Explanation:

Benchmarking is a process that involves measuring the performance of your business against a competitor in the same market. This will give you a better understanding of your business performance and potential.
Benchmarking allows you to:

• identify and prioritise parts of your business that could improve
• understand your customers' needs better
• identify your strengths and weaknesses
• set goals and performance expectations
• monitor your performance and manage change more effectively
• understand your competitors to become more competitive.