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Competition in business terms is where there are other companies or firms in the same sector as you and they will compete with you to try and get their product to do better than yours.
Member rating: No Rating | Words: | Submitted: Fri Oct 24 2003
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Competition in business terms is where there are other companies or firms in the same sector as you and they will compete with you to try and get their product to do better than yours. They would change the product, price, place and promotion of their product to get it to sell more effectively. For example to change product they would need to spend some time and effort of making their product service different from the competition this is differentiating. They could concentrate on quality, use better material and tailoring the product to their customers. They could also differentiate on availability for example opening long or unusual hours. If they changed on price, they would set a price that will allow a good profit and good value for money, they could use pricing methods such as competitive pricing - this is when a firm looks at the prices competitors are charging and...
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