Explain the concept of competitive intelligence.
Competitive intelligence (CI) helps managers assess their competition and their vendors in order to become more efficient and effective competitors. Intelligence is analyzed information, and it becomes decision-making intelligence when it has implications for the organization.
By helping managers assess their competition and vendors, Cl leads to fewer surprises. Cl allows managers to predict changes in business relationships, guard against threats, forecast a competitor's strategy, and develop a successful marketing plan.
The Internet and databases accessed via the Internet offer excellent sources of Cl. Company personnel, particularly sales and service representatives, are usually good sources of Cl. Many companies require their salespersons to routinely fill out Cl reports. Other external sources of Cl include experts, Cl consultants, government agencies, UCC filings, suppliers, newspapers and other publications, Yellow Pages, and trade shows.
Why do you think that Cl is so hot in today's environment?
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