Question

Read the below scenario and write how will you apply competitive intelligence cycle. Explain the steps with suitable examples. A telecom company wants to entre in Asian market, the primary goal of the company is to enter and settle down in Asia. The long-term goal is to be no. 1 Telecom Company in the market. The existing plans of telecom is quite attractive but every company is afraid of its direct and indirect competitions in local as well as global market. If we see the history, telecom industry had tremendous growing up despite of competition level.

Answer 1

Competitive intelligence cycle is process in which we gather the facts and figures, examine them and create a plan for tackling competition, satisfy the customers the information related to the competitors and make changes in the product and also focus on any other requirements as and when required. This cycle helps in creating a full proof plan for the success of the business. For being a no. 1 company the in Asia the company must develop a competitive intelligence cycle so that they can beat their competitors and flourish and expand their business. There are various steps involved in the competitive intelligence cycle. These are:

1. Identification of the competitors: in order to increase and expand the business, the company must identify its competitors who are present in the market.

2. Identification of the areas which needs to be addressed: after the identification of the competitors, the company must focus upon the areas in which they are lacking behind their competitors. This help in booting the graph of the company’s sale also over a period of time.

3. Gathering information regarding the products and services of the competitors: This will help in creating a vision regarding the change in the marketing strategy and modification in the product can also be conducted to increase the sales. This step requires a lot of time so that a plan could be made which can take the company to a new heights.

4. Development of competitive analysis: once the information is gathered the next step is to develop a competitive analysis i.e. to bifurcate all the facts and prepare a data so that the company could focus on the weak points and can make a bridge so that they can beat their competitors.

5. Communication of the facts: the next step is to communicate your findings and results to the stakeholders and the employees so that further actions could be taken A company can only survive when the stakeholders and the employees support the company because they are the one who decides the future graph of the company. So, the findings must be shared with them and any positive suggestions must be addressed.

6. Formulating the data into result: the last step is to work towards achieving the goals of earning profits and being at number 1 position. All the above actions are done for one goal to achieve and earn profits. So, all the facts which are gathered must be put together so that meaningful results can be derived.

All these steps were involved in the competitive intelligence cycle. This will help the company to design a plan so that the competitors can be beaten up and the sale volume could be raised. The transformation of the collected facts will help in developing a plan which is far better than the competitors and capture a huge market segment.