Competitive Intelligence (CI): CI means understanding and learning what is happening in the world outside the business to increase one’s competitivity. What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. It means learning as much as possible, as soon as possible, about one’s external environment including one’s industry in general and relevant competitors.
Know and Understand the Concept of Competitive Intelligence (CI).
Competitive intelligence (CI) is the coordinated and purposeful monitoring of competitors, products and customers in a specific marketplace or industry. This data is used by managers and executives to make better strategic decisions for an organization. Competitive intelligence includes the action of gathering data and defining the subsequent distribution of intelligence about services, products, customers and even competitors.
CI is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
Introduction to Competitive Intelligence (CI):
According to the medical dictionary, Intelligence is the potential ability to acquire, retain, and apply experience, understanding, knowledge, reasoning, and judgment in coping with new experiences and in solving problems. Intelligent Quotient (IQ) is a measure of intelligence obtained by dividing the mental age by the chronological age and by multiplying the result by 100.
IQ = Mental age x 100 Chronological ageGeneral Intelligence includes verbal aptitude, quantitative aptitude, perception, memory, reasoning, artistic talent such as proficiency in music or art, creativity and ability to use thought and imagination to produce original ideas. Also studying, Integrated Marketing Communications (IMC): Definition, Components, and Process.
The basic presentation (PPT) of Competitive Intelligence (CI):
Meaning and Definition of Competitive Intelligence (CI):
The growing competition in the business industry has made it necessary for any company to stay in competition or have a competitive advantage over its competitors, adequate and relevant information about the competitors need to be received or known at the right time in other to make a good strategic business decision. Competitive intelligence is defined as a systematic process that transforms random bits and pieces of data into strategic knowledge.
This information comprises about competitors, customers, technological, environmental, product and market in. other to make a good strategic decision. Competitive intelligence is described as those activities a company undertake in determining and understanding its industry as well as identifying and understanding the competitors, also determine and understand their weaknesses and strength and anticipate their next move(s).
This definition of competitive intelligence tends to identify/determine, understand and anticipate industry and competitors. Furthermore, competitive intelligence is a process of monitoring the competitive environment, with the aim of providing actionable intelligence that will enhance a company competitive advantage over its competitors. Competitive intelligence propels the decision makers to smarter more successful decisions, thereby minimizing risk, avoiding being blind-sided and getting it right the first time.
Finally, CI is a “process” because it involves gathering, analyzing and applying information about the product, competitors and the entire environment which includes the supplier, regulatory body, partners and so on and it’s a “continuous activity” because the business environment changes as the world changes which usher in more competition. Also, it gathers adequate “relevant” information at an appropriate “time” because it is vital a company gets its decisions and moves correctly for the first time.
CI has three defining characteristics:
- It focuses on the external business environment rather than internal matters.
- It involves gathering information and converting it into intelligence that can be used by the organization. If the intelligence is not usable or actionable, then it is not considered real intelligence, and.
- As opposed to illegal industrial espionage, CI is considered an important and ethical business practice.