactics to entice them into your offer.
Steps to follow while performing benchmarking process.
- Choose a product or service for comparison
- Decide your key features/specifications for comparison
- Collect information on their different specification/features.
- Compare data from all selected products/service to see gaps which you can fulfill
Benchmarking will point out what changes will make the most difference, but it’s up to you to actually put them in place.
Mr. D.S. Pughazhyendhii is a married man who lives in Bangalore which is a highly crowded city. His Family comprises five members including his wife, a five-year-old boy, his father, and his mother. He visits his native place Madurai which is 500kms away from Bangalore once a month. Also, he will be using his car to commute to his office. His budget falls between 8 to 10 lakhs on road. Please suggest to him options so that he will buy a good car for his family.
After reading given information i have listed some IMP KEY FEATURES to select best car for Mr. D.S. Pughazhyendhii
| IMP Key Features | Reasons |
| Saftety |
|
| Mileage |
|
| Seating Capacity |
|
| Price - 8 to 10 Lac |
|
Along with above mentioned key features we will also focus on other necessary car's features during benchmarking for better result.
Suggested Cars
-
Tata Nexon (XM)
- Hyundai Venue (S 1.2 Petrol)
- Ford EcoSport (Ambiente 1.5L Ti-VCT)
-
Kia Sonet (HTK 1.2)
 |
 |
 |
 |
|
| Car's Features |
Tata Nexon (XM)
|
Hyundai Venue (S 1.2 Petrol) |
Ford EcoSport (Ambiente 1.5L Ti-VCT) |
Kia Sonet (HTK 1.2)
|
| ARAI Mileage | 17.5 | 17.5 | 15.9 | 18.4 |
| Seating Capacity | 5 | 5 | 5 | 5 |
| Price | ₹ 8.54 Lakh | ₹ 8.70 Lakh | ₹ 8.19 Lakh | ₹ 8.15 Lakh |
| Saftey | 5 Star (Global NCAP) | 4 Star (Asian NCAP) | 4 Star (Global NCAP) | NA |
| Engine Displacement (cc) | 1199 | 1197 | 1496 | 1197 |
| Driving Range (Km) | 773 | 789 | 827 | 828 |
| Fuel Tank Capacity (litres) | 44 | 45 | 52 | 45 |
| Max Power (bhp@rpm) | 118 bhp @ 5500 rpm | 82 bhp @ 6000 rpm | 121 bhp @ 6500 rpm | 82 bhp @ 6000 rpm |
| Max Torque (Nm@rpm) | 170 Nm @ 1750 rpm | 114 Nm @ 4000 rpm | 149 Nm @ 4500 rpm | 115 Nm @ 4200 rpm |
| Body Type | SUV | SUV | SUV | SUV |