Competitive intelligence (CI) is the practice of monitoring, gathering, and analyzing data – through legal and ethical means – on your competitors and industry to make better business decisions.
It can help brands identify gaps in their strategies and discover growth opportunities.
What is competitive intelligence in strategic marketing
Competitive Intelligence involves collecting and analyzing information about your key competitors. This can help you to understand more about the market you’re operating in and enable you to make informed strategic decisions so that you can improve your market position and gain a competitive edge.
What does competitive intelligence mean
The definition of competitive intelligence (CI) or competitor intelligence is the process in which a company gathers and analyzes information about its industry, business environment, competitors, and products with the goal of directing their future strategy.
What is competitive intelligence not
Competitive intelligence (CI) is good for business, plain and simple. Competitive intelligence is not about spying.
Spying is spying and implies something deceptive, perhaps even something illegal.
What is competitive intelligence How important is it in business
Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.
What is competitive intelligence in cyber security
Competitive Intelligence is a process that involves the gathering, analyzing, and distribution of information about products, customers, competitors, and technologies using the Internet.
The information that is gathered can help managers and executives of a company make strategic decisions.
What is competitive intelligence research
What is competitive intelligence research? Competitive intelligence, or CI research, describes any purposeful research activity in which you gather, analyze and apply business information about your competitors.
What is the difference between market intelligence and competitive intelligence
The purpose of marketing intelligence is to understand customers and their consumer behavior. This means that marketing intelligence is client-focused.
By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors.
This type of intelligence, thus, is business-focused.
What is competitive intelligence and why should it be included in your strategic platform
The definition of competitive intelligence (CI) or competitor intelligence is the result of a company’s efforts to gather and analyze information about its industry, business environment, competitors, and their products with the goal of directing their future strategy.
How does competitive intelligence improve business performance
Competitive Intelligence positively influence the process of forming strategy by making useful information, timely and relevant, providing key information on business environment and competitors during the critical phase of the strategic decision-making.
What is a competitive intelligence analyst
Competitive intelligence analysts are responsible for collecting data about a business’s key competitors. They investigate a variety of sources to gather insight about what the competition is doing and what they might be planning to do next.
What is competitive intelligence example?
- Positioning/messaging changes
- Pricing/packaging changes
- Leadership changes
- 4
- Website A/B tests
- Customer reviews
- Employee reviews
- Job postings
What is the difference between business intelligence and competitive intelligence
Competitive intelligence is the act of understanding a company’s industry and industry rivals so the company can make better business decisions, while business intelligence refers to the tools, software, and systems that play a vital role in the strategic planning process of a company.
What competitive intelligence is not
Competitive Intelligence is not spying on companies and competitors nor is it about stealing information or venturing into illegal practices to obtain sensitive information.
What are the advantages of competitive intelligence
There are a few benefits of performing Competitive Intelligence including: Discover what customers are saying about their and your own products and services.
Identify the areas competitors are better than you at and look at how you can improve what you are doing.
Create new ideas to serve customers better.
How can competitive intelligence be used with a new product
Competitive intelligence can help organisations reduce the costs and risks of new product development, by giving regular and deep insights into the needs and the psyche of the customers.
Are there any unmet customer needs? What unmet need will the new product meet?
What are the applications of competitive intelligence
Uses of Competitive Intelligence: Prepare a new product launch, new market entry, or other strategic move in the market.
Benchmark other organizations. Anticipate and plan for future market opportunities and disruptions. Assess effectiveness of competitors market positioning and product messaging.
Which is an example of competitive intelligence
EXAMPLES. Examples of competitive intelligence include stock traders who analyze the data on prices and price movements to determine the best investments.
These stock traders have the same data as other traders, but analysis of the data separates them from others.
Is competitive intelligence legal
Key points. Competitive intelligence is a legal business practice, as opposed to industrial espionage, which is illegal.
The focus is on the external business environment. There is a process involved in gathering information, converting it into intelligence and then using it in decision making.
How do you collect competitive intelligence
Competitive intelligence can be gathered by going through business ads or visiting the competitor’s website.
A company can learn which business practices consumers like best by searching through business reviews.
What are two things competitive intelligence should achieve
The main objectives of competitive intelligence are to allow a company to understand its market, make confident strategic decisions, and increase ROI.
Why is competitive intelligence so hot in today’s business environment
Competitive intelligence is so hot in today’s market because it gives your business the information it needs to be successful.
You want to stay ahead, satisfy customers, and know up-to-date information about your industry.
How can competitive intelligence be used effectively in the strategy formulation process
CI may support the strategic formulation process by: Describing the current competitive environment and predicting its future (Porter, 1980).
Identifying and compensating for exposed weaknesses – encompassing the internal analysis of Barney (1991).
What are competitive intelligence projects
Competitive Intelligence can be defined as the systematic collection and analysis of information from multiple sources about products, customers, competitors, and other market factors, needed in strategic business decisions.
What is the main function of competitive intelligence
Competitive intelligence (CI) is the process of collecting, processing and analyzing information from and about the internal and external or competitive environment in order to help decision-makers in decision-making and to provide a competitive advantage to the enterprise.
What are the major sources of competitive intelligence
Competitive intelligence practices include ethically researching, monitoring and analyzing information from a variety of diverse published and unpublished sources: competitor websites, the news, press releases, social media, industry experts, customer and competitor interviews, conferences, government documents and
What is competitor intelligence system
Competitive intelligence systems help decision makers identify opportunities to improve the company or organization’s strategic position among competitors, customers, and suppliers.
Such systems rely upon heavily qualitative information and the intuition of decision makers.
What are the three sources of competitive intelligence
Competitive data on customers You can obtain competitive intelligence about customers by relying on the following sources: Social media.
Primary research. Customer reviews.
What can Analytics contribute to competitive intelligence
Competitive Analytics helps organizations with the process of defining, gathering, cleaning, analyzing, interpreting, and visualizing their competitors’ data.
This enables c-suite and other decision makers to make strategic decisions moving forward.
Who is responsible for competitive intelligence
As a result, whoever in your organization is responsible for managing competitive intelligence has deliverables to all levels of the organization, which typically includes: Executives – Quarterly updates on competitor moves and ad hoc reports to address unexpected moves.
What areas of an organization does competitive intelligence influence
By acting as a bridge between information and action, competitive intelligence enables organizations to do the following: 1.
Monitor market trends, customer expectations, emerging technologies, disruptors, and changes in their industry to better position themselves.
Citations
https://quizlet.com/192365300/management-499-exam-1-flash-cards/
https://www.paperflite.com/blogs/competitive-intelligence-template
https://klue.com/blog/competitive-intelligence-reporting
