Business competition in this modern day is getting fierce. One of the key strategic tools usually used by executives in top companies to stay ahead of their competitors is though utilizing "Competitive Intelligence". Describe what is Competitive Intelligence, it's process, goals and some major benefits of using it in helping business to stay competitive in the markets.
The competition in this new era of business environment is getting more and more intense from day to day as there are growing number of competitors which consequently create the winners and losers in the market place. Douglas C. (1994) notes that business managers in the 1990s have rediscovered the truth behind the observation of Mr. M. Porter, a renowned professor at Harvard Business School, that "competition is at the core of the success or failure of firms". For this instance, business executives are in the front line to make the strategic decision for an organization in order to identify the potential risks and opportunity to prevent business from risky competitive situation based on available surrounding information. One of the most important insight information and strategic tools that enabling the management to be able to manage the pressure in the competitive environment and eliminate the risk of failure is through utilizing "competitive intelligence". This essay will describe what competitive intelligence is, it's process, goals and some major benefits of using it in helping business to stay competitive in the market. The definition of competitive intelligence may slightly vary from different resources. According the website of BusinessDictionary (2014) define that competitive intelligence "is the continuous process of monitoring a firm's industry of market to indentify (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...
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