From the buyer's point of view, competition promotes:
Posted: Mon Jan 20, 2025 5:02 am
A wide range of goods and services at affordable prices. When the same product is offered by several sellers, no one will be able to sell at high prices, since the competitor's prices may be lower and the entire flow of buyers will go to him.
The emergence of new products. In a competitive market, there is no shortage of any product, so the buyer goes to the seller who has the best assortment and attractive sales conditions.
Competition constantly spurs entrepreneurs, forcing them to develop and improve their business by:
The introduction of new technologies, thanks to which modern products appear on the market.
Service improvements. If paytm database a product is presented in large quantities by different sellers, then mature service and personal offers can attract customers.
Development. Competitive struggle forces entrepreneurs to use new technologies to improve business efficiency.
Read also!
"Marketing Tips: How to Show That Your Product is the Best"
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While buyers see no downsides to competition, it does bring some inconvenience to businessmen:
Price reduction. If 30 companies sell smartphones, the rest will by default focus on the prices offered by competitors. This is not always and not beneficial to everyone. Thus, larger companies are characterized by lower costs than newcomers to the business. And someone, having wide financial opportunities, deliberately reduces prices, forcing other sellers to do the same.
Bankruptcy. Not all entrepreneurs can withstand such a continuous marathon, and after unsuccessful attempts to establish sales, the business closes. It's good if you manage to break even, but some try to develop the business by attracting borrowed funds, then after closing you will still have to pay off debts.
Reduction of the lifespan of a business. Since competition stimulates the development of new technologies, some types of entrepreneurial activity simply become irrelevant. For example, terminals for paying for mobile services are currently practically not in demand.
All entrepreneurs know that business is impossible without risks, but they evaluate competition from a positive perspective.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
After working with over 300 online projects , I can guarantee: monitor these metrics weekly and your company will not only survive, but also increase its profits by 10 times!
In the context of sanctions and crisis, knowing the ROI of your advertising decides whether your business will be successful. Tracking these 5 critical indicators is the key to your prosperity.
What you get for free:
5 Key Metrics to Increase Profits by 220%
The Secret ROI Formula: Instant Advertising Efficiency Calculator
Anti-crisis Solutions Matrix: Find the Perfect Strategy for Your Business in 15 Minutes
We have prepared all the documents and templates with formulas for you. And yes, it is FREE:
Download documents for free
The emergence of new products. In a competitive market, there is no shortage of any product, so the buyer goes to the seller who has the best assortment and attractive sales conditions.
Competition constantly spurs entrepreneurs, forcing them to develop and improve their business by:
The introduction of new technologies, thanks to which modern products appear on the market.
Service improvements. If paytm database a product is presented in large quantities by different sellers, then mature service and personal offers can attract customers.
Development. Competitive struggle forces entrepreneurs to use new technologies to improve business efficiency.
Read also!
"Marketing Tips: How to Show That Your Product is the Best"
Read more
While buyers see no downsides to competition, it does bring some inconvenience to businessmen:
Price reduction. If 30 companies sell smartphones, the rest will by default focus on the prices offered by competitors. This is not always and not beneficial to everyone. Thus, larger companies are characterized by lower costs than newcomers to the business. And someone, having wide financial opportunities, deliberately reduces prices, forcing other sellers to do the same.
Bankruptcy. Not all entrepreneurs can withstand such a continuous marathon, and after unsuccessful attempts to establish sales, the business closes. It's good if you manage to break even, but some try to develop the business by attracting borrowed funds, then after closing you will still have to pay off debts.
Reduction of the lifespan of a business. Since competition stimulates the development of new technologies, some types of entrepreneurial activity simply become irrelevant. For example, terminals for paying for mobile services are currently practically not in demand.
All entrepreneurs know that business is impossible without risks, but they evaluate competition from a positive perspective.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
After working with over 300 online projects , I can guarantee: monitor these metrics weekly and your company will not only survive, but also increase its profits by 10 times!
In the context of sanctions and crisis, knowing the ROI of your advertising decides whether your business will be successful. Tracking these 5 critical indicators is the key to your prosperity.
What you get for free:
5 Key Metrics to Increase Profits by 220%
The Secret ROI Formula: Instant Advertising Efficiency Calculator
Anti-crisis Solutions Matrix: Find the Perfect Strategy for Your Business in 15 Minutes
We have prepared all the documents and templates with formulas for you. And yes, it is FREE:
Download documents for free