Competition in business

[Seun4luv]

One important benefit of competition is a boost to innovation. Competition among companies can spur the invention of new or better products, or more efficient processes. It also can help businesses identify consumers' needs—and then develop new products or services to meet them.

 

[Psalmsavatar]

Most growing businesses are looking to learn, but not all businesses are trying to learn from their competitors. You may find, however, your competition actually has a lot to teach you.

When it comes to your competition—especially heavy-hitters in the industry—study their websites, how they run their company, and how they treat customers. What aspects of their business work well? What could you improve?

 

[Olahab]

One likely way to beat your competition is to address the needs of your shared target audience better than your competition can. Ask open-ended questions to find exactly what your customers want while using your products or services.

 

[Praaizz]

This is one of the most important factors to consider before diving into any business. analyzing your number of competitors in your business line is two way. firstly you can analyze your number of competitors around your location you have chosen for your business. and you can also analyze your number of competitors on a larger scale in the economy. this is vital so as to know the best way to position your business to not only penetrate the market but also perform outstandingly in that line of business to come out successfully

 

[Sotherefore]

There will always be a competition in any business one is going into but sometimes with the right sense of good marketing you can overcome any competition with other company that is offering the same services as you do, just be honest with their customers and you are free.
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There will always be a competition in any business one is going into but sometimes with the right sense of good marketing you can overcome any competition with other company that is offering the same services as you do, just be honest with their customers and you are free.

 

[Emma Aneni]

I feel when there is competition in business it enables growth to take place because by so doing as a business owner you would be up and doing all the time knowing fully well you have rivals that are selling or rendering the same service.

 

[zenith]

To succeed in this aspect you must look for a way to bring in something unique that for not exist in those competitors .I know it will be difficult but that is the sacrifice you must do to survive in the business world.no other magic to use here.

 

[Atiqurrehman]

Competition between businesses is good for consumers because it means businesses have to offer good quality products and services. ... Also, if the price of a very similar product in a single business is high, the business will lose customers.

 

[Mastercoded]

YOU NEED TO SELL WHAT OTHERS ARE NOT SELLING. COMPETITION IS PART OF BUSINESS AND WHOSOEVER THAT DO NOT LIKE COMPETITION SHOULD LEAVE BUSINESS FOR THOSE THAT CAN FACE THE HEAT. YOU DO NOT NEED TO LOOK FOR ANOTHER NICHE JUST THINK FATHER AHEAD OF YOUR COMPETITION AND SEE HOW YOUR FORTUNE WILL GROW.

 

[Samuel77]

You don't have to go into another type of business when you have too many competitors in the products, all you have to do is upgrade your brand make it more attractive give out promo and also you have to work on the price of your products make it more affordable for the customers

 

[Blessedsam60]

Without competition in businesses or marketing there won't be perfect market. Competition in businesses or markets help consumers to get products or service at the best with cheaper prices. The advantages outweighs it's disadvantages.

 

[Adebola]

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.

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.

 

[Chumzy]

Every good business person wants a healthy level of competition in business. The idea is that we get reluctant when there is no one to inspire us to do more. Sometimes the little push we need to stay on our A game is a competitive environment.
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Every good business person wants a healthy level of competition in business. The idea is that we get reluctant when there is no one to inspire us to do more. Sometimes the little push we need to stay on our A game is a competitive environment.

 

[Tariq Nazir]

I feel when there is competition in business it enables growth to take place because by so doing as a business owner you would be up and doing all the time knowing fully you have rivals that are selling or rendering the same service.

 

[Papikarl]

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?

Competition in business Is a norm, you just need to build a very good relationship with your customers and make sure you give them the best of what you offer, make them happy by giving them discounts once in a while and before you know it, you will be one of the big market around

 

[singlej007]

Competition in business is a normal thing, everybody want to strive their various business and that makes competition necessary, competition is healthy in business because it makes everyone serious.

 

[Joseph555]

There is always a room for competition in a business if there is no competition a business return the Monopoly which will not profit the society then as a business man you are open to base competition from all indications what you should do before you tell him please mechanism to handle these competitions and come out above them

 

[Onachukwu]

One important benefit of competition is a boost to innovation. Competition among companies can spur the invention of new or better products, or more efficient processes. ... Competition also can help businesses identify consumers' needs—and then develop new products or services to meet them.

 

[Highflyer]

Competition in business is important and forms a very crucial part of your business relationships. Healthy competition with other brands help you to challenge yourself and bring out the best in you.

 

[Neeta313]

If you have passion for that particular niche in which you want to set up your business in, then go for it because your passion for it, is what will make your business long term and if you already have competitors, all you have to do is to have a strategy that you will apply in your marketing and branding and also in your advertising so that your Brand and your products can standout and attract customers to your business.