Playing the Competitive Field
Competition is the contest among businesses to attract customers and sales. The opposite of competition is a monopoly, where a single company has complete control of an industry or service offering.
Competition occurs whenever winning attention is necessary for selection and survival. In nature, the peacock’s tail, the rose’s scent, and the apple’s sweetness are the marketing tools. In business, the battle is fought and won with product innovations and marketing programs designed to attract customers to one business over another.
Thanks to the forces of competition, the free enterprise system is undergoing constant improvement. Here are a few examples of what competition does:
It prompts product upgrades and innovations.
It leads to higher quality and lower prices.
It enhances selection.
It inspires business efficiencies.
Speaking the language of competition
Your sales figures provide your first indication of how you’re doing in your competitive arena. If they’re strong and growing, your business is on the right track. If they’re sliding downhill, you ...