Case Study on Business Competition:
Business competition is the process of the cooperation and competition of businessmen for the most profitable conditions of production and sale of the goods and services and for the opportunity to receive the highest profit through these operations. Business competition is the natural phenomenon, because every firm on the market wants to receive high profit and to look better than the rival firms. From the historical point of view business competition appeared not long ago with the process of industrialization and the development of capitalism and became the key element and characteristic of the latter. Business competition occurs between the companies which produce similar goods and services or belong to the single sector of the market. They strive to win the attention of new and new clients with the help of different means – affordable prices, quality production and advertising.
Evidently, nowadays very few companies produce high-quality goods and services and they attract only with prices and image of their brand achieved by the successful marketing strategies advertising the company and its production from the most favourable sides. The firm which has attracted the biggest number of customers can be called the leader is the competition and the leading company dictates the further development of products, new means and ways of advertising and broadening of the choice of production and finally it dictates the pricing policy in its sector. There are cases when there are two companies which can be called the leading ones, but still they compete between each other for the first position.
When the whole sector of the market is occupied by the little number of big corporations who share the leadership, the phenomenon is called oligopoly.
Business competition is the dynamic process of the competition between the companies belonging to the same sector of the market for the common aim of increasing their profit. The issue on business competition can be very interesting to the students who have economy as their major, so one can prepare a good case study about the matter. The young professional can focus on the research of the case site, the problem which has occurred there and think about the cause and effect of this problem. The final student’s duty is to solve the case on business competition on the example of the suggested firm successfully.
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