Business as the lifeblood of every economy should serve a value-adding purpose of uplifting and maximizing all possible resources for the betterment of the demographics therefore improving the quality of life of the people and strengthening economic competencies. Competition unconsciously urges every producer to continuously upgrade their standards while securing the worth of every penny.
This also enables industries to ride on the rapid change of globalization and cater to the ever changing wants and needs of every consumer. Competition creates rivalry mongo competing sellers or producers that constitutes the traditional view of business competition. These are the direct competitors within the industry that offers the same product or services. These are the business organization trying to beat each other. And adjoining the competition is threats.
Consumers have no ending satisfaction when it comes to market, due to much appearance of substitutes products. Business competes because they don’t want others to surpass them. Every business wants to aim on top providing the good and right timing and continuous improvement affiliates thereof the good performance of the organization. However, organizations have to be keenly observant on their competitors and mostly to their customers so they may initiate the right process or strategy that Is needed.
Also, one thing that organizations do compete about Is the customers. Organization and competitors are trying to attract customers. Because customers are the market of organization, In other thoughts, It’s Like customers Is the king and organizations and competitors are the ambitious species that trying to attract or win the heart of the king Just to be on top and be powerful among all.
