Competitive Intelligence: Needed A New Way Of Thinking About Competition
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- Written by: LUMINIS
- Category: Business Management Blog
Today’s marketplace is about the landscape where competition is the predominant factor. Companies can now no longer rely on ‘market growth’ to propel their sales and profits to higher levels. They must gain market share at the expense of competitors and prevent their enemies from raiding their own positions. Competition thus should be the central focus of business strategy in today’s environment. The informal, ad hoc approach to competition in general, and information gathering in particular, is no longer adequate for success in today’s crowded and aggressive marketplace.
Most companies are facing the same problem: how to improve profitability in the face of competitive forces that work against profit growth.
The outlook for the coming business environment presents the prospect of even more intense competition, so it is vital that those firms seeking a long-term market presence appreciate the significance of transferring market share from their competitors. Those that don’t, could become tomorrow’s casualties.