Apart from firms that have government support, there is no industry in a parallel market industry that do not have competition. You should always use competition to your advantage by learning about them and trying to better them.
Monopoly and Competition
- Thread starter unhappy triad
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Monopoly is the right a company enjoys without facing any level of competition. A monopolistic organizations enjoys all the benefit and they remain the price taker. They determines everything.while competitors will have to struggle for almost everything to stay afloat.
Monopoly is one bane we who support a free and competitive market are fighting against. Monopoly paves way for different tendencies that could be detrimental to the society hence I don't support the plan to forge ways to monopolize any sector of business.
You should think of a way to increase your sales rather than have monopoly.
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This question is really awkward, not only is it impossible to be a sole proprietor or practice of a particular business practice especially a really thriving ones at that but a good business cant last long without opposition or competition.
If you will go to the provinces here especially in the far-flung areas you will see a lot of monopoly business. Convenience store, hardware, bakery and other consumer businesses normally have no competition. And they were there for decades already if not for a century. That can happen when the economy is doing good.
Competition in business help business to grow and also assist you to be innovative and creative in terms of your production. What monopoly makes you to remain a you are because anything you produce will be bought by the people the people do not have choice.
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You cannot drive away competition from a business simply because you want to monopolize your business. You will always have competition. You only need to develope a strategy that will keep always a step ahead of the competitors
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.
Most people like their business to be monopolistic in nature but the competition is the best way to enable more creativity and innovation in business, business that is Monopoly most times are not innovative and creative.
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You should also know that a monopolist can raise the price of a product without worrying about the actions of competitors. In a perfectly competitive market, if a firm raises the price of its products, it will usually lose market share as buyers move to other sellers.
No matter what you do in business in a parallel market, there would be people you will compete with and you can not do anything other than to learn and innovate further.
From the little experience l have in business as a provider, to accomplish syndication in a serious business line, you need to up your game and go limit to remove different contenders. You will do everyone to stick all or a large portion of the clients to yourself by giving each item they need, take for example DSTV. You will not have any desire to look else when you have all you require in DSTV.
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Yea it’s the best way to maximize profit since there won’t be any competition for the business owner but in reality, it’s not actually something that’s easily achievable.
One thing about monopoly is that it is the dominant display of wit by a single player who take control of the market space and goes along to determine how the market should turn out.You need to have a good product and liquidity to determine pricing and control.
Competition brings out the best in a company, I could remember when we were younger, indomie was very relevant because it had little or no competition.
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Competition is the hallmark of efficiency, competition is highly important. Monopoly is bad and it breed inefficiency. Why will you want to improve or do better when you are the sole provider of a particular product or services, when the people do not have a choice than to come to you.
If you want to be a monopoly, you must have big capital and influence or power in your government, because you have to control at least 1/3 of the products circulating in your country. So be a businessman with healthy competition, by improving quality, service and being able to sell at a lower price,
Sure it will my friend. But in some certain business and sectors in our society, attaining monopoly is simply unattainable. It's better you try to outrun your competitors.
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The true test of your business is when there are options and they still prefer yours over the rest. So sometimes, monopoly will give you an idea of your market share index. Then you know how you'll proceed
You will be wasting time chasing monopoly and driving out competition. I would rather suggest you work hard to make your next product or service better than the previous. That way, the competition will just run away on its own because they will not be able to match your level of expertise.
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