What is competitive intelligence?
Competitive intelligence involves systematically collecting and analyzing information about competitors and the marketplace to inform strategic decision-making. It provides valuable insights for understanding competitive positioning, market trends, and emerging threats, guiding informed strategies for product development, pricing, and market expansion.
How is marketing research different from competitive marketing intelligence?
Marketing research focuses on understanding consumer behavior and preferences, while competitive intelligence focuses explicitly on competitors' actions, strategies, and performance. It provides a holistic view of the competitive landscape, enabling companies to anticipate market shifts, identify niche opportunities, and differentiate their offerings effectively.
What are the methods of competitive intelligence?
Competitive intelligence methods include market analysis, SWOT analysis, social media monitoring, competitive benchmarking, and primary research, equipping marketers with actionable insights to inform competitive strategies and market positioning.