Question

Explain the concept of competitive intelligence. Provide one example of how your institution (university or college) can use competitive intelligence

Answer 1

Competitive intelligence also known as corporate intelligence  is the process of gathering analyzing, and using information collected on competitors, customers, and other market factors that has contributed to a business's competitive advantage.It is necessary because it makes business thorough about their competitive environment as well as the opportunities and challenges it presents. Businesses analyze thus obtained information to create effective and efficient business practices.On defining competitive intelligence, it assembles actionable information from various published and unpublished sources that are collected efficiently and ethically. Ideally, a business successfully employs competitive intelligence by developing a detailed image of the marketplace so it may foresee and respond to challenges and problems before they happen.

The elements of competitive intelligence in the Higher Education Sector are widespread and complex. The market is competitive for revenues and as well as students. The global event  is clearly accepted in the major-English speaking countries: Canada, the US,Australia and UK. In this scenario of increasing competition, universities recognise the necessity for market themselves. Newman, Couturier, and Scurry (2004) described Market influences and competition for profit are clearly evident throughout the higher education. The sources of revenue has become a consistent pressure and identifying chances for development and strategic positioning is now necessary for survival. This offers the opportunity for universities to change their institution's vision away from the traditional methods
of revenues earning and information treatment and identify new ways which are unique, different,marketable and profitable.