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Business strategy
Benefits of competition to a business
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[QUOTE="Ephy, post: 69164, member: 23353"] 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. [/QUOTE]
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