Final answer:
Gathering competitive intelligence is important for organizations to make informed decisions and develop effective competitive strategies. A mission statement guides decision-making and aligns actions with an organization's objectives.
Step-by-step explanation:
The collection of competitive intelligence is crucial for an organization as it helps them gain valuable insights into their competitors' strategies, strengths, weaknesses, and market trends. By understanding these factors, organizations can make informed decisions, anticipate changes in the market, and develop effective competitive strategies.
A mission statement plays a vital role in the strategic management process. It outlines the purpose, goals, and core values of an organization. It helps guide decision-making, aligns employees' actions with the organization's objectives, and provides a sense of direction and identity to the organization.