Monopoly and Competition

[eLdavis]

I don't think it's possible to completely drive out your competition, the best you can do is to keep on improving yourself and your business to be able to be on top of the competition.

 

[joy101]

I believe you can drive competition in the business because monopoly I don't really know about the monopoly and how you drive competition in this business.

 

[Josemendez]

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

Monopoly might help you to be able to generate much profit but the fact remains that it won't make you understand how quality your business is. A new product might come to the market and overcome yours.

 

[Yusuf]

Unless you want to give out your products out for free there is no way on how to run out competitors in a business. The best thing for you is just to know hoe to play your game with a competitor

 

[Alexandoy]

I don't think it's possible to completely drive out your competition, the best you can do is to keep on improving yourself and your business to be able to be on top of the competition.

I agree with you that you cannot eliminate competition. Even if you are first in the area you are not sure when the competition will appear. That means you just have to be ready for the time that the competition will come and will pose a risk to your business.

 

[jeff87]

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

Its so simple how to drive out the competition and monopolize the business. All you have to do is to buy all the businesses of your competitors and then you change the business name to just one business that it is yours now.

 

[Lens]

Anyways, monopoly is good for profit maximization but if the business evolve , there is bound to be competition. Do not fear competition because it will push you to explore the business better. It will bring out the best in you.

 

[Kelly5]

You cannot monopolize your business and expect you alone to be the only one running things especially if you're not yet a big business. That will even be more difficult to do

 

[Sotherefore]

The only function of Monopoly in a business is for you to control and make profit as a single business organisation with the original product and strategy, that is just one of the greatest advantage.

 

[eLdavis]

I agree with you that you cannot eliminate competition. Even if you are first in the area you are not sure when the competition will appear. That means you just have to be ready for the time that the competition will come and will pose a risk to your business.

Exactly, if you are first in the business or area, they are alot of persons watching you. Once they see that you have succeeded or the business is going well, others would want to go into it as well. This is where competition comes in, they would not do it exactly as you did it, they would be creative

 

[Georgeadawara]

Government of a country that is the only way by which you can remove monopoly from your business even as a government some individuals still try to sell th same goods

 

[Thinker009]

There are different ways to monopolize the market ,like you could reduce the price of goods and services , so that the customers would actually want to purchase only your product , improving your service , etc , but it also have its negative effect

 

[Snazzy001]

It is never possible for someone to start business and have a monopoly on it. There needs to be competition there so that people will work hard and also treat customers well

 

[Alexandoy]

It is never possible for someone to start business and have a monopoly on it. There needs to be competition there so that people will work hard and also treat customers well

You can make a start up business in a desert and for sure you will not have a competition if you sell ice and ice cream. It can be a monopoly for a long time.

 

[Kingstone]

The fact that the Nigerian government wants to make or has made a producer the only right to sell to the country has made things difficult and high to buy. I won't encourage monopoly from the government but I support it as a private firm.

 

[jeff87]

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.

What I only about monopoly and competition is this, monopoly is when a business has no competitor in the product or service. While competition is when there are two or more companies selling the same commodity like oil but different business owners.

 

[Good-Person]

I do not think that you can avoid competition because competition exists everywhere and in every market. You have to adjust yourself to it and stick to basic rules when it comes to dealing with competition. Do not set your prices too high. Otherwise you will drive customers away.

 

[Chizfab]

There is something we call disrupting an already existing line of business, and people who do that are called Disruptors. They create something unique or new in an existing business, for instance, when a restaurant starts operating online services and home delivery, people will likely patronize them since their food will be delivered to them wherever they are than other restaurants that only serve people who visit their shops. We know that other restaurant owners will copy your idea with time, but don't be bothered, keep on disrupting the business by bringing in new Innovative ideas that distinguishes you from others. You lead, others follow.

 

[Hojo]

I will only say something about competition , in which in my country or region sometime competition leads to quarrel which as gone out of business hand

 

[BrolySSJ]

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

Driving out competition is all about marketing and if you have the right strategy that drives peoples towards you as opposed to them, then other businesses will find it hard to survive in that market place or economy and they may move out.