Assignment;
This part just helps you in that assignment and you should follow some important point
Definitions
• Competitive Intelligence-
The process of analyzing information about all aspects of the competitive environment for the purposes of formulating plans and strategies and making decisions
• Competitor Intelligence-
The process of analyzing information about competitors' actions and business strategies
• Market intelligence
The process of researching, analyzing and applying qualitative and quantitative data about a market environment
Helps companies determine
Current needs
Future requirements
Customer attitudes
Factors that might have an impact on the market
Types of market intelligence
• Political, economic and legal environment
• Forces that have an effect on the market
• Product specific data
• Market infrastructure
Start International Business, Potential Risks:
• Political Instability
• Foreigners, Foreign Trade and Investment
• Control over commerce
• Legal Protection
• Legal Requirements
• Tax Regimes
• Competitors
• Customs
• Economic Conditions
• Foreign Exchange risks
• Currency Controls
• Geography
• Transportation
• Communication
• Distribution Channels
How to use market intelligence
• Answer questions about the market characteristics that apply to their business objectives
• Guide business strategies and trade more successfully
Market characteristic
• Market intelligence
• Geographic characteristics
• Demographic characteristics
• Economic characteristics
• Market potential
• Technological characteristics
• Socio-cultural characteristics
• Product Market
What is competitive intelligence?
The process of discovering, analyzing and using information to become more competitive in the marketplace
Data to be gathered:
• Suppliers
• Technology
• Legal and Regulatory changes
• Industry and market trends
• Political and Economic influences
• Competitors
• Materials
The need for competitive intelligence
? Become more profitable and avoid losses
? Make better strategic decisions
? React to legislative and regulatory changes in the market
? Decide on an effective market entry strategy
? Assess future profitability
? Direct the focus of research and development
The competitive intelligence model :
• 1.Conduct needs assessment
• 2. Formulate questions
• 3. Organize the process
• 4. Gather data
• 5. Organize data
Data collection:
• Software
• Commercial services
• Online sources
• Offline sources
Competitor Intelligence:
• The process of gathering and analyzing Competitors' actions and business strategies.
• Examples:
Key questions about competitors:
• Where is the competing company located?
• How is it structured?
• Who are the key people?
• Does it have strategic partners? Where are they located?
• Has it purchased other companies lately?
• What is its main product or service offering?
• Who are its key customers?
• What is its market share?
• What are its marketing strategies?
• Who are its suppliers?