As a business, you want to stay competitive. In order to do this, you need to constantly analyze the existing market for any relevant changes. As a business owner, the information you find and interpret is essential to your survival. In order for you to be successful, you need to adapt to any changes in the market or else you could lose money.
In order to truly understand how your company fits into the market, you need to understand which companies are your biggest competitors or who will be your biggest competitors in the future.
How can industrial or corporate espionage be compared to competitive intelligence? Competitive Intelligence research can be distinguished from industrial espionage, as CI practitioners in general abide by local legal guidelines and ethical business norms.
There is no general way of handling the results of a SWOT analysis which fits for each and every business. Every business is different and so are the actions deducted from the SWOT analysis. Here you will find some ideas what to do with the results from your SWOT analysis.
Strategic planning comprises the procedures of defining objectives and creating strategies to attain those objectives. A strategy is a long term plan of action designed to achieve a particular goal, as differentiated from tactics or immediate actions with resources at hand.
Keep in mind that the government is a potential resource while gathering information, especially if they are in some way involved with your company. It is helpful to consider them as part of your industry.
While there are many interpretations of the term "competitive intelligence," it is useful to view it as defined by the Society of Competitive Intelligence Professionals (SCIP) in first place.