competitive intelligence
(noun)
The action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.
(noun)
The action of defining, gathering, analyzing, and distributing intelligence about products, customers, and competitors to support executives and managers.
Examples of competitive intelligence in the following topics:
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- Competitive Intelligence (CI) is a hybrid process of marketing research and strategic analysis that can give companies a competitive advantage.
- An example of competitive intelligence is when a food and beverage company conducts primary research to find out about the latest trends in the beverage industry of a foreign country.
- Competitive Intelligence (CI) in marketing research involves defining, gathering, analyzing, and distributing information about products, customers, and competitors and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.
- Although the term CI is also considered synonymous with competitor analysis, competitive intelligence extends beyond analyzing competitors.
- There are many synonyms for competitive intelligence such as business intelligence, market intelligence, and corporate intelligence.
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- Companies must monitor competition in order to make intelligent marketing decisions based on how competitors operate.
- The desire of companies to accurately gauge competitors has led to the growing popularity of a separate discipline—competitive intelligence.
- A broad definition of competitive intelligence is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.
- Competitive intelligence is an ethical and legal business practice, as opposed to industrial espionage which is illegal.
- A more focused definition of competitive intelligence regards it as the organizational function responsible for the early identification of risks and opportunities in the market before they become obvious.
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- To facilitate this communication process, product management teams will perform activities including customer research, competitive intelligence, industry analysis, and competitive analysis.
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- Increasing competitive intelligence and anticipating competitor reactions to new marketing strategies
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- Kohli in the "Journal of Marketing", marketing orientation is the, "The organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments and organization wide responsiveness to it. "
- Using this customer intelligence, companies could produce products that supported their overall business strategy, competed effectively in an increasingly global and competitive market, and delivered solutions for current and future customer needs.
- Marketing-oriented companies revolve around internal business processes that gather, synthesize, and package market intelligence into integrated marketing communications programs (i.e., advertising campaign, new product launch, promotional offer, etc.).
- Competitive analysis is also a significant component of market orientation.
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- A key component to any DSS is business intelligence reporting tools, processes, and methodologies.
- Companies with comprehensive decision support systems have a significant competitive advantage.
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- These factors are social, cultural, political, legal, competitive, economic, and even technological in nature.
- Unless a company holds the same position against its competition in all markets (market leader, low cost, etc.), it is impossible to launch identical marketing plans worldwide.
- Likewise, companies can use this intelligence to modify various elements in their promotional mix that are receiving minimal or unfavorable response from global audiences.
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- Non-price competition involves firms distinguishing their products from competing products on the basis of attributes other than price.
- Since price competition can only go so far, firms often engage in non-price competition.
- It can be contrasted with price competition, which is where a company tries to distinguish its product or service from competing products on the basis of a low price.
- Non-price competition may also promote innovation as firms try to distinguish their product.
- Although any company can use a non-price competition strategy, it is most common among oligopolies and monopolistic competition, because these firms can be extremely competitive.
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- One of the main goals of marketing planning and strategy is to produce multiple sources of competitive advantage in the marketplace.
- For most businesses, one of the primary goals of implementing a marketing strategy is producing multiple sources of competitive advantage.
- Products that use cutting-edge robotics and information technologies can act as a source of competitive advantage for a company.
- As a result, businesses can gain a competitive advantage by building a compelling and visually appealing website or social media business page.
- Customer-Orientation Strategy - Customer-orientation competitive strategies focus on making customers happy through outstanding customer service.
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- Companies must conduct competitive analysis to identify their competition accurately, and must avoid defining the competition too narrowly.
- Competitive analysis focuses on opportunities and threats that may occur because of actual or potential competitive changes in strategy.
- Competitive analysis starts with identifying current and potential competitors.
- High fixed costs also create competitive pressure for firms to fill production capacity.
- Classify the use of competitive data from an internal and external viewpoint