Competition in a business

[Kinglegend01]

Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth.
Personally I think competion is great for a business because it pushes you as a manufacturer or seller to be on your toes and be more initiative and creative as to the type of goods that would really satisfy the needs of your customers. It would also make you the manufacturer to really listen to the needs and demands of the public and genuinely try to solve them too. Competition can lead companies to invent lower-cost manufacturing processes, which can increase their profits and help them compete—and then, pass those savings on to the consumer. Competition also can help businesses identify consumers' needs—and then develop new products or services to meet them.

 

[sincerem]

Competition in our respective businesses keeps us going. Without competitors businesses wouldn't have lasted longer and satisfy customers request. They would have been doing things that pleases yo them and not caring for their customers. But base on competition going on with other similar business initiative they had to adjust things and satisfy those customers of theirs and also meet up with market demands.

 

[Georgeadawara]

Let me say competition in the business is a very sensitive parts of the businesses. it they're is competition in a business the business grow farster than toi you think. Competition can make you to inprove the quality of your products and make it the best. If they is competition the concept of the business change completely.

 

[greatguy1]

Competition is rife for business coexistence. It brings out the best in rival companies and brings out innovation. For companies to effectively compete then they must be in the same market for the same target consumer. They thus outdo themselves to capture the market by churning out products that try to pacify the appeal of the customers. Competition is the bane of business growth.

 

[Olajidey]

Competition in business brings the best out of the company or business, Business A and business B are producing the same product and selling at the same price both the business will want to improve on their product so the customer can patronize them more and make more profit than their competitors.

 

[Ekuvero]

Competition in a business do brings out the best in a business cause only smart investors with innovative business ideas would be the major competitor and relevant business in such a business competition, that's why the price of same commodity from two different companies do varies and differs cause they are all strategies to get hold of customers and retain customers, while some do present packages to their customers or client during the festive season while some do meet customers at their doorstep advertising their product to the common man in a layman language so he could easily understand

 

[marcusfe]

Competition in business brings the best out of the company or business, Business A and business B are producing the same product and selling at the same price both the business will want to improve on their product so the customer can patronize them more and make more profit than their competitors.

I strongly agree with you. If there is no competition in business there will not be any improvement at all. When there is competition among different organizations, each organization will be forced to bring out their best. An African adage says when there is no competition in among wives the soup will not be sweet.

 

[Teatea]

Competition is good in business, it favours everyone, both the producer and customers gain from it. Healthy competition gives room for creativity and innovation, customers also enjoy this because they get various products and services to choose from. Customers are treated well since no business would want to lose to the its rival.

 

[Godslamp]

Competiton is a situation in which two or more people or groups are trying to get something which not everyone can have. Competition is a very vital tool in business;
1. InnovativeThinking: competition makes you think more innovatively which is necessary for the growth of your business.
2. Quality Service. You might not focus much on quality of service you deliver if there is no competition.
3. Better Knowledge about Customer Preferences.

 

[Segat]

Competition is one of the things that makes life beautiful. It simply opening our eyes to see the difference in more than two things and everyone make a choice of the best in their sight. The same thing in business, if there is no competition there will not be reason for improvement in the quality of goods and services from all individual company in a particular line of same business. So competition in business is healthy.

 

[Samuel72]

According to my point of view I will say a competition in business is very good this is because it's makes business improve their standard and also it makes company and organization rebrand their products and services and also it makes the price of products sometimes fall to a normal rate and also it's makes companies and organisation respect their customers and also makes them keep good relationship with their customers