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Keep in mind that the practice of competitive intelligence is designed to be completely legal. It is not ethical to engage in illegal practices, such as espionage, to gather information. On the other side of the spectrum, how would you like it if your competition used illegal methods to gather information about you?
There are plenty of resources where you can gather information. It may take a little longer than outright information-theft, but at least your conscious will be clear.
However, there are certain practices that may enter into a gray area. When in doubt, consult with your lawyer or a business ethics expert to make sure you are approaching competitive intelligence from a completely legal standpoint.
Competitive Intelligence Introduction Help Needed? A Note On Ethics