Emerging Trends in Competitive Intelligence: Competitive intelligence has various emerging trends in today’s business marketingenvironment. Also, Many top corporations are fighting to remain supreme in this area. That means some of these trends taking shape today may remain influential in business for years. If you’re looking to achieve competitive intelligence with your enterprise, you need to understand the strategies and incorporate them into your marketing endeavors.
Here is the article to explain, the Emerging Trends in Competitive Intelligence by define Netbase Quid.
The following Emerging Trends in Competitive Intelligence define by Netbase Quid below are;
Social Media May Shape the Biggest Trends
What’s occurring on social media platforms in real-time may shape most of the emerging trends from the look of things. However, the tone on social media channels may be sour at the moment due to the effects of the coronavirus pandemic. Also, It means organizations need to monitor emerging trends that come first as discussion topics on their pages. Such events may be vital in defining your clients’ attitude towards your enterprise in the future. For example, you should be sure the trends are favorable for your brand.
It Is Time to Monitor Your Online Reputation
Organizations must keep watch of the possible negative impact of misjudging a reply or a post. For example, you should avoid posting content that may seem to make fun of an individual because of their political affiliations, race, or gender. Also, That could make your online reputation a nightmare.
What’s the best way to ensure a positive online reputation? You need to make sure your comments and posts on social media channels are neutral and positive. Also, Monitor ongoing discussions on your social media pages and understand the tone. These areas are vital for businesses looking to maintain a positive online reputation and credibility.
Platforms Like NetBase Quid Are Becoming More Influential in 2021
Apart from social media channels, are you aware of platforms like NetBase Quid? These are essential in helping you understand and incorporate emerging trends in your business. For example, NetBase Quid is one of the platforms you may need to focus on in 2021 and beyond. According to some digital experts, NetBase Quid is a critical market intelligence and consumer channel.
What does this mean for you as an entrepreneur? NetBase Quid and other platforms like this are a benefit to business market research. For example, you can utilize such channels to access massive useful data and information on the internet. You can design cutting-edge marketing strategies using such tools in seconds.
Market Research Channels Are Becoming More Influential
It is evident these platforms create enhanced marketing possibilities for businesses. Also, You can access instant data and use it to formulate a relevant campaign to target your demographic effectively. You can also utilize such channels to access a new audience with potential clients. Accessing data and information in seconds offers a unique perspective for your marketing endeavors. It means you can use it to gain competitive intelligence over other businesses.
Digital experts anticipate changing how to conduct marketing and research on the internet, thanks to the innovative platforms. While there are many emerging trends in 2021, entrepreneurs need to pay attention to these proper channels for their marketing strategies.
NetbaseQuid
Netbase Quid is a data analytics channel that provides indexed resources, including forums, patent applications, business filings, news articles, product reviews, consumer reviews, and social media posts. Also, Business owners can rely on the tool to aggregate, analyze, and visualize to uncover emerging trends, market, and consumer insights. The cutting-edge platform provides real-time, clear, and actionable results, enabling clients to differentiate between non-essential and vital business issues. It empowers them to data-driven and smarter decisions with efficiency.
As a business owner, it’s crucial to understand valuable digital marketing strategies to attain competitive intelligence. Also, Utilizing emerging trends in 2021 is one of the best ways to achieve your marketing goals.
Netbase Quid: Defining Emerging Trends in Competitive Intelligence.
What does Competitive Intelligence (CI) mean?Benefits of Competitive Intelligence;Competitive intelligence (CI) is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization. Need and Benefits of Competitive Intelligence with Objectives and difference. The growing competition in the business industry has made it necessary for any company to stay in competition or have a competitive advantage over its competitors, adequate and relevant information about the competitors need to receive or know at the right time in other to make a good strategic business decision.
Know and Understand the Explanation of Competitive Intelligence.
Definition by business Jargon’s: In business parlance, competitive intelligence can understand as the process of identifying, gathering, evaluating and disseminating, information concerning competitor’s strengths and weaknesses, products, and customers, which a firm requires for strategic decision making. In other words, it is a legal and ethical practice that helps in improving the firm’s competitive ability and capacity.
Discussion of the topic “Competitive Intelligence” first Meaning of Competitive Intelligence, Definition, Why need be Competitive Intelligence? then Benefits. We can also discuss the Objectives with the Difference between Competitive Intelligence and Market Intelligence.
