Is Competition Good For Business: Case Study
Is competition good for business? Why not? But competition without cooperation is bad for the nation and what’s bad for the nation is bad for the business.( Umi, 2002) “Have you ever thought that marketing your small business would be easier without competitors? The truth is that most of us have thought that way.”( Belonwu, 2013). Competition is an art and the entrepreneur is an artisan. It can create beautiful things. It depends on your concentration and skill.
Having competition is healthy and you would find the following reasons useful.
Competition enhances creativity and learning from others, identification of strength and weaknesses and ethical behavior. First of all, competition leads to more creativity and differentiated product. When …show more content…
You may not always know what your strengths and weaknesses are until your competitors points it out. Competition help you focus a little and concentrate on what you’re really good at. It also gives the ability for development, for example all the experiences become a good raw material to help develop your brand. Check bigger brands records; you will see that they put to good use all the experiences they experienced. In that way you can identify you strength and weaknesses. The very moment you become scared of competition and not doing all your possible and take advantage of it, you give room for failure to set in. “failure can never get your brand anywhere. Look up with hope and face your competitors.” (belonwu, 2013). Your weaknesses encourage you become better, while your strength drives you harder to achieve more.
Furthermore, competition is not only good for your business, it’s also a big advantage for consumers, because in a pure competitive market all competitors try to decrease their price to the lowest level in that way consumers get the opportunity to choose between different product and who will get their money, time and attention. And finally, it helps you identify your enemies and potential threats to your business. You will be able to learn from other competitors what works and what doesn’t. By learning this you will be able to identify what plans and strategies to
Having competition is healthy and you would find the following reasons useful.
Competition enhances creativity and learning from others, identification of strength and weaknesses and ethical behavior. First of all, competition leads to more creativity and differentiated product. When …show more content…
You may not always know what your strengths and weaknesses are until your competitors points it out. Competition help you focus a little and concentrate on what you’re really good at. It also gives the ability for development, for example all the experiences become a good raw material to help develop your brand. Check bigger brands records; you will see that they put to good use all the experiences they experienced. In that way you can identify you strength and weaknesses. The very moment you become scared of competition and not doing all your possible and take advantage of it, you give room for failure to set in. “failure can never get your brand anywhere. Look up with hope and face your competitors.” (belonwu, 2013). Your weaknesses encourage you become better, while your strength drives you harder to achieve more.
Furthermore, competition is not only good for your business, it’s also a big advantage for consumers, because in a pure competitive market all competitors try to decrease their price to the lowest level in that way consumers get the opportunity to choose between different product and who will get their money, time and attention. And finally, it helps you identify your enemies and potential threats to your business. You will be able to learn from other competitors what works and what doesn’t. By learning this you will be able to identify what plans and strategies to