There are two types of competitive intelligence activities:
These are the steps leading to competitive intelligence:
Identify the information needed to lead to better decision-making.
Collect raw data pertaining to this information from public sources, ethically and legally.
Analyse the obtained data and organise into actionable steps.
These actions are communicated to those who will implement them.
New competitors with more innovating ideas come into the market and competitive intelligence helps to answer any questions regarding these competitors. More than just knowing which companies are competing with yours, competitive intelligence involves understanding the competitive landscape and the marketplace in relation to how customers fit into its aspects.
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