7.9909 flyority in their ind A recent survey of global executives by McKinsey & Company found that the single factor contributing most to the increasing competitive intensity in their industries was the improved capabilities of competitors. Yet, without competitive intelligence, companies run the risk of flying blind in the marketplace. In a 2008 survey of global executives, the majority revealed that their companies typically learned about a competitor's price change or significant innovation too late to respond before it was introduced into the market. According to work by Ryall, firms can have competitive advantages simply because their rivals have erroneous beliefs about them. This is why competitive intelligence has become an important part of environmental scanning in most companies. Do you agree with the above statement. Discuss what is competitive intelligence and how does one go about it (9)