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Benchmarking in Product Management

Benchmarking is the process of comparing one's product features, performance, and processes against those of competitors or industry standards. It's a critical tool in product management for identifying areas of improvement and innovation opportunities.

Example

Google uses benchmarking extensively in its product development process, especially for its search engine. By comparing its search algorithms' speed, accuracy, and relevance against competitors, Google identifies areas for improvement and innovation, ensuring it remains the leading search engine globally.