Last Updated 23 Jun 2020

Importance of Competitive Intelligence

Category Essay Examples
Essay type Research
Words 249 (1 page)
Views 124

The main aim of any business entity is making profit and ensuring that it sustains its profitability. In fact all other measures which include developing a market share, competitive advantage and meeting the needs of the market arise from the need to sustain profitability. Competitive intelligence is information on the nature of the market and the industry that a business operates in.

Analysis of the macro and environment is important in developing strategies that are relevant to the environment thus competitive intelligence which is information regarding the competitiveness of the environment and factors that affect competitiveness is important in coming up with operational strategies (McQuarrie, 2005). Conclusion

Analysis of Kudler Fine Foods case brings out the fact that analysis of the market which is made possible by having information and data on the market and other industry players that operate in it is central to the development of operational strategies that will ensure competition is dealt with and needs of the market effectively addressed.

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Market research is critical in industry and market segment that are characterized by high levels of competition; meeting the needs of the market and developing a reputation in the market are important to not just survival but also developing competitive advantage over other players. References Burns, A. C. & Bush, R. F. (2006). Marketing Research. Harlow: Pearson/Prentice Hall, 2006 Malhotra, N. K. (2006). Marketing Research: An Applied Orientation. London: Pearson Education, Limited. McQuarrie, E. F. (2005). The Market Research Toolbox: A Concise Guide for Beginners. Thousand Oaks, CA: SAGE.

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Importance of Competitive Intelligence. (2018, May 11). Retrieved from https://phdessay.com/importance-of-competitive-intelligence/

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