competitive-intelligence

Vocabulary Word

Definition

'Competitive intelligence' is a strategy used by businesses to gain an advantage. It involves understanding what other businesses are doing, analyzing their strengths and weaknesses, and using this information to make smarter decisions.

Examples in Different Contexts

In marketing, 'competitive intelligence' gathers data on competitors. A market analyst might observe, 'Our competitive intelligence shows our main rival launching a new product soon.'

Practice Scenarios

Tech

Scenario:

The recent report shows that user engagement with our app has declined. We need to find out why and how to improve.

Response:

Could we use competitive intelligence to identify technological trends among our competitors? It might help us increase user engagement.

Business

Scenario:

We've noticed a downturn in our sales over the last quarter, it's essential to figure out why.

Response:

Let's invest in competitive intelligence to understand the strategies and pricing models of our competitors. It might provide us with some clues.