What is implied by market research? How can we fit competitive intelligence in strategic planning? Are competitor analysis and competitor intelligence the same thing? How can you incorporate competitive intelligence in corporate intranet strategy?
Apart from mergers and acquisitions, there are companies that grow and expand on the grounds of customer satisfaction. No company can grow or develop unless it satisfies the needs of the consumers. Companies try their best to match up with the expectations of the consumers, by differentiating it from the competitors’ product and pricing it in a competitive fashion.
Although strategic planning is an important feature of strategic planning, it has its drawbacks as well. If a company focuses only on its short tern problems and focuses only on its industry then, it is not making use of the greater opportunities and seeking remedy to threats that might come in its way in the long run. If a company just stays concentrated within its industry and business, then it is shutting its doors to growth and preventing itself from stepping into the larger business arena.
Companies that formulate well-designed marketing and customer relationship strategies know how important it is to combine market research with competitive intelligence functions. There are many companies, which are unable to combine their efforts in this manner and in doing so miss out on the opportunities and the growth avenues that can improve their business, ROI and connection with their customers.
Following are a few questions that companies ask themselves while putting into practice the CI program:
· How do we define the company’s objectives, strategic intensions and strategic choices?
· How do we develop sustainable and successful strategies for the company?
· What are the new products that are required by the market and which products will do a good business in the market?
· How to carry out our competitive marketing strategy?
Irrespective of the strategic frame that a company chooses for its management, no element is of more importance than a competitive intelligence strategy. Competitive intelligence focuses more on doing the correct thing rather than doing the thing right.
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