Benchmarking

BENCHMARKING

• Benchmarking is a Process of Improving our Existing Product or adding value to the New Product by taking cues from competitors or our Old Successful Product.
• It can be used not only for product improvement but also can be used to improve Processes, Service, and Business Management.
• It has Many Steps starting from:
  • Finding the Right Competition.
  • Sorting and Acquiring the Required Competitor's Product.
  • First - Visual Examination and Comparison.
  • Functional Examination and Comparison.
  • Tear Down - Disassembling the Product for knowing the reason for the Better Performance.
  • Part-level Comparison with our Parts.
  • Record all the data with Individual Photographs for later use.
  • Assemble the product and finish up the Report.
• By Following these Steps you can Narrow-Down the Causes/Features of the Competitor's Product which makes them good.
• Then You could use the same Features to improve/solve the problem in your product without making any Copyright issues.

AN EXAMPLE: A Vehicle's Comparison During Purchase can be used to explain "Benchmarking".

Considering Mr. D.S. Pughazhyendhii Situation his Car Type can be a Compact SUV.

Below Four are the cars for comparison/Benchmarking

1. TATA Nexon

2. Mahindra XUV 300

3. KIA Sonet

4. HYUNDAI Venue

I will suggest him to buy TATA NEXON it has the Following/better than the other models.

• 5-Star GNCAP Rating (XUV500 also has 5-Star GNCAP but it is 1.3L Costlier)
• 5 Comfortable Seatings available (Better than the KIA Sonet)
• It also has a 44-Liter Tank capacity which could easily make a single-stop trip to his Town.
• Good Design Appeal.
• Big Car appearance.
• It is also the second Cheapest car with Loaded Features and Large Service Support Team.