Economic Gardening The Role of Competitive Market Intelligence Michael W. Trahan 25 September 2011
It is wiser to find out than to suppose Mark Twain
The Role of CMI in Economic Gardening Data does not equal knowledge its useful, but unless you can take that data and use it to change or validate your course of action, regardless of the quantity you possess, it means nothing. The true benefit of data is when it is synthesized into knowledge.
The Role of CMI in Economic Gardening Competitive Market Intelligence (CMI) Competitive Market Intelligence is an integral part of the business decision- making process and helps to achieve and maintain competitive leadership. It develops understanding, creates insight and drives action for general management and individual business function leadership (e.g., strategy, marketing, sales, technology development, finance, human resources, etc.). Competitive Intelligence professionals identify competitive trends, provide early warning on threats and opportunities in the evolving competitive landscape and evaluate their impact. They help decision- makers understand the competitive implications of current and potential decisions and drive action across the company through timely, impacting deliverables.
The Role of CMI in Economic Gardening Market intelligence concerns the attitudes, opinions, behavior, and needs of individuals and organizations within the context of their economic, environmental, social, and everyday activities. Competitive intelligence is a systematic and ethical program for gathering, analyzing, and managing any combination of Data, Information, and Knowledge concerning the Business environment in which a company operates that, when acted upon, will confer a significant Competitive advantage or enable sound decisions to be made. Its primary role is Strategic early warning. Competitor intelligence is a subdivision of Business intelligence that concerns the current and proposed business activities of competitors.
The Role of CMI in Economic Gardening Business intelligence is now widely accepted as being concerned with Information technology solutions for transforming the output from large Data collections into Intelligence; usually through the integration of sales, marketing, servicing, and support activities. Also loosely referred to as Customer relationship management, it covers such activities as Data mining and Enterprise reporting, and the associated software. Those involved in business intelligence tend to regard it as one aspect of Knowledge management. Systems based on such software were formerly known as Executive information systems.
The Role of CMI in Economic Gardening Any information flow and data transfer needs well designed and thoroughly established processes both system-wise and for individuals to work along well defined operational boundaries.
The Role of CMI in Economic Gardening Competitive Market Intelligence Analysis and Techniques SWOT Analysis Porters Five Forces Analysis - Five Forces Push Back Strategies PEST Analysis Market Research Tools
The Role of CMI in Economic Gardening What are the main things that you think the company or product is better in than any given competitor? What are the main things that you think the analyzed company is worse in than any given competitor? What are the really big threats facing the analyzed company in the analyzed environment? What are the major opportunities that are being presented to the analyzed company? One tool to use is the SWOT Analysis. SWOT analysis is otherwise also defined as a structured approach to evaluating the strategic position of a business by identifying its strengths, weaknesses, opportunities and threats.
The Role of CMI in Economic Gardening An example of a SWOT Chart
The Role of CMI in Economic Gardening Porters Five (5) Forces Analysis Identifies competitive opportunities and attractiveness in any industry or market. Developed by Michael Porter (Harvard, Competitive Strategy 1980) the so called 5 Five Forces Analysis model helps to better identify factors that shape the character of competition, to assess the structural attractiveness and business value of any industry and to pinpoint strengths and weaknesses in a company. It is designed to explain the relationship between the five dynamic forces that affect an industrys performance; these are the: intensity of competitive rivalry; threat from new entrants; threat from substitutes; bargaining power of buyers; bargaining power of suppliers.
The Role of CMI in Economic Gardening PEST Analysis A framework to identify external market factors of potential change: Politics, Legislation Governmental topics, taxation issues, environmental controls and dependencies, subsidies & quotas regulations, employment and labor laws, consumer legislations and regulations, competition issues, health & safety concerns and issues. Economy, Business Environment Industry growth potentials, the various investment levels, strategies and positions, costs of raw materials and supply streams, divestments or capacity shifts at the supply base, energy availability and utility cost, transportation, logistics factors, consumer spending and its projected trend, inflation concerns and macro economic indicators, unemployment rates and other labor market indicators, disposable income, borrowing patterns, loan structures, debt signals, future prospects.
The Role of CMI in Economic Gardening Society Demographics shifts and changes, wealth distribution, social mobility, institutions, education, schooling, lifestyle trends, use of time, attitudes to work, leisure, relationships, family, fashion, focus and development of interests. Technology Innovation rates, development times, technology investments, adoption speed and product life cycles, cost reductions (deflation), return on investments, technology incentives, government investment, cross technological networking and developments.
The Role of CMI in Economic Gardening Market Research Tools Here is a few of the things a good tool provides: How much Demand there is on the Net for that product How much Competition you will be up against What kind of Advertising others are using to sell that product Who your Competitors are How much they pay for Advertising eBay Auction listings and bids for your product The Keywords your competitors are using and much more!
The Role of CMI in Economic Gardening Questions
Contact Information Michael Trahan Alternate Axis, LLC mwtrahan@AlternateAxis.com www.AlternateAxis.com +1 703 302 9302