CAT Exam > CAT Questions > Directions: The passage below is followed by ...
Start Learning for Free
Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.
Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Cola's secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady it's not one that they would adopt.
So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. It's important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.
Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they don't know how valuable it is and therefore don't mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldn't be bothered if it weren't answered. Long pauses also yield fantastic results as people don't like silence and will fill in the gap, though this requires much self-constraint.
Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.
Results don't always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.
Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.
In conclusion there is not much information on a competitor that can't be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.
So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. It's important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.
Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they don't know how valuable it is and therefore don't mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldn't be bothered if it weren't answered. Long pauses also yield fantastic results as people don't like silence and will fill in the gap, though this requires much self-constraint.
Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.
Results don't always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.
Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.
In conclusion there is not much information on a competitor that can't be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.
Q. Which of the following are prerequisites for a career in CI gathering?
- a)Lateral thinking ability
- b)Inclination to take risks
- c)Ability to solve jigsaw puzzles
- d)Comprehensive legal knowledge
- e)Sleuthing
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Directions: The passage below is followed by a question based on its c...
Understanding Competitive Intelligence (CI) Prerequisites
In the realm of Competitive Intelligence (CI), certain skills and attributes are essential for successful information gathering and analysis. Among the options provided, lateral thinking ability stands out as a key prerequisite.
Lateral Thinking Ability
- Definition: Lateral thinking refers to the ability to approach problems from new and unique angles, rather than through traditional or logical steps.
- Importance in CI: CI practitioners often face complex challenges where direct methods may not yield results. Lateral thinking enables them to identify unconventional sources of information and connect disparate pieces of data effectively.
- Application: For instance, understanding that valuable information can be obtained from unexpected individuals, like a security guard, requires a creative mindset to think outside conventional boundaries.
Other Options Explained
- Inclination to Take Risks: While some risk-taking may be involved, CI emphasizes legal and ethical methods, making this less crucial.
- Ability to Solve Jigsaw Puzzles: Although the analogy of piecing together information is used, solving jigsaw puzzles is not a direct skill needed for CI.
- Comprehensive Legal Knowledge: While understanding legal boundaries is important, it's not a primary requirement; CI focuses more on ethical practices.
- Sleuthing: This term implies secretive or dubious methods, which contradict the ethical framework of CI.
Conclusion
In summary, lateral thinking ability is critical for success in CI gathering as it fosters innovative approaches to information collection and analysis, making it the most relevant prerequisite among the listed options.
In the realm of Competitive Intelligence (CI), certain skills and attributes are essential for successful information gathering and analysis. Among the options provided, lateral thinking ability stands out as a key prerequisite.
Lateral Thinking Ability
- Definition: Lateral thinking refers to the ability to approach problems from new and unique angles, rather than through traditional or logical steps.
- Importance in CI: CI practitioners often face complex challenges where direct methods may not yield results. Lateral thinking enables them to identify unconventional sources of information and connect disparate pieces of data effectively.
- Application: For instance, understanding that valuable information can be obtained from unexpected individuals, like a security guard, requires a creative mindset to think outside conventional boundaries.
Other Options Explained
- Inclination to Take Risks: While some risk-taking may be involved, CI emphasizes legal and ethical methods, making this less crucial.
- Ability to Solve Jigsaw Puzzles: Although the analogy of piecing together information is used, solving jigsaw puzzles is not a direct skill needed for CI.
- Comprehensive Legal Knowledge: While understanding legal boundaries is important, it's not a primary requirement; CI focuses more on ethical practices.
- Sleuthing: This term implies secretive or dubious methods, which contradict the ethical framework of CI.
Conclusion
In summary, lateral thinking ability is critical for success in CI gathering as it fosters innovative approaches to information collection and analysis, making it the most relevant prerequisite among the listed options.
Attention CAT Students!
To make sure you are not studying endlessly, EduRev has designed CAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CAT.
|
Explore Courses for CAT exam
|
|
Similar CAT Doubts
Top Courses for CATView all
Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer?
