Definition of Competitive intelligence:
By definition, competitive intelligence assembles actionable information from diverse published and unpublished sources, collected efficiently and ethically. Ideally, a business successfully employs competitive intelligence by cultivating a detailed enough portrait of the marketplace so it may anticipate and respond to challenges and problems before they arise.
Continuous process of monitoring a firms industry or market to identify (1) current and future competitors, (2) their current and announced activities, (3) how their actions will affect the firm, and (4) how to respond. It differs from industrial espionage in that it uses legal and ethical means to gather and sift the publicly available information.
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. Competitive intelligence is important because it helps businesses understand their competitive environment and the opportunities and challenges it presents. Businesses analyze the information to create effective and efficient business practices.
How to use Competitive intelligence in a sentence?
- Gathering data and information is more complex than conducting a simple Internet search.
- You should try to have as much competitive intelligence on your side as possible to keep your business ahead of the pack.
- Competitive intelligence can be classified as myopic-oriented, tactical intelligence or long-term focused strategic intelligence.
- Based on our current competitive intelligence , there is a new company in Oregon that could take a significant portion of our costumer base, so we may need to lower our prices in that area.
- Organizations analyze collected data and information to develop effective and efficient business practices.
- Competitive intelligence refers to the ability to gather and use information on factors that affect a company's competitive advantage.
- MIcrosofts competitive intelligence has allowed it to maintain its industry domination and general good name through savvy and generous purchases of possible competitors.
Meaning of Competitive intelligence & Competitive intelligence Definition