So the world is basically re-opened, and businesses are adjusting to the new world as it relates to employment, funding, business practices, and really just maneuvering the ebbs and flows of every day business decisions. An important business element, particularly with the in-flux of many new businesses and people taking the leap to be entrepreneurs is competition.
In many markets that were at one time–controlled or closed (not open to new business–Free Entry), there are new and innovative compotiers entering and actually making waves… So, this month, we wanted to share some basics of competition… healthy v. unhealthy, so those who are new to the business world can gain some direction and tips, and possibility those who are business savvy can re-learn some things they may have forgotten. One thing for sure, competition and market changes are definitely at a new level, and business people need to be informed and adjust if you want to stay in the game.
Business drives the economy. In a democratic society, business and the “market” are the wheels that churn the ideals of a “free market system.” There is open opportunity to all who wish to partake in the business environment. That freedom of choice gives you options to choose what best fits your lifestyle and allows you to make changes as it suits you. In other words, as a consumer or business owner, you have choices. That can be choosing a product or service; or selecting a specific brand or partner. The fact is there is a choice, and with a choice comes attraction and participation… and there you have competition. That being said, lets discuss competition between businesses.
Competition between businesses in various industries, serving various sectors of the population, is not at all new and has been going on since Biblical times and probably long before. Vendors peddling similar merchandise have competed against one another for consumer dollars by offering markdowns, discounts, coupons, and any other means to ensure that the consumer purchased their products and/or services.
Business competition is defined as the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share.
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Thank you for reading Lorraine Lavender-Sams’ article on scoopnewsusa.com. For more on “Business Restart: Reintroducing Business Competition”, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
