Information technology refers to a set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information. In broad terms, IT also includes office automation, multimedia, and telecommunications. However, in business, we can refer it to industrial policy, market information, competitor intelligence and supply&demand information, etc, which are closely related to whole process of business startup, business followup and business speedup.
Industrial Policy
The industrial policy is a country's official strategic effort to encourage the development and growth of part or all of the manufacturing sector as well as other sectors of the economy. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation." A country's infrastructure (transportation, telecommunications and energy industry) is a major part of the manufacturing sector that often has a key role in IP.
In terms of business incorporation, for example, if a foreign investor wants to set up a business in China, he/she must first learn about the latest industrial policy of China, thus he/she can position his/her business in accordance with the country’s regulation and make the most use of those preferential policies.
Market Information
Market information, as its name implies, is simply the information of a particular market. For example, the geographic location of a business, the particular demographics of a consumer base, or any other information which is relevant to a company’s market is market intelligence.
Remember, market information is multifaceted, it includes information about customers, data about room for growth in a market, market share, competitive intelligence, and more. While each type of marketing intelligence is completely different, all are important for managing client happiness and feedback, setting prices, developing content, and designing and implementing business strategies.
Competitor's Intelligence
Gathering market intelligence about your competitors, or competitive intelligence, is an important part of knowing how your own business fits into the market and how you can better meet customers’ needs. Gathering competitive intelligence includes monitoring your competition’s advertising strategies and the effect of those strategies, how your competition’s products and services are priced, and how their businesses are faring overall. As Chinese strategist Sun Tzu said,“Know yourself and know your enemy, you will win every war.”This is also true with the business world.
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