Competitive system of business has its pros and cons as well as the monopoly system of business. Some people feel that a monopoly system of business is the best because there is no rival but I'd rather pick a competitive business system becauuse that is when u can have a good accessment of how good your product is and if the people love it or just looking for an option
Which is better; a competitive market or monopoly market
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btaliat
VIP Contributor
As a bhsiness owner, monopoly market will pave more ways for wealth because there won't be competitors. The only bad thing about this type of market is that there won't be innovative nor creativity since there is no one to compete with. But for the consumers, competitive market will guve them more choice.
Setho
VIP Contributor
A lot of people who are into business will actually want to run a monopoly market because they will have all the customers to themselves but then companies who run Monopoly do not actually challenge themselves. In as much as it will benefit the business man it will actually not benefit the customers who are the most important.
lucycarter
Active member
No doubt, a competitive market is a foremost choice for any business. It allows you to grow and provide better quality products to consumers. While the monopoly market has many disadvantages, the quality will be less, prices will be high, and whenever any competition comes, the business structure collapses. So, a Competitive market is the best choice for any business and the end users.
Henrylaw
New member
Competitive market produce a better quality products than monopoly market. A monopoly market, one person or product is allowed. This may not lead to the desire to improve the product at the same time, the price of commodity in a monopoly market is usually higher than competitive market. Competitive market gives for consumers to make choices. This in turn increases customers satisfaction.
Alexandoy
VIP Contributor
For the consumer it is always desired to have a competition and better if the business rivalry is stiff that they will be resorting to conducting sales and discounts. But on the business point of view the monopoly is the best because you can dictate your price since consumers have nowhere to buy but from you. However, there are also limitations to a monopoly.
Other than otherr hand monopoly is not totally bad. Baby businesses normally find it difficult to gain their ground in the market system because people tend to cling onto what they are already familiiar with rather than giving opportunity for newbies. So monopoly will give growing business the chance to get a fair trial from the consumers and gain their ground in order to be able to compete with other established products which they would not have gotten in a competitive business system
Other than otherr hand monopoly is not totally bad. Baby businesses normally find it difficult to gain their ground in the market system because people tend to cling onto what they are already familiiar with rather than giving opportunity for newbies. So monopoly will give growing business the chance to get a fair trial from the consumers and gain their ground in order to be able to compete with other established products
Samuel72
Verified member
according to my own point of view as a well experienced businessman I believe Monopoly market to be far better than a competitive market this is because a monopoly market has no competition nor any enticing of customers all you have to do is to produce your Brand and fix any price of your choice. you don't have to upgrad your brand in order to get customer once your brand is popular customer comes to you because you are Monopoly
Market structure is a major factor in business and marketing success. It could be monopoly; where there is a single products and services and Competitive ; where there are a lot products and services in the same market fighting for same customers. In this thread we will need to unveil which is better.
Absolutely it gives no room to new ideas about production or marketing strategies. It will make the market activities to be boring like you keep reading about same thing every time. Even it might eventually lead to the products and services becoming obsolete at the end of the day.
I am in agreement with you absolutely, monopoly even though is favourable to the business owner and investors because they are the determinants factor of what happened in the market yet it is disadvantageous to them because there won't be opportunity for them to have a good feed back and improved on their products and services.
I prefer a competitive market to a monopoly. I know most people would choose monopoly without a second thought but there are many factors to it than the huge profits that comes with it. A competitive market is good for business but a healthy one though, an an entrepreneur, you may not really reach your full potential if you dont have something that pushes you to do better.
For the owner of the Business or an investor, monopoly market is the best but to the customers, competitives market is the best because monopoly market will turned customers to slave. The business owner will be inflating the Price of his goods and services as he so wishes.
Ozigba Richard Lamai
Active member
for me a competitive market is better because it will enable you to do more as a businessman it will make you have this innovative spirit creative and also make you as a business business man very dedicated to what you do you having this consciousness that you have competitors outside there, will make you serious in, anything you do and what you do, you know that for you to be the best and always remain as the best one, in a Monopoly market the business man is not challenge by any situation with these he relax and do whatever he likes because he is Monopoly in nature.
Chibson
VIP Contributor
Monopoly market is very favorable and lucrative for business men. A business that depends on Monopoly market may not stand the test of time because when eventually competition comes they will easily phase out I run out of business. Competition brings out the best in businesses and also makes them to know how far they've gone.
Victor001
Active member
It's choice and location base,some business tends to strive well in a Monopoly system than competitive system. But most people prefer competitive system because they believe for your business to stand the test of time it's highly productive and there is a lot of patronage. Monopoly business on the other hand seems to be mostly online and less stressful.
