They will look to what they perceive gives them the best value or look to what product or service they perceive best meets their needs. Every sale that is made, therefore, is up against some competitive force. In the twentieth century we have gone from a situation of scarcity of product to today having an abundance of choice. With many choices available to buyers, having a competitive advantage is vital to the company that wants to thrive. Knowing the competition is one part of understanding competitive advantage and this relies on information.
Information is key for both tactical and strategic business decisions.
For example, analysts in stockbroking firms continually assess companies for their investment potential and investment decisions are made daily. For many years now the strategic business plan has been looked upon as the main vehicle for setting the long-term company direction. He also adds that it is not just information, but being alert to opportunities and having intuition play a large part in developing flexible and effective strategies. In a survey conducted by The Futures Group in October 1997, respondents were asked to identify where intelligence is needed to make decisions. The essence of this philosophy is so simple it is embarrassing.