Step 4:Competitive Benchmarking Benchmarking provides a standard,or point of reference and range,that can be used to judge quality,value,and performance. It provides a perspective on what the best-in-class product is and what makes it so. Final outcomes from benchmarking include discoveries about where the product and industry appear to be headed in the future (industry trends.)Step 4: Competitive Benchmarking Benchmarking provides a standard, or point of reference and range, that can be used to judge quality, value, and performance. It provides a perspective on what the best-in-class product is and what makes it so. Final outcomes from benchmarking include discoveries about where the product and industry appear to be headed in the future (industry trends.)