Scenario B. You and a fellow investor are investigating the possibility of starting a new casino in Black Hawk, Colorado, a small town in the Rocky Mountains. It has been your lifelong dream. You have won the lottery and are trying to decide if this is what you want to do with your prize money. You decide to do an analysis of the competitive environment. After your analysis, you discover several important issues. First, it will cost most of your lottery winnings to finance a casino in Black Hawk! Second, it will be difficult to attract new customers because they have so many choices available to them in Black Hawk and the surrounding small towns. Finally, the competition in the casino industry is considered "fierce" by industry analysts and this is frightening to someone who has never even worked in the casino industry.
-The information that you have collected in your competitive analysis can be referred to as

Question

Quizplus · Accepted Answer

The information collected in the analysis is related to the competition in the casino industry and is therefore competitive intelligence. Forecasting involves predicting future events, environmental scanning involves monitoring the external environment for changes, benchmarking involves comparing performance to industry standards, and scenario development involves creating hypothetical situations to analyze potential outcomes.