Kathy is correct, of course. Doing market research is an essential part of every biz.
I'll guess most don't get full value out of the shopping exercise
Always look for wht others do well, what they do that can improve your own operation. Price is only one facet
May I share an example I always use in my classes, whereupon almost everyone starts nodding in agreement
We shop pretty aggressively
At good competitor (and friend) was shopped and her glass prices were significantly lower than market. If memory serves me, the average was about $20, high about $30. She was about $12. In afriendly call, I mentioned that and she became defensive (as most of us do), but we went in again in about a week and she was about $18
Had she done her own shopping that $18 might have occurred maybe 1000 workorders earlier. It's not about being the cheapest or having a preset margin, but, it ought to be adjusted to market
And, shopping is simply one tool to gather that data.
A wise businessman once said "Without data, we're just a bunch of jerks with opinions"
Shop wise and respectfully, but do shop