What Are Sources Of Competitive Intelligence?

What are some of the best sources of market intelligence?

If you’re responsible for driving the strategy of your organization, here are the top external sources of competitive intelligence that should be on your radar.Competitor websites.

Annual reports.

Premium databases.

Syndicated reports/ analyst reports.

Primary research.

Social media.

Patent databases..

How do you get market intelligence?

Market intelligence includes the process of gathering data from the company’s external environment like online sources – news websites, company websites, secondary data sources, social media, RSS feeds, etc., whereas the business intelligence process is based primarily on internal recorded events – such as sales, …

What is the goal of competitive intelligence?

The goal of competitive intelligence is for a business or individual to be able to make smart and strategic decisions with that information. These decisions can be made when the risks and opportunities are better understood.

Is Competitive Intelligence ethical?

So, based on the law, competitive intelligence is completely legal. Depending on the means in which you gather the intelligence impacts the ethics behind it. Gathering information by not disclosing who you are to a competitor or by lying would be considered unethical, but it’s not illegal.

What is the difference between competitive intelligence and customer intelligence?

Broadly defined, marketing intelligence is data gathered and analyzed to gain a picture of the larger market. The purpose of marketing intelligence is to understand customers and their consumer behavior. … By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors.

Why is corporate intelligence important business?

Utilizing CI means you’re looking at your competitors as well as their operational, organizational and commercial practices to give you the tools to make informed decisions for your business. CI makes it easier to understand the strengths and weaknesses of your competition, which improves your business intelligence.

What are sources of competitive advantage?

A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology.

Can a business be ethical?

No one can put ethics before the bottom line and succeed in today’s business climate. … More and more companies are learning the power of the high road—they’re creating standards for themselves and their employees; they’re doing business ethically; and they’re acting as good corporate citizens in their communities.

What are the source of marketing intelligence?

In information gathering process, information could be provided from various sources which vary from business to business. Sales people, customers, competitors, employees, competitors, the internet, trade fairs, seminars, conferences, literature and trade publications are among the important sources of intelligence.

What is the best stock market website?

Here are some of the most indispensable stock market websites that are sure to provide you with reliable and factual data.The Motley Fool. … 2. Yahoo! … MetaStock. … Morningstar. … Bloomberg.com. … Alpha Vantage. … The Wall Street Journal. … Seeking Alpha.

What are competitive intelligence tools?

The Best Competitive Intelligence Tools You Should UseSEMrush Traffic Analytics.SimilarWeb.Sprout Social.Wappalyzer.Owletter.Moz.Alexa.BuzzSumo.

Is Competitive Intelligence illegal?

Key points: Competitive intelligence is a legal business practice, as opposed to industrial espionage, which is illegal. … There is a process involved in gathering information, converting it into intelligence and then using it in decision making.

What is the difference between business intelligence and competitive intelligence?

Competitive intelligence is the act of understanding a company’s industry and industry rivals so the company can make better business decisions, while business intelligence refers to the tools, software and systems that play a vital role in the strategic planning process of a company.

How do competitors collect data?

Social sources, such as posts on Facebook, Twitter, Instagram, Snapchat and LinkedIn. Print sources, such as brochures, flyers, newspaper ads and magazine ads. Customer data gathered from your own customers or those of your competitors through interviews, surveys and polls.

What is gathering and analyzing competitive intelligence?

Competitive intelligence is the result of a company’s efforts to gather and analyze information about its industry, business environment, competitors, and competitive products and services. The information-gathering and analysis process can help a company develop its strategy or identify competitive gaps.

Which Organisation sets the code of ethics for competitive intelligence professionals internationally?

The Society of Competitive Intelligence Professionals Code of Ethics was established by practitioners to set a high standard of conduct for the competitive intelligence profession.

What is the marketing intelligence system?

From Wikipedia, the free encyclopedia. Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.

How do you get competitive intelligence?

Competitive intelligence can be gathered by going through business ads or visiting the competitor’s website. A company can learn which business practices consumers like best by searching through business reviews. None of these information-gathering techniques carry direct financial costs.