Competition in the Market

raaman

Valued Contributor
On competition in the market are the demand for the offered goods or services, the location of the business, as well as on the price category and purchasing power of potential customers.

But there are general characteristics of each of the lines of business, by which one can judge the period of their payback and average profitability. You have to consider the most popular ideas for starting your own business.

Trade as a direction involves the sale of different kinds of goods to consumers. Selling items such as food, medicine, household items, auto parts, clothing and other goods can be profitable.
 

Sammyesx

Active member
As long a kind of business is profitable thee will always be competitive, a businessman worry should be on being on top of the competition, so he can get as much sale as possible, to do that he/she will have to provide quality goods or services which ever the case may be, and at an affordable price.
 

Ephy

Active member
In order for a business to succeed you must ensure their is faor competition rather than high competition. It is ethical for a business to engage in fair competition with other competing businesses. Business should avoid giving false information about competitors products in the market and in promotional materials such as billboards this might bring wars between the competitors. Therefore you should always focus on your products to be of good quality and quantity. Fair prices, etiquette plus good services and you'll keep up with the competition.
 

Setho

VIP Contributor
Provided that you have opened your business in a parallel market and you do not own a monopoly it is very important to keep at the back of your mind that there will always be competition. The best thing to do is to try to learn from your competition and then innovate ways that will make your business better.
 

Skysaint

Verified member
It's just normal to expect having competitors in a business especially one that proves to be a very lucrative one. As a good business man, the idea you need is to make research and find out possible ways to be the best among your competitors and win the hearts of the public.
 

kayode10

VIP Contributor
You need to know the level of the completion of the niche you want to venture. You will be able to come up with better plan on how to enter the marketing the right way. You will be able to develop strong selling proposition for your product and capture some profits from the market place.
 
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