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.
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 can competitive intelligence become part of the innovation process
It helps to anticipate competitor actions, identify potential actions and reactions, and enables an organization to develop contingency plans.
When should competitor intelligence should be gathered
How Often Should I Gather Competitive Intelligence? There’s no one set answer for this.
The ideal frequency depends on how competitively intensive your industry is, and your business’s susceptibility to pressure from your competition.
In a highly competitive market, a weekly competitive analysis makes sense.
What benefits can competitive intelligence provide for your small business?
- Glean Competitive Insights
- Track Industry Trends and Predict Future Moves
- Improves Decision-Making ROI
- Boost Product and Service Speeds-to-Market
- Predict Competitions’ Behaviors
- Make Business Decisions With Confidence
What is competitive intelligence How does it fit in the strategic planning process
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.
How do you perform market intelligence?
- Step 1: Establish a goal
- Step 2: Define metrics
- Step 3: Structure a research approach
- Step 4: Gather and analyze data
- Step 5: Take action on insights
What is an example of market intelligence
Examples of market intelligence data include market growth rate figures and competitor analysis data (i.e. how many companies a target is directly competing with).
This can give decision makers more insight into how external factors are impacting target accounts.
What is a competitive industry
A competitive industry allows firms to freely enter and exit the market and has few barriers to entry.
For example, the market for pizza restaurants in a certain large city might be highly competitive, since anyone can choose to open a new pizza shop, and existing owners can close their doors whenever they please.
What are the 3 types of market intelligence?
- Competitive Advantage
- Product Intelligence
- Marketing Understanding
- Consumer Understanding
What are the factors that influence the growth of competitive intelligence
Macro factors that influence the competitive environment include economic, ecological, socio-cultural, political, legal and technology challenges that face a company.
Competitive intelligence focuses on turning this external information into the insight required for strategic and tactical decision-making.
What does a competitive intelligence manager do
The Competitive Intelligence Manager conducts primary and secondary research, analyzes information and data, synthesizes and creates compelling content for executive presentations, battle cards, feature matrices, pricing comparisons, etc.
What advantage does competitive intelligence offer managers
Competitive intelligence is an important aspect of strategic management. It helps decision-makers measure their performance against rivals and make effective future strategies.
However, in an age of surplus information, sifting through the right sources for meeting specific goals and objectives can be difficult.
How do you develop market intelligence?
- Uncover new markets and drive market expansion
- Minimize investment risk
- Stay ahead of the competition
- Expand market share
- Develop brand positioning
- Target specific customer segments
What are the elements of market intelligence?
- Competitor Analysis
- Product Evaluation
- Market Analysis
- Customer Understanding
- Conclusion
How do I write a competitive intelligence Report?
- Identify Competitors
- Know the Objectives
- Earmark the Evaluation areas
- Know the Stakeholders
- Choose Data Sources
- Competitive Intelligence Templates
- Publishing Research
What is an example of business intelligence
Sales, marketing, finance and operations departments use business intelligence. Tasks include quantitative analysis, measuring performance against business goals, gleaning customer insights and sharing data to identify new opportunities.
What is the difference between industrial spying and the gathering of competitive intelligence
IE usually consists of illegal behavior such as theft, bribery, blackmail and occasionally covert operations like hidden surveillance.
A common objective in IE is to sabotage a competitor. Competitive Intelligence (CI) is a more ethical approach of gathering information about competitors.
What is unethical competitive intelligence
Other examples of espionage, illegal or unethical competitive intelligence include: Accessing a competitor’s property or files without permission.
Posing as a competitor’s employee to access proprietary information and trade secrets. Wiretapping or hacking a competitor.
Attacking a competitor’s website with malware.
Is competitive intelligence espionage
While competitive intelligence is characterized by honest research, espionage is by definition shady and secretive.
It’s more akin to going through the competition’s garbage, looking for clues, than it is to legitimate fact-finding.
Is the use of competitive intelligence ethical or unethical Why
So, based on the law, competitive intelligence is completely legal. Depending on the means in which you gather the intelligence impacts the ethics behind it.
Gathering information by not disclosing who you are to a competitor or by lying would be considered unethical, but it’s not illegal.
How do I become a competitive intelligence analyst
Competitive Intelligence Analyst Education Many analyst positions require a bachelor’s degree in a business-related field—including business administration, marketing, or statistics.
Some agencies even prefer a master’s degree in a business-related field.
What are the 4 types of market intelligence
The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.
Who uses business intelligence
Where Is BI Used? Sales, marketing, finance and operations departments use business intelligence. Tasks include quantitative analysis, measuring performance against business goals, gleaning customer insights and sharing data to identify new opportunities.
What does market intelligence do
Market intelligence is information on your industry or market segment that can inform strategy and give your company a competitive advantage.
Market intelligence consists of data points like sales, customer data, survey responses, focus groups and competitor research.
What is the link between marketing research and competitive marketing intelligence
Market research and competitive intelligence are connected by the fact that they are both strategic business tools.
Both tools are employed by owners of businesses and other business analysts as a means of analyzing the professional environment.
What is competitive intelligence Why is it important to the public affairs function
Why is it important to the public affairs function? Competitive intelligence refers to the systematic and continuous process of gathering, analyzing and managing external information about organizations competitors that can affect the organizations, plans, decisions and operations.
What are the advantages of marketing intelligence?
- Secure a bird’s-eye view of the market
- Gain a competitive advantage
- Anticipate what lies ahead
- Invest in the right projects
- Understand your target customer
- Launch products and services with iron-clad strategy
- Drive operational efficiency
What is international market intelligence
Viewed in a broad sense, the general subject of international marketing intelligence includes the collection, processing, analysis and interpretation of all types of information, from all available sources, to aid business management in making international marketing decision.
What is the difference between market intelligence and business intelligence
Business intelligence is about what your company is doing. Market intelligence is keeping track of what everyone is doing.
Competitive intelligence is the nitty gritty about your industry, your competitors.
References
https://the-definition.com/term/competitive-analysis-grid
https://www.referenceforbusiness.com/management/Bun-Comp/Competitive-Intelligence.html
https://www.lexisnexis.com/community/insights/professional/b/product-spotlight/posts/espionage-alert-how-to-crack-the-competitive-intelligence-code-without-breaking-ethical-legal-boundaries
