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Unformatted text preview: in Table 3-5. An important part of an external audit is identifying rival firms and determining their strengths, weaknesses, capabilities, opportunities, threats, objectives, and strategies. 2. Collecting and evaluating information on competitors are essential for successful strategy formulation. Competitive Intelligence (CI) Programs Good CI in business, as in the military, is one of the keys to success. The more information and knowledge a firm can obtain about competitors, the more likely it can formulate and implement effective strategies. a.What is CI? CI, as formally defined by the Society of Competitive Intelligence Professionals (SCIP), is a systematic and ethical process of gathering and analyzing information about the competition’s activities and general business trends to further a business’s own goals (SCIP website). 1. Competitive Intelligence (CI) Programs 2.Firms need an effective competitive intelligence program. The three basic missions of a CI program are (1) to provide a general understandin...
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This document was uploaded on 02/19/2014.
- Spring '13