Customized Competitive Intelligence in International Environment Essay

Customized Competitive Intelligence in International Environment - Essay ExampleThe authors believe that it is a around-the-clock process of assimilating environment information about the ever-changing socio-cultural and political environment within which business operates. Businesses fail not because of lack of competency and monetary backup but because of failure to exploit the cultural competencies of the new market and market paradigms. The qualitative research has used wide array of literature and consultation with 12 CI consultants, working in different countries to provide guidelines and approach for effective CI. CI is primarily the methodology of meeting place of information about the changing business paradigms crossways the countries with business potential. It provides the business with strong informationbase of knowledge that can be judiciously exploited to gain and maintain competitive advantage. CI is a complex process and must be understood within the broader co ntext of varying socio-cultural, political and legal imperatives of the nations. The understanding of various external factors facilitates in amass relevant and authentic information that can be exploited by businesses for sustainable growth across globe. Research has analyzed CI practices for developed and growing nations where the scope of expansion exists for US firms which are as follows 2. CI in developed countries Applications of CI practices are different for myriad reasons which are distinct in their perspectives vis-a-vis culture, technology, political and legal environment etc. 2.1 Europe European Union has capacious market potential but cultural diversity across nations necessitate cross cultural understanding. Business must use different strategies to glean information about businesses in different European nations. Telephonic and electronic mail is acceptable and cost effective means of communication. Face to face interview should only be followed for competitors. Language barrier is important factor and native language, wheresoever possible, should be used to gain trust. CI practitioners must flexible in their approach and be prepared for differences in opinions. They must also corroborate data from wide sources. Last but not the least important is that 2-3 weeks before and after main holidays must be avoided as Europeans tend to focus on their holiday plans or busy finishing their backlog. 2.2 Japan Japan has maintained its technological superiority in digital goods like camera, electronics goods etc. in the supranational market. Government facilitates CI support to its domestic businesses which, unfortunately, they do not exploit due to lack of analytical tools. But at the same time, it also offers huge business potential for international firms. Due to government support to CI practices, Japan lacks publicly available data regarding businesses. CI practitioners should therefore, focus on develop trust which is critical factor in Japanes e culture and use social networking to collect information. 3. Developing countries These are emerging markets which offer huge scope of business opportunities for international businesses. Due to socio-cultural diversity and different political systems across emerging economies, CI practitioners need to be discriminatory in their approaches while gathering information. 3.1 China It is one of the most important and fastest growing economy which uses CI approach to exploit new opportunities across the globe. There is huge competition in the Chinese market which makes CI practices an intrinsic part of