Competitive intelligence, or CI, is the use of resources and strategies to gain knowledge about competitors and their products. It helps businesses assess their competitive environment, and create informed and effective strategies to stay ahead of the competition.
Competitive analysis is the process of gathering, evaluation, and use of information about competitors and their products. It is a process of actively gathering and analysing information about competitors and their products, services, and strategies.
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This involves researching their product offerings, pricing, marketing activities, customer service, and other strategic initiatives. The goal of competitive intelligence is to understand the competitive landscape and how it could affect a business’s performance.
The process of gaining competitive intelligence begins by researching industry trends and analysing the competitive environment. This includes researching competitors’ products, pricing, services, and marketing activities.
By gathering this information, businesses can gain insights into how their competitors are positioning themselves in the market and how they may be responding to changes in the market.
Benefits of competitive intelligence
Competitive intelligence can provide businesses with valuable insights into their competitors and the overall competitive landscape. This can help businesses make informed decisions and develop effective strategies to stay ahead of the competition.
Competitive intelligence can also help businesses identify opportunities to differentiate their products or services. By understanding the competitive landscape and the strategies competitors are using, businesses can identify how their products or services can be unique and stand out from the competition.
Finally, competitive intelligence can help businesses identify potential threats from competitors. By understanding their competitors’ strategies, businesses can anticipate potential threats and develop strategies to respond to them.
