Quick Answer: Is Competitive Intelligence Ethical?

What is the goal of competitive intelligence?

The goal of competitive intelligence is for a business or individual to be able to make smart and strategic decisions with that information.

These decisions can be made when the risks and opportunities are better understood..

What is the difference between competitive intelligence and customer intelligence?

Broadly defined, marketing intelligence is data gathered and analyzed to gain a picture of the larger market. The purpose of marketing intelligence is to understand customers and their consumer behavior. … By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors.

How do you get competitive intelligence?

Competitive intelligence can be gathered by going through business ads or visiting the competitor’s website. A company can learn which business practices consumers like best by searching through business reviews. None of these information-gathering techniques carry direct financial costs.

What is the difference between competitive intelligence and corporate espionage?

By contrast, corporate espionage may involve a number of illegal activities—lying, bribing, spying, or bugging a facility in order to illicitly obtain information. While competitive intelligence is characterized by honest research, espionage is by definition shady and secretive.

Why is corporate intelligence important business?

Utilizing CI means you’re looking at your competitors as well as their operational, organizational and commercial practices to give you the tools to make informed decisions for your business. CI makes it easier to understand the strengths and weaknesses of your competition, which improves your business intelligence.

Is Competitive Intelligence illegal?

Key points: Competitive intelligence is a legal business practice, as opposed to industrial espionage, which is illegal. … There is a process involved in gathering information, converting it into intelligence and then using it in decision making.

How can you engage in competitive intelligence without being unethical?

Building An Ethical CI StrategyIdentify your competitors.Identify areas of interest to track in your competitors’ digital footprints.Gather your intel.Create a competitive analysis.Communicate the intel.Turn your data into actionable results.

What is competitive intelligence gathering?

Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.