What is competitive intelligence examples?

A great example of using competitive intelligence is the way airlines do it. They change the prices of their tickets every day based on the information they obtain. For instance, if competitors increase the prices on a certain route, this company will do the same to receive good revenue.

What are the 7 elements of the competitive intelligence system?

The Competitive Intelligence Division encompasses all aspects of competitive intelligence including: (1) planning, (2) identifying decision makers’s intelligence needs, (3) collecting and analyzing information, (4) disseminating intelligence products and services, (5) evaluating intelligence activities, (6) promoting …

What are the four stages of competitive intelligence system?

In this very first step, you first identify the types of competitive information that you need. Next, you locate the source(s) of such information, and finally, you assign responsibility to a person for managing such a system.

What is the main function of competitive intelligence?

Competitive intelligence (CI) is the process of collecting, processing and analyzing information from and about the internal and external or competitive environment in order to help decision-makers in decision-making and to provide a competitive advantage to the enterprise.

How is competitive intelligence useful to organizations?

Competitive intelligence programs uncover and analyze market and competitor activity to provide actionable intelligence. Ultimately, the goal is to provide leadership with useful insights to support more informed business decisions.

How do you use competitive intelligence?

How to Conduct Competitive Intelligence Research

  1. Identify your competitors.
  2. Set objectives.
  3. Determine data collection strategies.
  4. Gather and analyze your data.
  5. Relay insights to key stakeholders.
  6. Stay within legal limits.
  7. Be ethical.
  8. Share insights often.

What are the six sources of competitive intelligence?

7 Sources of competitive intelligence for strategic management

  • Competitor websites. Your website is the window to the world.
  • Annual reports.
  • Premium databases.
  • Syndicated reports/ analyst reports.
  • Primary research.
  • Social media.
  • Patent databases.

What is CI analysis?

Competitive Intelligence (CI) is the collection and analysis of information to anticipate competitive activity, see past market disruptions and dispassionately interpret events. It is an essential component to developing a business strategy.

What is competitive intelligence process?

There are six main steps in the competitive intelligence process. These steps are to identify competitors, identify areas of concern, gather information, analyze the information found, report on the findings, and make a decision based on the results of competitive intelligence.

What is the process of competitive intelligence?

What is the advantage of competitive intelligence?

Competitive intelligence research focused on products and services gives businesses a distinct advantage to: Glean the values, beliefs and desires of competitors’ customer groups based on a competitor’s product or service branding.

How do you implement competitive intelligence?