From the course: Data Analytics for Students
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Assess competitive intelligence
From the course: Data Analytics for Students
Assess competitive intelligence
When you're working in the business world, especially in data analytics, it's important to remember that every company operates in a competitive environment. Even if you don't think about competitors often, executives definitely do. That's where competitive intelligence comes in. Competitive intelligence is the process of gathering, analyzing, and applying information about your competitors and the overall market so you can make smarter business decisions. A simple example is the gas station industry. Think about driving down a street lined with multiple gas stations. Most of the time, the prices are nearly identical. That's because gas stations constantly monitor each other's posted prices and adjust quickly to stay competitive. If one gas station ignored its competitors and another dropped its price by even $0.10, that station would lose a lot of customers. To succeed in a competitive business landscape, companies need to gather intelligence on their competitors so they can make…
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