What are the Benefits of Business Competition?

[Suba]

It turns out that business competition does not always have a negative impact, so there are positive impacts or benefits for consumers, the company/business itself and the economy:

Consumers
The benefits of business competition for consumers will be more goods that can be chosen, making product prices cheaper, product quality more guaranteed, better service.

Company/Business
Businesses must always make new innovations, strive to provide better service, offer high-quality products at low prices so that they are always superior to their competitors.

Economy
Healthy business competition will encourage accelerated economic growth, such as providing jobs,

 

[Starmix]

Having a business competitors drive a business owner to act more not to be outsmarted by them. What comes to mind to the business owner is plan more and serve customers competitive products and logical services to amused the customers thus sales soar high.

 

[Springtime]

I agree. Having competitions benefit both the consumer and the business. With competition, consumers can buy better products with good price. For businesses, competition is the driving force for the business to always improve their operation and products.

 

[Starmix]

Having a business competition triggers both sides to do more to boost sales and improve productivity. There's always strategic planning and updating of products to satisfy the customers.

 

[Kera]

Business competition helps a business to pursue improvement in their products and services. It also has a price advantage.

 

[eLdavis]

I think when it comes to competition, the customers are the ones who benefit more, as they tend to get more options to choose from.

 

[Niyi Br]

Competition drives the market to an equilibrium. And it curbs incidents of exploitation in the industry.

 

[Augusta]

Competition promotes freedom of initiative, allowing new businesses to enter the market and challenge existing players, ultimately leading to greater consumer choice