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A paradox is currently surfacing on the business landscape: Companies that have abundant resources are still falling short of success in today’s competitive world. In such scenarios, one can only question what exactly is going “wrong.” Companies with appropriate and abundant resources, plus smart management, usually make their mark. With the exceeding number of competitors in the market, it is not shocking to see large companies liquidate early in their business life cycle. In order to survive in the current competitive world, it is crucial to profile the competition so that you knowwhat they are doing, why they are doing it,how they are doing it, and when they are doing it. Companies today spend a great deal of time and resources on Competitive Intelligence.
Competitive Intelligence is the process of regularly monitoring your competition, within a specific market place, to ensure that they do not steal your market share. It consists of having the knowledge of what they plan to do, along with the strategies they will employ, even before they bring them to light. It involves careful planning in the selection of the business strategies that they will use to counteract the competition.