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The importance of competitive intelligence and analysis in modern-day marketing

What is the importance of competitive intelligence and analysis in modern-day marketing? I need to know how a company identifies new the competitors while planning and execute marketing strategy.

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Competitive intelligence is defined as having four specific goals:

1. Detecting competitive threats
2. Eliminating or lessening surprises
3. Enhancing competitive advantage by lessening reaction time
4. Finding new opportunities

The objective of competitive intelligence is not to steal a competitors trade secrets or other proprietary property, but rather to gather in a systematic overt (legal) manner a wide range of information that when collated and analyzed provides a fuller understanding of a competitor firm's structure, culture, behavior, capabilities and weaknesses.

Competitive intelligence can be used for a number of reasons. Primarily, it is used by corporations to analyze the market and what their competitors are doing or planning doing in it in the near future. This process is seen as an activity of increasing importance in providing reliable global data, which is ...

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This solution discusses the importance of competitive intelligence and analysis in modern day marketing.

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