How To Create a Corporate Competitive Intelligence System

Virtually all managers acknowledge the importance of understanding their competition in the marketplace. As a result, interest has grown rapidly in formalizing competitive intelligence activities within companies seeking the competitive edge. Almost any business information can be termed competitive intelligence, depending on how it is used. Most typically, it means any of several different kinds of valuable data on the competition’s finances, manufacturing processes, product lines, promotional budgets, key personnel, and so forth. It also involves and integrates areas like marketing research, strategic planning, technical research, and legal developments.