Question Description
Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer?.
Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT.
Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Directions: The passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.Competitive intelligence, or CI for short, is all about collating information about your competitors, analyzing it and using the results to formulate plans and strategies to gain the competitive edge in the marketplace. Sadly, many people confuse this with spying or other cloak and dagger activities. Nothing could be further from the truth. Competitive intelligence uses legal and ethical methods in obtaining the information - anything else is not acceptable. Data must come from the public domain but this is not limited to published articles alone, indeed much information can come from interviewing people with experience or knowledge of the target companies. What is not acceptable is bugging, overhearing conversations behind closed doors or even attempting to gain trade secrets. Coca-Colas secret formula for example is a trade secret and no faithful CI practitioner would over attempt to discover it, but then Pepsi does not need to know what the formula is in order to compete effectively. CI practitioners abide by a strict code of ethics and these are far tighter than any legal constraints. If a method sounds in the least bit shady its not one that they would adopt.So where does the information come from? Information becomes available for a large number of reasons: financial information due to legal obligations and (in the case of public limited companies) duty to shareholders; product information to promote the company etc. This data emerges in from the annual reports, marketing material, applications for patents the list goes on. You must first have an understanding of why information becomes available, then think about where it might be obtained and then you can begin to work out how to obtain it. Its important to realize that information is very rarely held by only a few people. Normally the same information will be shared across a great number of sources and/or people. This is called the "information chain", and understanding it and following it is vital to the CI process. For example competitor prices are not only known by the company doing the selling but by the customers that have bought the product or service, so instead of trying to get the information from the competitor, try to get it from those that the competitor has already given it to! The information chain can be quite complex. Usually, actually obtaining the information is easy, it is thinking about where to get it from that is the difficult part. This can involve deep discussions in house and lateral thinking is a prized asset to have in this industry.Often the person who holds the information seems quite far removed from the heart of the matter - a company security guard for example. It is such people who not only have the knowledge, but they dont know how valuable it is and therefore dont mind divulging it. Interviewing to obtain information is a skill in itself, being too keen makes an interviewee very defensive and careful about their answers. One approach is to treat the most important question as the least significant; a question that it seems you wouldnt be bothered if it werent answered. Long pauses also yield fantastic results as people dont like silence and will fill in the gap, though this requires much self-constraint.Not all information comes from first party (or primary) sources, Indeed, not only is it sometimes quicker and easier to obtain from published (or secondary) sources where possible but it is also essential to conduct such searches before attempting to interview for further information. Company reports hold huge amounts of financial information about a company and they are available to anyone, for a small fee. But this is raw data and the accountants who drew them up usually hide sensitive information very well. A good CI practitioner is able to dissect these accounts, sorting through all the available data to produce some valuable analysed results. The rule of thumb is to start at the back and work to the front since much of the interesting data is in the "œnotes" section.Results dont always present themselves as a single definitive answer that is available from one or more sources (but always the same answer). Rather like a jigsaw puzzle, pieces must be gathered together, inspected to see where they each fit, until finally the bigger picture is revealed.Competitive intelligence is at its best when the results are used proactively. For example before committing large amounts of capital to a new development or research project, companies engage CI professionals. Being told that they will be beaten to market since the competitors are much further down the line, can save companies small fortunes and divert efforts to areas where they will be first to market.In conclusion there is not much information on a competitor that cant be obtained or calculated. Companies seem quite happy to spend many thousands of pounds "œpoaching" people from their competitors to gain information (which in itself can raise legal issues). They are then committed to employing that person in future years thereby increasing the expense year on year after the initial value of the information gained has worn off. Companies seem unaware that for a fraction of the price they could have had the same information supplied using methods that are both legal and ethical competitive intelligence.Q.Which of the following are prerequisites for a career in CI gathering?a)Lateral thinking abilityb)Inclination to take risksc)Ability to solve jigsaw puzzlesd)Comprehensive legal knowledgee)SleuthingCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CAT tests.
|
|
Explore Courses for CAT exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup