Competitive Intelligence essentially refers to the collection, analysis and distribution of intelligence about various components of a business or industry in order to formulate accurate business strategies and decisions. Competitive intelligence refers to the understanding of the business environment in order to sustain within an industry or market. The process of competitive intelligence is mostly associated with the external business environment. The process mainly involves collection of information related to the various products or services by a particular company or available resources in a particular line to study the production generics, pricing structure and quality of the same and utilizing it for strategic business decisions and formulations.
Competitive Intelligence provides both long term and short term benefits to a business. Some of them are as follows:
- Understanding the presence of the players within a particular market. It involves understanding the various products and services offered by a particular company. This may include composition and pricing structure. This helps in formulating the business decision regarding the launch of new product line.
- The competitive intelligence helps in understanding the density of products or services along a particular line of products and services and the presence of companies.
- It helps in understanding the strengths and weaknesses of a competitor.
- Competitive intelligence helps in understanding the current client base of a company along with the segment to which it caters to. It also assists in comprehending the targeted consumer bases of organizations.
- Anticipation of the future moves and initiatives of organization can be successfully realized by the process. This will in turn help in formulating the strategies.
- Provides an insight into the development of new products which will be successful in matching or exceeding the excellence of the existing products and services.
The entire team of Market Quotient is professionally skilled to implement competitive intelligence in the right direction and turn information into intelligence in order to gain the maximum benefits from the process. Thus, this highly reliable executive team believes on one fundamental principle – Save money while make money. More than creating a SWOT analysis of the rival companies, the panel of experts emphasizes upon making customer strong and competitive so that they can emerge as a heavy weight name in their respective industries. In order to maintain consistency in service, Market Quotient makes it a point to update the clients about the competitors, their activities and possible competition that they can throw. Utmost privacy is maintained in this regard, which happens to be a prime challenge in the way of all round research on competitive intelligence. Market Quotient also provides assurance that the services reach the clients in a timely fashion together with being fast, efficient and dependable. The professional ethics is maintained to the highest standards and the research reports are always neutral and highly reliable.