Benefit of Competition in Business
UPS manages all the shipments and transportation by itself, although its costly but its become a major strength of the company. FedEx relies on intermediaries and hires other third party contractor. However, UPS has a market worth of 94 billion US dollars, FEDEX has a market share worth 51 billion US dollars. As a business person, you must understand the needs and choices of your customers what they want; what competitors could target. The same way you should target those needs first; and what could be replaced with something new and attractive to capture the market share. Evaluate it, and target. Competition divides the whole customer market into a few small parts; it become very difficult for the individual business owner to have the maximum market share. No matter how good the product its producing in the market.
Essay about business competition example - More competition in the market about a particular product would spread more awareness. The competition will make the customers more informed. Sale of the product would also increase because of the demand created by the information and awareness.
Other competitors would jump in and follow the same strategy; more competitors in the same field would bring economies of scale, which means lower prices. In the end, it is a win-win situation for both of them, businesses and customers. Replacement competition is the most difficult competition to identify among competitors because they use the same resources of your product or service, but they offer something else. A business person must keep in mind that it is customers who define the competition for us. This year, several business schools have curtailed the number of essays they require in their admission applications. Word limits are also coming down. Harvard Business Schools single (and optional at that) essay question just about nails the lean application trend that seems to be catching on: Youre applying to Harvard Business School. We can see your resume, school transcripts, extra-curricular activities, awards, post-MBA career goals, test scores and what your recommenders have to say about you. What else would you like us to know as we consider your candidacy? Better thoughts and virtues like self-help, courage and honesty. Sports give rise to team spirit and competition. Sportsmen learn to work together, they are the bitter rivals but honor each other for their skills.
On the field, they try to beat one another, but after the competition is over, they shake hands as if they were and they are the warmest friends. Sports thus develop a very healthy competition and inculcate in the sportsman some of the highest virtues. A sportsman is always courageous and. Is competition good for business? Why not? But competition without cooperation is bad for the nation and whats 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. Competition puts a lot of pressure on the businesses; because its very difficult to survive in such business environment where you consistently have to work on being effective. Everyday would make you feel like a new day. When you want to buy a soft drink and visit the grocery store; either you choose Coke or Pepsi. Their taste is almost the same, but you choose one.
Is Competition in Business Good?
Disadvantages of Competition in Business - In the race of competition and standing out from the crowd; companies allocate a separate budget for research & development. As a result, competitors produce innovative products to stand tall in the market.
The MBA application essay sales pitch has always been about what schools want to hear rather than who the applicant really is. Its like that old joke about a girl who goes to a greeting card shop asking for 10 only yours Valentines Day cards. Schools expect you to wax eloquent on how they are exactly what you want, even when they know that you may well be applying to half a dozen schoolsschools that are as different from each other as apples to oranges. Perhaps the lean essay trend will bring the focus on the applicants, and acknowledge their time, effort and money spent as interest enough. Wanting their declaration of undying love can only promote expediency. Writers should keep out anything particularly personal that could be difficult or too much information for the reader. Do not include anecdotes. Because the essay is designed to be short and sweet, the writer should go through the writing and take out any extraneous information or run-on sentences. Competition is something which businesses usually dont like, but competition is good not only for the customers but also for the business as well. Competition works against the monopoly of an industry. In the competitive environment, businesses would keep on introducing new product ideas in the market to win the market share. Power stays in the hands of customer if they like some idea of the product, then theyll start using it.
McDonalds has the price advantage, but better quality factor forced the marketers and companies to think about the quality of the product. However, McDonald launched its own Big Mac soon after this. Whoever won the burger war between both of these brands; customers would always choose the healthier product regardless of the price. Of course, competition is not something that you want as a business person; but this is what you have to face. Besides its challenging characteristics; there are some benefits of the competition as well which are as follows; Business Competition 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. The best for himself. As a result, competition is so unavoidable that many people regarded it as common sense. However, Competition is the spice of sports; but if you make spice the whole meal you'll be sick. Everything has its limit, so do the competition. The question here is should children be aware of competition at very early age? Whether a sense of competition or the spirit of co-operation in children should be encouraged? To begin with, Competition motivates children to push themselves.