Research Report on Importance of Corporate Intelligence
11 Pages2833 Words266 Views
Added on 2019-12-03
Research Report on Importance of Corporate Intelligence
Added on 2019-12-03
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Competitive Intelligence
Table of ContentsINTRODUCTION...........................................................................................................................1Literature review..........................................................................................................................2Research methodology.................................................................................................................4RFERENCES...................................................................................................................................7
INTRODUCTIONIn today era, business environment is very complex and companies needs to update withchanges that are occurring in rival firms’ business strategies. With changes in businessenvironment, competitors also change their business strategy. Hence, companies are required tokeep themselves update with changes which are brought by the peer firms in the domestic andinternational market. In order keep an eye on these changes, competitive intelligence is used bythe business firms. Competitive intelligence is a kind of system under which data is collected andanalyzed by the business firms. On the basis of analysis of data intensity of competition isidentified. In order to formulate a strong business strategy it is inevitable to analyze data. Factsprovide lots of information and bring many untouched and unidentified aspects of the rival firms’business strategies (Wright, 2014). It also helps in anticipating competitors business strategies.By collecting and analyzing data, companies measure impact of change in business strategies onthe organization’s profitability. Hence, competitive intelligence plays an important role ingrowth of an organization. As a result, more and more companies irrespective of their size areusing corporate intelligence for preparing their business strategies. The main benefit thatcompetitive intelligence gives to companies is that by using these firms prepare their strategy inright direction. If corporate does not use competitive intelligence then they will not be able toprepare strategy in the right way. In absence of corporate intelligence managers may considerlimited factors and may formulate a weak business strategy. Hence, it is necessary thatcompanies should use competitive intelligence in their business practice (Fleisher andBlenkhorn, 2003). By using competitive intelligence firms can shape counter competitivestrategies in order to beat their competitors in the market. Thus, corporate strategy is like aweapon that must be used by the business firms prudently in order to get productive results.AimsThe research aims at identifying importance of corporate intelligence in formulation ofbusiness strategyObjectivesThe research will be guided by the following objectives.To identify impact of competitive intelligence on the company’s performance.To identify utility of competitive intelligence for development of corporate business unitstrategies.1
To identify level to which competitive intelligence helps in identifying opportunities andthreats in business environment.To access effectiveness of positioning of the product by the competitors in the market.To identify the extent to which corporate intelligence can be used for entering into themarket.Research questionsDoes competitive intelligence affects business performance of the companies?What is the utility of competitive intelligence in respect to development of corporatebusiness unit strategies?To what extent competitive intelligence helps in identifying opportunities and threats inthe business environment?Is competitive intelligence helps in measuring effectiveness of positioning of the productby the competitors in the market?Does competitive intelligence assists in entering into new market?Literature reviewAccording to Xu and Mark (2007) competitive intelligence to a large extent affectsbusiness performance and it brings positive change in the same. This is because collection andanalysis of data under competitive intelligence gives a direction to an organization and alsoshows a path in which a firm must follow in order to formulate a business strategy. In contrast tothis, it asserts that use of competitive intelligence does not guarantees that an organization is onthe right track. Data collection is done by a human being and mistake can be committed whiledoing the same. There are numerous facts and if the specific information is not collected thenorganization may go in wrong direction and may formulate a wrong business strategy. Thus,managers merely by using corporate intelligence cannot assure that everything will be fine andthey are in the right direction. While collecting data managers needs to make sure that all sort ofrequired facts are collected from reliable sources. In the views of Qiu, (2008) corporate intelligence is playing a prominent role in thestrategy formulation and in the absence of such kind of system it is very difficult to formulate apowerful business strategy. In today era, there are numerous factors that affect preparation ofbusiness strategy. Moreover, there are numerous factors which are required to be consideredwhile formulating a corporate strategy. In absence of corporate intelligence it is not possible to2
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