Lecture 2 Flashcards
What is competitive intelligence?
Competitive 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
what is the challenge regarding competitive intelligence?
Its a data processing challenge cause they’re are a lot of sources of data.
and very competitive landscape knowledge can be stolen.
what should systems be ?
Systems must be time &
cost effective + provide
competitive advantage +
open to evolution and
adaptation
What is the benefit of competitive intelligence ?
1.to identify opportunities and potential customers
2. reduce reaction time which will provide company a competitive advantage
3.improves long and short term strategic planning
4.Create company benchmarks (thats identifying areas of improvement for company and goals to improve)
5.reveal how competitors to business
6.Provide guidance on pricing,
delivery, product development,
outsourcing and clinical research
decisions
More benefits of competitive intelligence?
- Anticipate changes in the
regulatory and reimbursement
environment that may profoundly
affect the firm or its industry
2.Identify emerging technologies
and their potential impact on the
competitive environment
3.Assess merger and acquisitions
candidates, joint-venture, academic
and alliance partners
4.Provide warning when key
strategic assumptions are changing
and prevent surprises
what is Information acquisition strategies ?
its acquiring information for other companies and possibly merging companies together to share information. Or its a strategy just to acquire info in general aka interviews, research, questionnaires for customers and journals.
Information acquisition strategies can be two things ?
Can be active and passive information acquisition strategies
what is active information acquisition strategies?
active searching of information through face-to-face communication, goal-driven attention
What is passive information acquisition strategies?
passive reception of information where information is received by the person without any intention to act on it.listening to a lecture or reading a book
why is knowledge sharing
and transfer within
company important?
For Succession planning
and Training new employees
Why do Company information resources vary ?
vary depending on size of company
Big pharma/big biotech: in-house library and information services
what company information resources do big pharma’s have ? hint there’s 5
1.Any paper/patent: anytime
2.Data mining capability
3. Specialist consultant reports
4. Market reports
5.Trade fairs
what is data mining ?
A process used by companies to turn raw data into useful information.
Examples of data mining ? hint there’s 5
-Machine learning
-database technology
-statistics
-visualization
-information sciences
How do small biotech companies do data mining ?
-balancing information budget with immediate needs.
-Strategic expenditure (journals, databases,
consultants)
-Proximity to university an advantage
-Internet resources vital
