What is the process of competitive intelligence?

There are six main steps in the competitive intelligence process. These steps are to identify competitors, identify areas of concern, gather information, analyze the information found, report on the findings, and make a decision based on the results of competitive intelligence.

What are the four stages of competitive intelligence system?

In this very first step, you first identify the types of competitive information that you need. Next, you locate the source(s) of such information, and finally, you assign responsibility to a person for managing such a system.

What are the 5 steps parts of a competitive analysis?

How to conduct your competitive analysis

  • Identify your top ten competitors. This seems obvious, but it’s an essential first step.
  • Analyze and compare competitor content.
  • Analyze their SEO.
  • Look at their social media engagement.
  • Identify areas for improvement.

What are the steps in the intelligence cycle?

The intelligence cycle is one of active collaboration and consists of six steps: requirements, planning and direction, collection, processing and exploitation, analysis and production, and dissemination.

What are the main components of competitive intelligence?

Components of Competitive Intelligence

  • Competitors in the News.
  • Competitor Human Capital Movement.
  • Competitor Shifts.
  • Competitor Job Listings: New Positions.
  • Trade Show News.
  • Social Media Review.
  • Market/Stock Index.

What is the process of competitive analysis?

A competitive analysis is the process of identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to your own business, product, and service.

What is competitive analysis steps?

1) Identify current and future competitors in the market. 2) Finding and Analysis of market share. 3) Performing SWOT for a competitor analysis. 4) Build competition portfolio for competitive analysis. 5) Plan strategies.

What is the most important step in the intelligence cycle?

Analysis is thus the most important part of the intelligence cycle. The essence of the analytical process lies in the individual analyst.

What is CI analysis?

Competitive Intelligence (CI) is the collection and analysis of information to anticipate competitive activity, see past market disruptions and dispassionately interpret events. It is an essential component to developing a business strategy.

How can competitive intelligence be used effectively in the strategy formulation process?

CI may support the strategic formulation process by: Describing the current competitive environment and predicting its future (Porter, 1980). Identifying and compensating for exposed weaknesses – encompassing the internal analysis of Barney (1991).

What are the 6 steps of competitive analysis?

6 Steps to Performing a Competitive Analysis

  • Identify competitors. Get the one tech tool your startup really needs… for free.
  • Analyze competitors’ online presence. Subscribe to our newsletter, Midnight Oil.
  • Check online reviews.
  • Talk to competitors’ customers.
  • Identify their strengths and weaknesses.
  • Use research tools.