Competitive Intelligence DB 1 - GRADED.docx - Running head COMPETITIVE INTELLIGENCE 1 Competitive Intelligence Perpetra Otee Mangesho Liberty University

Competitive Intelligence DB 1 - GRADED.docx - Running head...

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Running head: COMPETITIVE INTELLIGENCE 1 Competitive Intelligence Perpetra Otee Mangesho Liberty University BMAL 560 – B02
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COMPETITIVE INTELLIGENCE 2 Competitive Intelligence Competitive intelligence includes activities that are “focused on developing systems to generate information and insight about a firm's rivals, the firm's own customers or production costs, and, when necessary, processes for maintaining secrecy.” Bagnoli & Watts, (2015). Competitive intelligence is a consistent and an ongoing process of gathering, analyzing, and managing information formed from a firm’s rival to the benefit of the organization. The goal therefore, for any group in applying competitive intelligence is to enhance organizational performance and make effective better-informed decisions by analyzing opportunities and risks before they happen. In applying competitive intelligence a business can escape the opposing force before it happens (Lawrence & Weber, 2017). A competitive intelligence program has three major components: gathering, analyzing and disseminating information. For any business dealing with a structured market in the 21 st century to continue to thrive, understanding the true value that competitive intelligence plays to cannot be underestimated. According to Markovich et al , (2019), businesses that applied competitive intelligence activities to their goals, increased profit by at least three percent compared to their counterparts who didn’t incorporate it. The manner through which the information is gathered and used is as important as the information in itself. Ethics therefore plays a very big role when it comes to competitive intelligence. This is where the stakeholders and the public test the true value of the business. The consumers must be seen as equally important and valued just as the business investors and owners. The business’ public affair function is to make sure that it is maintaining a trustworthy relationship with its consumers. This is only possible when the business is willing to carry out a competitive intelligence, which is ethical and leaves no loopholes for the oppositional forces to break through. The scripture says
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COMPETITIVE INTELLIGENCE 3 that the “ plans of the persistent surely lead to productivity, but all who are hasty will surely become poor.” Proverbs 21:5 (International Standard Version). An effective competitive
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