Competitive intelligence or otherwise called as early signal analysis encompasses information relating to competitor’s plans, products, next moves, and actions. Such intelligence influences the organization’s plans and strategies. Add to that, it helps in prior ascertainment of opportunities and threats in the marketplace, before they are apparent.
Competitive intelligence [Hindi] defines as a systematic process that transforms random bits and pieces of data into strategic knowledge. This information comprises about competitors, customers, technological, environmental, product, and market in. others to make a good strategic decision.
Competitive intelligence is described as those activities a company undertake in determining; and, understanding its industry as well as identifying and understanding the competitors, also determine and understand their weaknesses and strength and anticipate their next moves.
This definition of competitive intelligence tends to identify/determine, understand, and anticipate industry and competitors. Furthermore, competitive intelligence is a process of monitoring the competitive environment, to provide actionable intelligence that will enhance a company’s competitive advantage over its competitors.
Why need be Competitive Intelligence?
In today’s changing business environment, organizations need to implement competitive intelligence because:
Business activity is increasing rapidly:
If customers expect businesses to deliver goods as quickly as possible as well as communicate with them with a faster means of communication. To meet these requirements organizations need efficient management and CI.
Needed Business Information overload:
Organizations are privileged to collect a lot of information, but organizations do not have the idea of which information is relevant. Competitive intelligence will assist in analyzing the collected information, filter it, learn what is relevant, and use it to benefit various business decisions and strategies.
Global competition Increase by new competitors:
Companies are now moving across their original borders into another country. For example, financial firms like HSBC can be found in several countries in which they constitute a threat and complete with the home companies.
The existing competitor is becoming more aggressive:
Competitive intelligence will help organizations forecast competitor’s actions and allow organizations to be proactive because all companies want to acquire more market share and customers.
Political changes affect anybody quickly and forcefully:
Deregulation of business such as retail, insurance, and aviation industry create more threat to organizations in other sectors because their sector can also be deregulated; but implementing CI the organizations will keep informed about the proposed political change that might affect the business.
Technology is going to change by Rapidly:
As organizations can all observe that technology is changing rapidly to the extent that something new happens in the computer industry like breakthroughs which tend to create new opportunities.
For example, the iPhone held the highest market share as well as the highest customers but when the Samsung Android and Redmi came into the picture and video, iPhone’s market share and customer base starts to decline. However, if organizations implement competitive intelligence, it will keep track of technological changes in the industry and other industry that is important to an organizations survival.
Important Benefits of Competitive Intelligence:
A formal Benefits of competitive intelligence program can do the following;
Change in the marketplace:
Companies that observe the marketplace tend not to caught unawares, but companies that fail to observe the market place tend to pay a high price for their mistake.
The action of competitors:
Competitive intelligence activity will create an opportunity to understand what competitors are trying to do in other to outsmart their competitors.
Discover new or potential competitors from Business:
Competitive intelligence activity will provide an insight into the new segment or market a competitor is entering.
Learn from the success and failure of other Competitors:
Competitive intelligence activity will investigate if the customer is happy with competitors and use their findings as a yardstick for development.
Know how to Increase the range and quality of acquisition target?
Competitive intelligence activity will create insight on target company for acquisition because not all company that posses as a threat are worth acquiring. After all, some companies create deception.
Know about new technology, products, and processes that affect business:
Competitive intelligence activity tends to reveal if the project being embarked upon by their company is worth investing in or needs additional resources or the project needs to be shut down because some projects don’t worth any extra expense or resource.
Know about political, legislative, or regulatory changes that can affect business:
The competitive intelligence activity will help analyze the impact of a law or regulation proposed by the government because this government law affects everybody and forces all to change.
Startup new business:
Competitive intelligence activity will help organizations decide if they should enter a new business by observing the success and failure of the market competitor.
Look at own business practice with an open mind:
Competitive intelligence activity will expose organizations to new ideas and concepts because their method of business might be stale and outmoded. Also, it will help organizations to be externally focused.
CI management tool is Help for implements:
Competitive intelligence activity will provide organizations with relevant information that will assist organizations in re-engineering as well as enhancing customer satisfaction.
Need and Benefits of Competitive Intelligence with Objectives and difference, #Pixabay.
Objectives of Competitive Intelligence:
The following objectives below are;
To provide an advanced warning of risks and opportunities, such as mergers, takeovers, alliances, new products, and services.
To make sure that strategic planning decisions rely on relevant and up-to-date competitive intelligence.
