When you can't see the forest for the trees, it means it's time to get out of your world and look around. The formal practice of obtaining competitive intelligence really Fax Lists took off in the United States in the 1990s. In , the Society of Competitive Intelligence Professionals was established and has grown to membership worldwide. Competitive Intelligence Professionals . The business of competitive intelligence is a big business among major corporate entities. In fact, many have formed their own teams dedicated to focusing on competitive threats and analyzing potential opportunities in the market. Business Strategy Capstone Analysis A gentleman named.
Albert Humphrey first introduced this method of planning for assessing the strengths, weaknesses, opportunities and threats associated with a project or business. It can be used to gain a deeper understanding of a product, place, industry or individual. When it comes to gaining competitive intelligence, it's a great starting point to begin to understand the blueprint of the competitive landscape and weigh your company's strengths against others in similar fields. Here is a step-by-step breakdown of the analysis Strengths What characteristics of the project or business give it a distinct advantage over others Weaknesses What are the weaknesses Opportunity Where can the company or product have the greatest impact Threats What will prevent it from succeeding Business Strategy students also learn that when conducting a competitor analysis, many companies use analysis to gain a detailed understanding of their competitors' strengths and weaknesses.