ENTREPRENEURSHIP

Detailed explanation-1: -Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.

Detailed explanation-2: -A competitive analysis should examine your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews. This article is for new and established small business owners who want to analyze their competition to improve their products or services.

Detailed explanation-3: -The term CI is often viewed as synonymous with competitor analysis, but competitive intelligence is more than analyzing competitors-it is about making the organization more competitive relative to its entire environment and stakeholders: customers, competitors, distributors, technologies, macro-economic data etc.

Detailed explanation-4: -A great example of using competitive intelligence is the way airlines do it. They change the prices of their tickets every day based on the information they obtain. For instance, if competitors increase the prices on a certain route, this company will do the same to receive good revenue.