Monopoly and Competition

[Nathaniel]

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. ... It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Bholozy]

Monopoly doesn't exist in business, only government can permit monopoly in which they give the company the exclusive right to produce goods. Competition is normal in business as it permit both the investor and the costumer to meet at a favorable point.
You can nearly monopolise your product by shrugging off competition and sell the best among others

 

[Psalmsavatar]

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. ... It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Niftyyem]

I guess being able to monopolize the market may be everyone's dream in business, however, realities are very different. The best question should have been about how to stand out even in a competitive market.

 

[Ojonuyo]

On contrary of Monopolizing your business, you must come to the understanding that competition can either be positive or negative. By positive competition, you get motivated by other people success and business growth to enhance your own business. But never should you compete to pull down other people business.

 

[ossai]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

I really do not understand what you mean, you should have tell us what you really want, honestly your question is confusing, can you please explain better or someone should help us to explain better, let me not generalize it someone should help me to explain.

 

[eenya00]

Trying to create a monopoly around your business is not something that is easy at all, it requires a whole lot of work and also various factors are involved for you to achieve this. At first you can try to negotiate with your suppliers, for you to be the sole distributor of that particular product.

 

[Onachukwu]

One important benefit of competition is a boost to innovation. Competition among companies can spur the invention of new or better products, or more efficient processes. ... Competition also can help businesses identify consumers' needs—and then develop new products or services to meet them.

 

[Sariana23]

Own competences cannot be excluded from the commercial world. It has always existed and will always exist, therefore what can be done is to improve marketing, with eye-catching advertising that attracts new customers, give better prices and offers, the attention given is also important, happy customers will always return to your company.

 

[kayode10]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

A lot of things you need to do if you want to do if you want to monopolize your business. You must be ready to offer a better price than any other competitors in the market. you need to spend heavily on promotion and creating awareness for your business and brand. Look for the weakness of all the competitors and exploit it to the fullest. Do all these things are you are going to dominate your market.

 

[Tinaconcept]

Every business have competition because it is inevitable for a good business to exist without competition except if such business product or service is not a good and progressive one. Monopoly is a business that does not have competition it exists alone and strives its best way to survive alone

 

[unhappy triad]

Competition in business is not a bad thing it drives business owners or competitors to the edge to produce the best quality goods at affordable prices. Keep your products at the best advantage at the same time offering variability and choice to the consumers or end users

 

[Mawome]

Monopoly and competition is something that I have never tried even for one day, cos I believe that there is no competition in destination, if you know what you are doing in business, I tell you it will be deficult for some one to defit you, unless you're managing to survive

 

[Erik4150]

Monopoly is not very good for business and the economy because it kills competition and without competition. Customers do not have the luxury of variety anymore. A monopoly should be avoided using strict government policies.

 

[Justin]

You can have monopoly in two ways: one by selling product that has not been made by other businesses. Two, you sell your product for such a low price that everyone shuts their shuts their shops.

 

[Kingsley]

Competition and Monopoly are two opposite concept, competition is good for a business mostly when itis healthy, it givesevery player an equal chances, but a monopoly on the other hand doesn't give the players an equal chance.

 

[Victor001]

In all honesty,you can't avoid competition neither can you survive the business on your own, sometimes competition makes us to strive harder and build our self in terms of growth.

 

[Adventurer]

M

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

Monopolising your business is not an ideal thing to do, rather look for ways to beat competition, do things that will make your products or services unique , ensure you sell the best quality with good customer service

 

[Kunkun]

Competition can be a good thing if it's healthy, monopoly might maximize profits no doubt but competition too can bring out the best in both businesses, healthy competition gives room for improvement

 

[Pastor Samuel]

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product