For those into business, many of them hates competition because they are thinking it will flushes them out of the market. If such mentality is being maintained all the time, the entire world will not notice progress. This topic came into my mind after attending a business seminar which was full of wisdom and fun. When the topic was being discussed, we were given different chances for we all to chip in different ideas. The first person that spoke was Mr Lankey.
Mr Lankey said that he fancy competition very well when it comes to business. He was asked why he fancy competition to such extent. He replied by saying that competition brings about quality and not quantity. He went ahead to further explain that the reason that makes him said that competitions brings about quality is that when there is competition between different business men, you will see them aiming for the best. This will now help to see quality goods and services in the market. Take for instant if I am into clothing line and my store is set up in a locality where others are selling same product. This is automatic competition. You will now find out that in such environment, everybody will want to have the best product. This will help to see quality product in the market.
After his contribution, Mr Mike air his view. He went ahead by saying that competition is very good in business. In a business environment where there is competition, you will end up seeing business owners giving their customers maximum attention. This is because they knows that if they fail to deliver on such act, the other sellers might hijack the customers. In a nutshell where there is competitions, customers are valued.
Mr Benco disagree on his part. He was asked why he said competition is not good when it comes to business. He replied that in an environment where there is competitions, there will be enviness and evil doings which might cost life. Take for instance if Mr A is selling building materials and Mr B is doing same business too. If they are in same locality and Mr A is doing well i.e his business is always doing better than that of Mr B. Mr B might hates Mr A and starts nursing hatred against Mr A. Pure hatred will just set in and might end costing lives. Mr B might also thinks that Mr A is using voodoo to collect his customers and at the end pour hatred on Mr A. This is a very big case to treat.
Hearing from the three people above, the mantle fall on me and I said of a truth when talking on such topic, I will say yes and no. The yes aspect is that in a business setting full of competition, you will see better standard in terms of quality of services being rendered. This is the true beauty of competition. You will see everybody trying to give their best by bringing in quality and not quantity. Another thing is that competition in business helps to see attention being given to your business as this will help to foster growth in your business. This is the beauty of why competition in business is not bad.
Lookig it from the other angle, you will discovered that it lead to hatred. Although Mr Benco has said it all. In an environment where there is massive competition, things that might cost life might come on board. If that happens, their business might face recession as there is no proper attention for the business. The time and attention that is suppose to be channed into the business so that it can grow is being used to witch hunt each other.
Coupled with what was said above, it is clearly seen that competition in business is good as it contributes to business growth massively. It also ensures that high standard of business is set in place.
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I have worked in both a competitive and non competitive environment. I prefer the competitive environment for reasons similar to the ones you have mentioned. For example, I was recently in a meeting where we were discussing the products and services of our competitors. We concluded which areas we needed to do better at and took some actions to improve those areas. This constant reflection in a competitive environment drives us to innovate and improve quality.
A few years ago I worked in a sugar company in North Africa where at the time, there was a closed market. The government set the sugar price on a cost plus basis. There was no drive in the company and they wasted so much money. The quality of the product was also poor even though they had the equipment and expertise to deliver the best.
So based on my own experiences, I believe competition between businesses is good. It brings out the best in us.
Competition is good depending on the industry in which the company operates. For if it is in the sale of commodities, if both compete in price, they may end up having losses instead of profits.
Unless the competing company is amazon, then they may have a loss to break the other company and then become a monopoly.
Nice information
That's the point. Competition is the thing that can improve your service or product quality. You will think that my competitor providing this service or product then i will do better than it and this is the thinking where you get power to improve your service/product quality.