Activator230822
Verified member
For me competition is the presence of many sellers selling the same goods or services on the same market size.
Competition is therefore healthy in business as it aids in the number of benefits to the traders. Some of the pros of the competition are as follows:
Firstly competition enhances innovation
This is in the sense that in the event where many sellers are available selling the same products there would be that need for the sellers to come up with unique ways to modify their products so that they can be a different in quality and the nature of the products so that they can win the market.
Provision of quality goods to the customers
Because there are many sellers selling the same goods in the market, there is a possibility of the customers getting the highest quality goods as each seller would be working to improve the quality of their goods and services to the clients so that they get more customers.
Guaranteed Reduction in prices
In the event of a competitive market, the sellers usually scramble for the market size with each of them trying to win the market with a larger share. So to achieve this they tend to lower down the prices of the goods and services.
.
Competition is therefore healthy in business as it aids in the number of benefits to the traders. Some of the pros of the competition are as follows:
Firstly competition enhances innovation
This is in the sense that in the event where many sellers are available selling the same products there would be that need for the sellers to come up with unique ways to modify their products so that they can be a different in quality and the nature of the products so that they can win the market.
Provision of quality goods to the customers
Because there are many sellers selling the same goods in the market, there is a possibility of the customers getting the highest quality goods as each seller would be working to improve the quality of their goods and services to the clients so that they get more customers.
Guaranteed Reduction in prices
In the event of a competitive market, the sellers usually scramble for the market size with each of them trying to win the market with a larger share. So to achieve this they tend to lower down the prices of the goods and services.
.
