Price benchmarking is the process of comparing the prices of products, services, or contracts with those of competitors or similar industry standards. It involves analyzing and evaluating the pricing structure, rates, and terms to determine if an organization's prices are competitive or aligned with market norms. Price benchmarking helps organizations assess their pricing strategies, identify cost-saving opportunities, negotiate better deals with suppliers, and make informed pricing decisions. It enables companies to understand how their prices compare to others in the market and make adjustments to ensure competitiveness, profitability, and value for money in their pricing structures.