What is mean by Competitive Advantage? How we will design a Competitive Intelligence System?

To be successful, a company must consider its competitors as well as its actual and potential customers. In the process of performing a competitor analysis, the company carefully analyzes and gathers information on competitors’ strategies and programs. A competitive intelligence system helps the company acquire and manage competitive information. The company must then choose a competitive marketing strategy of its own. The strategy chosen depends on the company’s industry position and its objectives, opportunities, and resources. Some of these are time-tested and some are relatively new .The advantage of our firm with comparison to our competitors which may be in term of low price, high quality, Easy availability of our product, good will, convenience in use etc are included.