Benefits of competition to a business

[Augusta]

As a business you shouldn’t see competition as a complete bad thing. The truth is that competition also grows a business. See below why you need a healthy competition in your business

You will be innovation:

Your competition will always keep you on your toes, so that you can be creative and innovative about your products and services

You will be able to add value to your products or services;

This will drive more sales naturally

Competition will help customers have more options

So that if your business is more outstanding you will win in the race and buyers will have no option than to patronize you.

 

[Josemendez]

I totally agree with you on this . Many people see only the bad side of competition without thinking of the good sides.

When one wants to enter a competitive Environment , especially someone new to the business. The presence of the competitors will force him or her into being innovative , and creating a product that will stand out from existing ones , thus giving him a good entry ground to the competitive market.


Competition also makes one to be hardworking in other to survive in the business , it makes the person determined and to capitalize on every opportunity available to him , so that he won't miss out .

 

[Donkiz]

Healthy competition helps to improve your business as well as customers experience, when an organization knows that the customer actually has another option and will likely take his/her business to a competitor if not treated well, the company will go out of its way to ensure that the customer is satisfied.

Healthy competition ensures that the company is always on a look out for ways to improve their products and services to make sure that they are one step ahead of their competitors.

 

[Ephy]

Competition is very important to a business but sometimes it becomes disadvantage to a business owner.

Advantages
1. Makes one to think out of the box and be innovative and creative.
2. Goods are sold at a fair price for the consumers in that supply is high compared to demand.
3. High quality services to customers by the sellers.
4. Production of substitute products in the industry.
5. High quality products sold at cheap prices.
6. Supply will always be high compared to monopoly.

Disadvantages
1. Sellers will sell at a low profits compared if someone enjoys monopoly.
2. Sellers are always on time no room for laziness.
3. Proper communication to client needed in that clients have other option because you're not alone in the market.
4. Sellers might end up getting losses maybe goods can go bad or expire because demand is low compared to supply.
5. Not easy for the business to expand if the competition is high sometimes it might led to closing of other businesses or make someone relocate the business to a place with no competition or with low competition.

Competition in a business mostly favors the customers compared to the sellers in that sellers or business owners have more disadvantages compared to customers.

Its better do a business with less competition its less demanding compared to the one with competitors in that you have to put more measures in order to succeed or the business might collapse.

 

[Alexandoy]

Yes, competition is actually good not only for the customer but also for the business. As stated in your first point you will muster your innovation skills because you cannot be relaxed and sit down while the competition is eating on your market. You have to give the competition a good fight not just with the prices of your products or services but also with the way you handle your customers. That is one advantage of a diplomatic store attendant who would always give importance to the customer as if they have a guest in the store. That really makes my day when the attendant gives me special attention.

 

[Kennysplash]

As a business you shouldn’t see competition as a complete bad thing. The truth is that competition also grows a business. See below why you need a healthy competition in your business

You will be innovation:

Your competition will always keep you on your toes, so that you can be creative and innovative about your products and services

You will be able to add value to your products or services;

This will drive more sales naturally

Competition will help customers have more options

So that if your business is more outstanding you will win in the race and buyers will have no option than to patronize you.

When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services. Antitrust laws encourage companies to compete so that both consumers and businesses benefit. One important benefit of competition is a boost to innovation.

 

[Donkiz]

Healthy competition is good for business, it helps the organization to improve their products and services and innovate the ways in which they do business. Healthy competition helps the organization to seek ways and means to improve customers experience, because if the customer is satisfied with the level service he/she received from your office then you are guaranteed of seeing the customer again, but if the service was below expectation, then the customer will move over to your competitor. And when customer is treated right, it makes the marketing easier.

 

[Augusta]

When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services. Antitrust laws encourage companies to compete so that both consumers and businesses benefit. One important benefit of competition is a boost to innovation.

You are right about the best in prices for product of course competitors is about having a good market share so price will be reduced so that customers will look their way better. Any body will a high price for same goods or products will naturally lose customers. So yes it is healthy for customers to go more for sales that are of manageable price so that it would force others to also reduce their price and maybe increase quality
to please buyer's