Strategic Management

Table of Contents

Question 1: Competitive Intelligence and its three basic Objectives3

Three Basic Objectives of CI Program3

Objective 1:3

Objective 2:4

Objective 3:4

Question 25

Question 36

External Factor Evaluation6

Internal Factor Evaluation Matrix8

Competitive Profile Matrix9

Question 49

Mission Statement of University of Northern Virginia9

Question 59

Vision Statement of University of Northern Virginia9

References10

Strategic Management

Question 1: Competitive Intelligence and its three basic Objectives

As per the website of SCIP (Society of Competitive Intelligence Professionals), the process of ethically and systematically gathering and analyzing information and facts about the activities of the competition and trends in general business to advance one's own business goals is called as “Competitive Intelligence” (CI).

It is vitally important for the success in business to have a good competitive intelligence. In order to have more success to formulate and implement effective strategies, a company must obtain more knowledge and information about its competitors. The key threats for a company can come from the competitor's strengths and the external opportunities can be generated from the weak areas of competitor.

Three Basic Objectives of CI Program

Study has highlighted three basic objectives for the competitive intelligence program (David, 2005, pp 77-78).

To obtain an overall realization of the competitors and industry.

Identifying weak areas of the competitors and to estimate the effect of strategic actions on the competitor.

To contemplate and foresee the actions which can be taken by the competitor which can impact the company's market position.

Objective 1:

It is said that “the only thing constant is change”. It is very necessary to continuously monitor the industry in which we are working for changes and initiatives. By setting up teams to scan through newspapers, internet, TV and other marketing campaigns, and other factors of the industrial economy, the company can adapt and improvise its strategies before hand and safeguard themselves from any opportunity cost and loss. The intelligence gathering of competitor, its strategies, whether they are divesting their business, diversifying, going for integration all have an effect on the market and on the all competitors and firms who are monitoring their competitors ethically can benefit from a heads up.

Objective 2:

A competitor's weakness can provide numerous external opportunities for the firm to exploit. It is often the strategy by competitors to analyze the weakest flank of the business and then start the attack on the business from that flank to overcome competition. The company can also analyze the potential impact of its strategies on the competitors. If the competitor has strengths like financial strengths with marketing talent, then a strategy of targeting their product weakness with promotional and advertisement campaigns will prove to be in vain. The weakness of the competitor of not fulfilling a profitable segment well can also provide the opportunity of the company to target its resources in fulfilling that segment.

Objective 3:

Gathering competitive intelligence can enable a firm to foresee the actions being taken by the competitor estimate its strategies and then plan better strategies of its own to counter the effect. If a beverage company is diversifying in water business then industry intelligence can highlight this ...