Competitiveness In Business Essay Contests

Does Competition Benefit In Business? Essay

Does Competition Benefit in Business?
Do businesses want to grow and advance, or remain at a standstill with production? Most say they want to grow and advance. This topic is important in the business standpoint. Shall business managers promote competition or not? “Smart business professionals use competition to their advantage” (Pearson 1). Businesses who use competition notice the positive effects later down the road. Seeking to thrive and grow, businesses need to promote competition and compete against the other firms in their business. “There’s nothing like a little competition to suddenly boost productivity” (qtd. in Penn 1). Although some critics argue that competition may develop a negative atmosphere in the workplace, businesses should promote competition in order to function in a changing society, establish efficient performance, and enhance their customer’s satisfaction.
Businesses should promote competition in order to function in a changing society. America seems to grow bigger structurally and technologically everyday. Businesses need to keep up with these advancements. Designing and selling top quality products for America, competition challenges businesses to create a better future. When competition arises between two industries, the sight of competing drives consumer business to the industry that successfully lowers the prices on their products. Successful industries remain up-to-date with society becoming top-notch in the field they compete in. Competition teaches businesses what will work in their market and what will not work. The consumer demand for products always appear no matter what. How industries produce that product determines how successful the business operation becomes. “Competition finds new markets to go into” (Pearson 1). The average audience, or the consumers, seeks to buy the cheaper product. Most people look for deals to get the most bangs from their buck. Competition leads to profits within the business “if aimed at the right audience” (Fullman 1). Many researchers agree that competition helps businesses adapt and develop the new products that Americans seek in today’s marketplace. “Bringing to market better, faster, thinner, greener products involves competition” (Rose 2). Businesses compete to sell the most appropriate product for their consumers. The increase in competition is an advantage to consumers because they find a decrease in prices.
Businesses should promote competition in order to establish efficient performance. If employers are honest and true to the business, then they give the manager their best effort. This effort grows with competition and therefore the business witnesses a dramatic increase in sales and productivity. “Competition can make producers work harder to figure out how to reduce costs” (Penn 1). This change in motivation and commitment within the business leads to increase in wages. Why wouldn’t an employee want an increase in their pay? ...

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Business Competitors

Marketplace is a highly dynamic and competitive place. Businesses have to face tough competition from other independent entities that offer similar services or goods in the marketplace. Such rivals are termed as ‘Business Competitors’. This competition exists between businesses in a number of ways. To ultimate aim of every business is to attract more and more customers. Competition exists in the market in terms of price, quality, features and offerings etc. It is due to the presence of rivals, that the price of products in a particular industry fluctuates. This is because the customers have a number of options to select the product which offers the best possible value for money. Thus, Business competitors are entities that have the capability to attract a business’ customers and offer them greater value for money. For example: Competition exists between Budget Airlines on the basis of price. These airlines are in tough competition with each other to offer value for money to attract the maximum number of customers. Customers looking for a budget airline deal, with no frills attached will select the deal which offers them good value for money. Price war is the most noted kind of competition among businesses. However, there are other forms of competition as well. For example:

  • Product innovation - to offer unique products as per the needs of the customers.
  • Personalisation of products - providing extra benefits to products to cater for particular customer groups. For example: financial service products specially enhanced to suit an individual’s needs
  • Location - being at the most convenient location for customers.
  • Customer service - giving the best personal attention to the needs of customers.

Competition should be taken as a means of improving a firm’s business and firm should not lose focus of its objectives of improvement while concentrating on finding tactics to beat the competitors. Business competitors can be termed into two categories:

a. Direct competitors: A business that manufactures or offers a good or a service that is extremely similar to the other business in the same marketplace is called a direct competitor. These two similar businesses operate in the same geographic region as each other and have the capability to reach the same potential customers. The target audience for both the business is same to a great extent. For example: Supermarkets competiting in a particular region. Direct competitors offer almost similar type of products in the market with little difference in terms of product quality, features or price.

b. Indirect Competitors: Other form of competition that business faces is called In Direct competition. These competitors may not offer similar product but operate in the same market and have the capability to attract a business’ customer base by providing them with an alternative. Indirect competitors sell products that are satisfy the same need of the consumers but by a different product offering altogether. These competitors although operate in a different sector, compete for the same customer base
For example, taking the case of entertainment industry, theatres face stiff competition from other providers of entertainment activities such as theme parks, bowling alleys etc. These other providers are the indirect competitors to the business of theatre owners.

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