Final answer:
The industry-low, industry-average, and industry-high cost benchmarking data in the footwear industry report represents the range of costs observed in the industry, providing benchmarks for companies to assess their performance.
Step-by-step explanation:
In the footwear industry report, the industry-low, industry-average, and industry-high cost benchmarking data refers to the range of costs observed in the industry. These benchmarks are used to compare a company's costs to those of its competitors and the industry as a whole.
The industry-low cost benchmark represents the lowest observed cost in the industry, which serves as a reference point for companies to determine if they are operating efficiently. The industry-average cost benchmark represents the average cost across the industry, providing a benchmark for companies to assess their performance. The industry-high cost benchmark represents the highest observed cost in the industry, indicating the upper limit of costs that companies may face.
For example, if a company's costs are higher than the industry-high benchmark, it suggests that the company may have inefficiencies that need to be addressed.