Which can be a direct benefit of using benchmarking in product development?

Using benchmarking in product development leads to enhanced competitiveness in the market because it allows organizations to compare their processes, products, and performance metrics with industry standards or best practices from leading competitors. This comparison can identify areas for improvement and innovation, ultimately leading to higher quality products, greater customer satisfaction, and increased market share.

By observing how others achieve success, companies can adopt and adapt proven strategies and efficiencies, making informed decisions that refine their product offerings and operational processes. This continuous drive for improvement fosters a competitive edge, positioning the company favorably within the market landscape. Effective benchmarking thus acts as a catalyst for growth and performance enhancement, ensuring that a company does not fall behind in a rapidly evolving marketplace.