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benchmarkingvsConsumer behavior

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Benchmarking serves as a strategic tool to analyze and compare consumer behavior against industry standards, enabling businesses to enhance their offerings and cater more effectively to market demands.

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benchmarking

substantivbɛnʧˌmɑrkɪŋ

the process of comparing one’s business processes and performance metrics to industry bests or best practices from other companies

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Consumer behavior

nounkənˈsuːmər bɪˈheɪvjər

The study of how individuals make decisions to allocate their available resources (time, money, effort) on consumption-related items.

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