Competitive Intelligence intends to make the firm more competitive concerning the environment in which the firm operates, i.e. competitors, customers, distributors, and other stakeholders.
To ensure that an organization can adapt and respond to the changing business environment.
To provide a periodic and systematic audit of the firm’s competitiveness; which provides an unbiased evaluation of the firm’s actual position, concerning the environment.
Difference between Competitive Intelligence and Market Intelligence:
These differences from infinite research; Often, we come across several terms in business that sound more or less the same; but they turn out to be completely different. Before getting into the differences, let us cut to the chase and get to the basic point of similarity between competitive intelligence and market intelligence. Both these types of intelligence help companies to gain a better foothold in the market and require a considerable amount of accurate research to succeed.
So, what is the key difference between the two? Here goes – Competitive intelligence is the strategic study used by companies to understand their industry and track the moves of their rivals. On the other hand, market intelligence is a broader concept; which includes the research conducted by a company on the external market it wishes to enter, its competitors, and customers. By differences, you’ll understand the Benefits of Competitive Intelligence.
What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. #Pixabay.
What meant by Competitive intelligence?
DescriptionCompetitive intelligence is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
What meant by Market intelligence?
Description Market intelligence is the information relevant to a company’s markets, gathered and analyzed specifically for accurate; and, confident decision-making in determining strategy in areas such as market opportunity, market penetration strategy, and market development.
But that’s not all; there are other factors as well that differentiates the two, curious to know what they are?
The focus of the Data Collected:
As discussed, market intelligence gives a larger picture to companies about the market and customers. This means that it is more client-focused, which helps companies to understand their customers and the general consumer behavior better. Competitive intelligence is more business-focused as it comprises data about a company’s competitors and their business strategies.
Digging Deeper into the Data:
Customers are in the spotlight in case of market intelligence; therefore, the data gathered in this type of business intelligence involves economic; and, social statistics of people such as demographics, population, consumption, and demand. On the other hand, competitive intelligence helps companies identify competitor’s strategies, their strengths, and weaknesses; the chunk of the market share they own; how their tactics are impacting your business, etc.
The Game Plan:
While the ultimate aim of both these strategies is to reduce business risk and up the game in the business; the data focus of both these techniques is very different. Therefore, their application in a formal business plan of a company also differs. Market intelligence employee by businesses to improve their existing product offerings and develop new and innovative products; which will ultimately result in improved customer loyalty.
Competitive intelligence use by companies to plan specific strategies to overcome the competition from various competitors in the market. Each competitor will have different business strategies and tactics and with the help of competitor intelligence, companies can plan different counter-tactics for each of them.
References:
Need and Benefits of Competitive Intelligence – www.mbaknol.com/modern-management-concepts/competitive-intelligence-ci/
Definition and Objectives of Competitive Intelligence – businessjargons.com/competitive-intelligence.html
Difference between Competitive Intelligence and Market Intelligence – www.infinitiresearch.com/thoughts/competitive-intelligence-vs-market-intelligence
Competitive Intelligence (CI): CI means understanding and learning what is happening in the world outside the business to increase one’s competitivity. What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. It means learning as much as possible, as soon as possible, about one’s external environment including one’s industry in general and relevant competitors.
Know and Understand the Concept of Competitive Intelligence (CI).
Competitive intelligence (CI) is the coordinated and purposeful monitoring of competitors, products and customers in a specific marketplace or industry. This data is used by managers and executives to make better strategic decisions for an organization. Competitive intelligence includes the action of gathering data and defining the subsequent distribution of intelligence about services, products, customers and even competitors.
CI is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
Introduction to Competitive Intelligence (CI):
According to the medical dictionary, Intelligence is the potential ability to acquire, retain, and apply experience, understanding, knowledge, reasoning, and judgment in coping with new experiences and in solving problems. Intelligent Quotient (IQ) is a measure of intelligence obtained by dividing the mental age by the chronological age and by multiplying the result by 100.
IQ = Mental age x 100 Chronological ageGeneral Intelligence includes verbal aptitude, quantitative aptitude, perception, memory, reasoning, artistic talent such as proficiency in music or art, creativity and ability to use thought and imagination to produce original ideas. Also studying, Integrated Marketing Communications (IMC): Definition, Components, and Process.
The basic presentation (PPT) of Competitive Intelligence (CI):
Meaning and Definition of Competitive Intelligence (CI):
The growing competition in the business industry has made it necessary for any company to stay in competition or have a competitive advantage over its competitors, adequate and relevant information about the competitors need to be received or known at the right time in other to make a good strategic business decision. Competitive intelligence is defined as a systematic process that transforms random bits and pieces of data into strategic knowledge.
