As an interested individual in retail then you are probably very much aware of all the different sectors of retail that you could become involved in. You can pursue the areas of retail sales, retail buying or even visual merchandizing just to name a few. A rather interesting one is to become a competitive intelligence analyst. Its not nearly as complicated as it sounds. If you decide to enter this field then you main job will be to track what's going on in the retail industry. Somebody has to come up with sales strategies and knowing what the competitors are doing. It is a well known fact that the retail industry is a very competitive business.
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If you are looking for a career in retail competitive intelligence analyst then you need to have some specific qualities. You need to have the ability to use your resources. You have to learn how to gather retail intelligence (information) and analyze it (determine what it means.) this is best accomplished by being methodical. Taking each piece of information and looking at it step by step. Once you analysis is complete then you will have to do specific things with it.
Once you have analyzed the information you have gathered, you will have to compile it into reports. These reports will no doubt go to senior management. Based on what you give them will lead them to making the right business decisions such as purchases, sales and pricing just to name a few. Your information will guide them as to what steps they should take in the future. These can be very significant issues such as whether a store should expand, or open other outlets. Then on the other hand, should they change the line of retail merchandise they carry, or even downsize perhaps. A retail competitive intelligence analyst holds a very important and very critical position in any retail company.
Aside from these skills you need to be able to voice your opinions based on your knowledge. Competitive intelligence analysts are often required to hold presentations in front of senior management and perhaps all the way up to the CEO. Naturally good speaking skills as well as presentation skills are essential. You must be able to be good natured and handle stressful situations. No doubt you will be asked a lot of questions and be expected to answer them in accordance with your retail competitive analyst duties.
As a retail competitive intelligence analyst you will have to be innovative on how to go about collecting your information. You need to be constantly aware of what your competition is doing. What are their successes and their failures based on. What are their potential future plans. You will need to learn about their strategies for pricing, buying and marketing for example. Even their hiring policies are important.
Being really astute a gathering your information isn't enough. You are going to have to know how to analyze it and structure the information so it is easily understandable. You will need to be experienced in all of the tools that you can utilize in this area. You will need computer skills, to be able to use databases, spread sheets and report writers. Your job as retail competitive intelligence analyst holds a great deal of variation in its responsibilities.
It is most likely that any potential employer that is thinking about hiring you will want you to have some sound retail background experience. Without it of course the job would be extremely difficult. To gather and analyze data you need a good understanding of what it is all about.
Remember that not only are your skills important but your overall physical appearance is important as well. As a competitive intelligence analyst you are a business person. If you want your opinions to be heard and to count then you must not only act as a professional you must look like one as well.
Taking on a position such as competitive intelligence analyst is going to require a lot of thought on your part. It can be a stressful yet rewarding job. From a monetary point of view it is quite lucrative. So if you have aspirations of entering the field of retail competitive intelligence analyst then plan to learn absolutely everything you can about the retail career, during the years you are gaining your experience to qualify you for this job. Everything you learn now will come in handy at some point in the future. Naturally the information will be constantly changing but the concept of what you need to glean will not. Staying on top of the competition in the retail industry is an ongoing job.
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