Proven strategies in competitive intelligence
- Summery
Competitive intelligent assists organizations to comprehensively analyze, define and apprehend their industry and their competitors’ strengths and weaknesses. Competitive intelligence encompasses collecting primary data related to competitors and eventually interpreting it to make informed decision (Prescott and Stephen 56). Apple, a company specialized in electrical products such as smartphones and laptops is not an exception.
- Importance and relevance of the news materials to the course content
In order to stay abreast with what is happening in the market, the company needs to competitive intelligence news. Relevant information is collected for the purpose of analysis. The information is in turn used in marketing, pricing and production strategies (Reinmoeller et al 87). In order to prosper and retain or expand its customer base, Apple Company requires utilization of empirical data acquired via competitive intelligence strategies. Don't use plagiarised sources.Get your custom essay just from $11/page
IT investment concentrates on value rather than concentrating on quantity. Furthermore, competitive intelligence utilizes an inclusive approach where employees are given an opportunity to directly analyze the market and provide recommendations based on the products they make (Prescott and Stephen 34). This is capacitated by utilization of real time situations.
The advent of internet has hastened the speed at which an average firm acquires competitive intelligence. Information regarding company profile is obtainable form the internet (Reinmoeller et al 32). However, a raw data can be obtained by attending meetings with managers and forums.
- Practical managerial implications of the material
The materials have a variety of practical managerial implications which include but not limited to:
- Reduced or loss of skilled manpower due to aging factor.
- Revenue leakages due to taxation and other political policies.
- Abrupt onset of technology and other related forms of production that influence production.
- Increased risks associated with terrorism.
- Minimum wage available in a region which affects industries such as fast-food restaurants.
The implications outlined above are due to factors such as political, economic, social and technological changes.
- Works cited
Prescott, John F., and Stephen H. Miller, eds. Proven strategies in competitive intelligence: lessons from the trenches. John Wiley & Sons, 2002.
Reinmoeller, Patrick, and Shaz Ansari. “The Persistence of a Stigmatized Practice: A Study of Competitive Intelligence.” British Journal of Management 27.1 (2016): 116-142.