This information comprises about competitors, customers, technological, environmental, product and market in. other to make a good strategic decision. Competitive intelligence is described as those activities a company undertake in determining and understanding its industry as well as identifying and understanding the competitors, also determine and understand their weaknesses and strength and anticipate their next move(s).
What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. #Pixabay.
This definition of competitive intelligence tends to identify/determine, understand and anticipate industry and competitors. Furthermore, competitive intelligence is a process of monitoring the competitive environment, with the aim of providing actionable intelligence that will enhance a company competitive advantage over its competitors. Competitive intelligence propels the decision makers to smarter more successful decisions, thereby minimizing risk, avoiding being blind-sided and getting it right the first time.
Finally, CI is a “process” because it involves gathering, analyzing and applying information about the product, competitors and the entire environment which includes the supplier, regulatory body, partners and so on and it’s a “continuous activity” because the business environment changes as the world changes which usher in more competition. Also, it gathers adequate “relevant” information at an appropriate “time” because it is vital a company gets its decisions and moves correctly for the first time.
CI has three defining characteristics:
It focuses on the external business environment rather than internal matters.
It involves gathering information and converting it into intelligence that can be used by the organization. If the intelligence is not usable or actionable, then it is not considered real intelligence, and.
As opposed to illegal industrial espionage, CI is considered an important and ethical business practice.
What is Difference between International and Comparative Human Resource Management? Meaning and Definition!
International Human Resource Management (Human Resource Management)
Due to increased globalization and easy mobility and communications between countries, companies operate at international level. The major task for organizations which operate across international boundaries is to manage. The dissimilar stresses of the drive for integration and differentiation. In the broader sense, International human resource management process has same activities as in Domestic HRM such as planning and staffing. However, domestic HRM is operated in one nation And IHRM activities are involving in different countries. International Human Resource Management is a branch of management studies that examine. The design and effects of organizational human resource practices in cross-cultural contexts.
It occupies an exciting position in the interstices of international business. Human resource management and organizational behavior, scholarships. The theoretical study explains that International HRM is the interplay between three dimensions: HR activities, the types of people being employed in the organization and the different countries that an organization is operating in (Dowling, 1999). Complexities caused by these last two variables are what differentiates international HRM from domestic HRM, as the HR activities themselves are relatively similar.
Comparative Human Resource Management (Human Resource Management)
The meaning and impact of comparative human resource management. Many scholars of HRM have to focus on a narrow definition of the topic that fits the liberal market agenda widespread in some countries but fails to capture the reality of any country – a problem brought into stark relief by comparative studies of HRM. On the basis of that analysis, it will be argued that multiple stakeholder perspectives focused on the long-term benefits to organizations. Employees and the wider community is a more powerful analytic tool. New Roles of Human Resource Management in Business Development.
As an increasing number of organizations seek to operate in foreign markets. It is vital that management practitioners develop a better understanding of, and sensitivity to, the impact of different national settings on the management task. In the field of cross-cultural management/organization, scholars have sought to assist practitioners in achieving. This by conducting research that has generally guiding by two key questions: (1) what is general and universal in the management of organizations, and (2) what is peculiar or specific to one nation or culture?
Difference between international and comparative HRM
International Human Resource Management has defined as HRM issues, functions. Policies and practices that result from the strategic activities of MNEs. International Human Resource Management deals principally with issues and problems associated with the globalization of capitalism. It involves the same elements as domestic HRM but is more complex to manage. In terms of the diversity of national contexts and types of workers. The emphasis is on the MNCs’ ability to attract, develop and deploy talented employees in a multinational setting and to get them to work effectively despite differences in culture, language, and locations. International HRM tends to mitigate the impact of national culture and national employment practice against corporate culture and practices.
Comparative Human Resource Management, on the other hand, is a systematic method of investigation. That seeks to explain the patterns and variations encountered in cross-national HRM rather than simply describe HRM institutions and practices in different societies. Different national business systems arise from differences in specific historical, cultural and institutional heritage in certain countries. Comparative differences occur due to decisive historical events such as the process of industrialization or due to the legacy of pre-modern forms of social organization. Hofstede adopted the ‘culturalist’ perspective where he argued that national business styles emerge due to ingrained cultural attitudes and mental schemas. He described culture under five dimensions which are power distance, individualism, masculinity, uncertainty avoidance and long-term orientation.
