Why is competition important?

[Elfinito]

Competition tends to bring out the best in us, it helps in bringing out our full potential.
Everybody wants to be the best and no body wants to lose and so when there is competition we strive to be best

 

[Wiserr]

I will say competition is important but only if you are very lazy. competition helps to revive a new business. you will find out that people who have a competing business they are always resilient and not lazy.

 

[kayode10]

Competition can help you to develop ability to think outside of the box. The reason is that you'll be thinking of a way to create a unique angle for yourself in the marketplace in order to make profit.

 

[Kaffyfolla]

It creates jobs and provides people with a choice of employers and work places. Competition also reduces the need for governmental interference through regulation of business. A free market that is competitive benefits consumers- and, society and preserves personal freedoms.

Post automatically merged: Dec 29, 2021

It creates jobs and provides people with a choice of employers and work places. Competition also reduces the need for governmental interference through regulation of business. A free market that is competitive benefits consumers- and, society and preserves personal freedoms.
Vigorous competition requires businesses to strive to lower their prices and improve the quality of their products and services. ... Competition stimulates firms to lower their own costs and run their businesses as efficiently as possible
Not only is this good for consumers - when more people can afford to buy products, it encourages businesses to produce and boosts the economy in general. Better quality: Competition also encourages businesses to improve the quality of goods and services they sell – to attract more customers and expand market share

 

[kayode10]

Competition brings about innovation in the marketplace. Competition enhance the research and thinking ability of different companies in order to come up with superior products. The competitors will always work hard to win the heart of the customers in marketplace.

 

[Lucy ID]

To a large extent competitions in any line of business to me is a good one sometimes and at some points very good also. Why? Because this help us to remain focus, dedicated and strive for greatness at all times. It's help us to go extra miles to get the best of the best always

 

[Holluwaphemmy]

Competition is one of the characteristics of living things. Competition makes you know your ability and also gives rooom for you to know the areas your need to improve on. Competition is an eye opener to either think more of yourself and know your Abilities.

 

[tyrim88]

In business for it to move forward there must be competition, that is why its good to have good strategies, always know what your clients want, that is a very good way of beating competitors around you. Always go for good and reliable Information that will help in boasting your business

That is true because information and the things that are trending in the sector that one is into is very important to the survival of the business outfit,else competition will just push one out of the business environment.

 

[Nomad]

Competition is always good for the consumers because when there is competition, businesses, in order to survive in the market and generate sales, will offer better products and also cheaper prices. However, for business competition means loss of revenue

 

[Good-Person]

Competition is always good for the consumers because when there is competition, businesses, in order to survive in the market and generate sales, will offer better products and also cheaper prices. However, for business competition means loss of revenue

The fact of the matter remains that competition is good for customers because it eliminates market monopoly. This may also reduce certain elements such as price fixing, which could be a really huge problem for many customers. This is quite important.

 

[Ja Sa Bong]

Competition is always very good for the consumers. They are the one's who are going to earn more benefits from so many sellers who will do almost everything to secure their patronage. If there's competitions, the prices of products will be cut down.