Competition in business

[Sariana23]

As you describe in your thread, there are companies that sell or offer the same product, changing the niche will not prevent you from meeting the competition. The important thing to attract customers is to do excellent marketing with quality advertising. The products you are going to negotiate must be brand and quality, which is what potential customers are looking for

 

[chommyluv]

We all know there can be great rivalry in business. Different companies selling the same product or offering same services. As a person starting up a small scale business in which there are big scale business already in the market, what can be told to be able to win customers to my business. Or do you think I should find another niche of business?

Firstly, you have to study the environment you are to know what moves there, don't just move into any business. When you are done studying, you sit down and think of a way to make your product outstanding; be it with your packaging, reaching to your customer door post and what have you.

 

[jay]

Competition in business is actually a healthy one, that's your daily motivational pack. Yes, there's no business devoid of competition but let it be a healthy one. Once it's healthy then there won't be loss of life.

 

[Kamon c4]

Competition is very normal in business. In your business plan, it’s ideal to indicate your potential competitors and the competitive edge you may have ahead of them. A good market strategy should be employed in order to beat your competitors in the market.

 

[adazeez1995]

Well to me, I don't subscribe to rivalry in business. The sky is always big enough for every bird to fly. The market is large enough for everyone to make profits from. Instead of competing with others, take time to develop your business. Be creative instead of being competitive. Make your product /service unique.

 

[Popular]

Competition is the basic factors that affect business product,like when two companies are in a competitive screen the always go for one product if they realize is moving for the other company.

 

[QalabDogar1906]

We all know there can be great rivalry in business. Different companies selling the same product or offering same services. As a person starting up a small scale business in which there are big scale business already in the market, what can be told to be able to win customers to my business. Or do you think I should find another niche of busi

At its simplest level, competition in business is when two or more companies compete for the same thing. Traditionally, that means competing for customers - with the end goal being profit.

We know that nowadays the competition between business is very hike every businessman should want to grow our business up high because of that reason every businessman work hard working day and night and grow our business very ye hai

 

[Erik4150]

Honestly there are some business I would not advice you to start because if you do, the shark in the water will swallow you up. In Nigeria or in West Africa, we know that Dangote group of company runs the cement world. Now imagine starting a cement company and competing with him. He will run you out of the market in no time. Competition is an important factor you must consider in starting a business.

This is true. Businesses that are monopolized by one company should be avoided completely. Not every kind of competition is worth it.
But one can still make profitable income by being a dealer or distributor of Dangote cements. You can make money from Dangote cements without competing with them.

 

[Profwriter]

some people find competition as offensive but to me, I see it as a booster and a trigger to be at my best. A monopolistic market is never a growing one, for the positive minded people, competition bring out the very best from you. It makes you to stand tall on your feet.

 

[Richard92]

most business are competitive that is why I say businessman and you must be innovative, creative and always make good research when starting and venturing into a business you must also think of the best way are you can be better than you competitors in the business.

 

[Afrinish]

At its simplest level, competition in business is when two or more companies compete for the same thing. Traditionally, that means competing for customers - with the end goal being profit
Competition is a fact of doing business. Businesses see competition in the form of price, quality, design, sales, location, and almost every business process.

Many people complain about it, many learn from it, and many run away from it. But most don’t know the true meaning of business competition, its nature, types, and even importance.

 

[Ziki]

This is true. Businesses that are monopolized by one company should be avoided completely. Not every kind of competition is worth it.
But one can still make profitable income by being a dealer or distributor of Dangote cements. You can make money from Dangote cements without competing with them.

I am glad you got my point. Because if you decide to go toe to toe in dragging customer with him, he can decide to reduce his price to the minimum and still make profit while you can't because your business is not as large as his.

 

[Anas Chaudhary]

An important benefit of competition is the promotion of innovation. Competition between companies can promote the invention of new or improved products, or more efficient processes. ... Competition can also help businesses identify customer needs.

 

[Adventurer]

We all know there can be great rivalry in business. Different companies selling the same product or offering same services. As a person starting up a small scale business in which there are big scale business already in the market, what can be told to be able to win customers to my business. Or do you think I should find another niche of business?

Truth be told there is almost no business you'll be going into that is not saturated, so the best to do is to carve a niche for yourself, make sure you do something unique that will make your business stand out from the others.

 

[solomonmali]

A more modern interpretation of competition in business, though, involves looking at a more complex set of metrics to build a deeper understanding of how businesses compete against each other. Examples of these metrics include:
Leads - i.e. getting people interested in their businesses in the first place with a view to one day making a sale t

 

[Oluwasube]

Competition in business is healthy as this is an indication that your services are required in high demand. Moreover it keeps the company on its toe. The company will always be will to provide the best of services so as not to loose their customers

 

[Hdre3m3n]

We all know there can be great rivalry in business. Different companies selling the same product or offering same services. As a person starting up a small scale business in which there are big scale business already in the market, what can be told to be able to win customers to my business. Or do you think I should find another niche of business?

If the competition is a very heavy one, I think you should find another niche or business. But if you feel you can cope with the competition, then I'll advise you try another strategy and plan differently

 

[Rainlover207]

This is normal scenario in the business world, there is no business without competitors, you are not the one to first start that business, your innovation, business strategy and marketing techniques however will make you stand out

Sometimes competition is very necessary for the growth of a business

 

[Kelvin7656]

At its simplest level, competition in business is when two or more companies compete for the same thing. Traditionally, that means competing for customers - with the end goal being profit.

 

[Muhammadawais]

Promoting creativity is a major advantage of competition. Competition between businesses can encourage the development of new or improved equipment, or more successful processes.Competition can help companies understand customer needs and then create new goods or services to meet them.