So you may or may not know the bigger picture, but you need an awareness of context.
If your boss doesn’t provide it, then you need to be informed. Set up a Google alert whenever your company or a competitor is mentioned online (get a digest if it happens a lot).
If there are in-house versions of competitor intelligence find out how you can get access to it.
If there’s an annual report, look at it.
Care about the bigger picture.