Human Resource Management policies and practices are becoming universal and that country-of-origin effects are no longer relevant. The pressure to build standardize operations internationally is strongest in sectors. Where competition is highly internationalizing, and where firms compete on the basis of a similar product or service across countries. Such as in cars and fast foods. They have put forward several reasons to explain this trend.
Firstly, all MNCs operate in one global market and therefore have to respond to the same environmental pressures such as globalization and technology. The growth in international trade and the move towards an internationally-integrated financial system.
Secondly, the widespread practice of benchmarking ‘best practice’ in terms of cost. Quality and productivity may also have contributed to the convergence of international HRM models for e.g. Japanese style ‘lean-production’ system in the 1980s and 1990s. Moreover, these pressures towards convergence stem in part from the influence of MNCs themselves through. Their ability to transfer practices across borders and erode country-of-origin effects.
Finally, the formation and development of like-minded international cadres mostly from American or European business schools. May have contributed to homogenize international HRM policies and practices.
Since the early 1990s, the international HRM literature has dominated by models and typologies aim at identifying how international HR fits with organizational strategy. The main issue for all multinational companies is the need to trade-off the advantages global efficiency namely. The coordination of its operations to achieve economies of scale and scope as opposing to the need to differentiate its products and services to meet the local demands. They also identify a third pressure, namely worldwide innovation and learning. Whereby firms are encouraging to support innovation and learning across. Their network of subsidiaries rather than simply relying on research and development at the headquarters. MNEs then follow the appropriate HRM policies and practices according to the structure of the organization. The competitive strategy is chosen or stage of corporate evolution reach.
Taylor’s model of strategic international HRM has described below
Exporting: This is essentially a model where the HQ management takes home country management approach and try to implement them in their foreign subsidiaries in order to achieve economies of scale. In this model, there is a system of hierarchy and a centralized control. This is especially useful in instances of an uncertain political environment and high risks demanding greater control from corporate parents. Given this pattern of centralization, there is a considerable amount of ‘forward policy transfer’ and less ‘reverse transfer. From subsidiaries to the HQ, i.e. they rely mainly on the technical know-how of the parent company. Strategic Role of e-HR (Electronic Human Resource).
Global firms offer products or services that are standardizing to enable production to carry in a cost-efficient way. Their subsidiaries are not subject to rigid control except over the quality and the presentation of the product or service. This structure is normally associate with the American firms with their formalize. Bureaucratic control and a dominant finance system to internalize risks. What is Need? The Do and Don’t in Diversity Management.
Adaptive: Differences in the host environment demands and conditions mean that overseas subsidiaries have to operate independently. This is common where departing from established practices in host environments is unlawful. For example, in some Germany, there is a legal obligation to negotiate with employee representatives concerning major organizational changes. In other cases, transferring practices may be legal but would go against traditional practices at the risk of losing goodwill from staff. Firms may decide to forgo HQ control if there is the possibility to exploit most efficiently the local labor markets. For example, MNCs which origin from high-cost highly regulates economies such as Germany may well choose not to transfer important elements of their HR systems. Such as collective bargaining or apprenticeship if they move to lower wage, lightly regulated economies such as China.
Integrative: It is also argued that the more management processes and activities can integrate across geographical boundaries. The easier it is to share resources and knowledge. They can identify and best use the skill and management talent. That exists across the MNC network allowing for both global integration and local differentiation.
As mentioned previously, international HRM processes consist of the same activities as domestic HRM but applied in an international context. These include an accurate human resource planning to ensure that the MNCs have the right people at the right place around the world. Good staffing policies that capitalize on the worldwide expertise of expatriates and locals. Performance appraisals that fit with the competitive strategies of the HQ. Adequate training and development to ensure that expatriates. Do not suffer from ‘culture shock‘ and compensation policies that are strategically and culturally relevant. The focus in international HRM strategy is how MNEs coordinate. Their geographically dispersed operations strengthening the organizational culture. Promoting commitment and encouraging willingness in employees to act in the interests of the firm.
Reference
1. International Human Resource Management – https://www.civilserviceindia.com/subject/Management/notes/international-human-resource-management.html
2. Comparative HRM – https://answers.yahoo.com/question/index?qid=20110221002250AApRjIq
3. Difference between International and Comparative HRM – https://www.ukessays.com/essays/business/difference-between-international-and-comparative-hrm.php
