Competitive Intelligence Essay Example | Topics and Well Written Essays - 1250 words

Competitive Intelligence - Essay Example The evolutions of new challenges like technological advancements and out sourcing have posed new challenges for the business operations. Understanding these challenges and acting according to the implications required an acute sense of understanding the situations and the analyzing to the best. The competitor analysis has diversified into more specific issues of planning, collection of more influential data, analysis and communication, which were undeniable influencers of success. The research is conducted by taking individual tasks and integrating it to the organizational concerns making the analysis more robust and to derive more refined facts. The country analysis gives a broad idea about the investment atmosphere prevailing in the country under consideration. The current position of the industrial sector under consideration, the amount of market capitalization existing in the country for the sector, the number of existing players competing and their presence in the market., the government approach for the development of the sector, the entry norms for the investors, the resources availability, the supportive industry presence for companies like the smaller parts manufacturers for automobile industries etc, The volume of the business to be explored, the number of years for turnaround to gain the considerable market reach, and the socio-economic factors of the country that may influence the business potential. The above factors may differ from one country to the other. For example a Canadian company is planning to enter new market in Ontario. The company has to know the feasibility of the business in the Ontario. The compa ny has taken help of a consulting company to know the market environment in the region. The consulting company has given details of components related to the competitors, recent trends fallowed by the competitors, the financial status. Comparison between New Zealand & Canada: New Zealand, competitor intelligence is a pioneering issue under consideration that has been given preference only after 90's (Craig S. Fleisher, 2004). The business elite group is not known of using the competitor intelligence tools as much. The study perceived by Procter revealed some interesting facts that the business environment was more inclined towards domestic markets rather than concentrating on the growing need to globalize (Craig S. Fleisher, 2004, P 43). The New Zealand business sectors are optimistic that competitor intelligence has more important role to play in the due of time. The New Zealand business sectors sensed the constraints they need to overcome to sustain in their respective business but they are yet to open to the implementation of competitor intelligence strategies to raise their business levels to globally acceptable level. The business sectors are not ready to face the realities like the constraints they need to know about their external environment they are into. To address these new business requirements the business entities need more resources like internet, product patent information etc (Patents and competitive intelligence). The modes of business education were only