Final answer:
Competitive intelligence is the term for systematic collection and review of information on trends and events, essential for strategizing in business.
Step-by-step explanation:
The term competitive intelligence describes a proactive, systematic collection and review of internal and external information about events, trends, and expectations. It involves data collection from various sources, including in-depth interviews, focus groups, and analysis of content sources. Competitive intelligence is essential for understanding the market landscape, and it may include quantitative data as well as qualitative insights.
Methods of competitive intelligence may include gathering information from customers and stakeholders, finding expert information, and conducting root cause analyses to determine underlying issues. It is a crucial component of strategic business practices that facilitates informed decision-making and anticipates market movements.