Business Competition

Competition is an important characteristic of an economic order of society. It could be either constructive or destructive. Business organizations compete with one another. By increasing this competition, the government provides incentives for the production of quality and reasonably priced goods as well as helps lessen the inefficient use of resources. Competition is healthy for business enterprises. Competition may exist between organizations in different lines of business as well as between organizations in the same line of business. Usually business firms compete only with other firms of the same kind. Business firm also compete when the goods or services of one may be used in place of another. The Philippines is an extremely complex society that defies every generalization. The people’s differences in interest and capabilities should be understood first in the issue of completion in business. Competition is the rivalry among business to sell their goods and services to buyers. In such competition, it is important to know and to do ethnical practices, such as fairness and fair trade relations, services above profit in economic pursuits, and equality as driving force in business development and entrepreneurship. In fact, competition can be used effectively to increase productivity. Competition in business, may cause a wide array of ethical problems. They could be understood better by examining the prevailing values among the people. In business, it is important to know management’s relations with rivals, especially the problems of competition, so that you can handle the competition wisely. Healthy competition will push business organizations to improve their products and services and to become more efficient, but whenever competition leads to wasteful pursuits social interest suffer. Likewise, individuals compete to sell their skills and abilities. Thus, competition encourages individual leads to wasteful pursuits social interest suffer. Likewise,