Kinglegend01
Member
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.
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.