Those who don't know the value of their competitors in a business field may fail to take advantage of the presented opportunity. Most times we view our business competitor as our enemy. Indeed it's absurd how one can want to flood the whole market system. There is a constant fight against centralization and so must it be applied in a monopolistic market.
Without market competition there will be a large room for consumer dissatisfaction, price hike, poor service rendering and even biased sales. In this article we will revisit the advantage of a competitor in a business environment and why a competitor should not be seen as a business enemy.
Who is a Business Competitor
In simple terms, a business competitor is a company that trades the same commodity or renders the same services. They operate in the same industry or market and offer similar products or services to the same target audience. Due to same brand products or services, they mostly strive to gain a competitive advantage in areas such as pricing, quality, marketing, innovation and incentives. Identifying and understanding your competitors is crucial for strategic planning and decision-making in business.
With a constant pursuit to outclass other opponents, the competition in business though with several disadvantages has added profoundly to business development. How to stay viable, valuable and effective in the business environment runs down to how you've been able to influence your customer base to focus on doing business with you as their preferred business enterprise. Yes a consumer that leaves will be well welcomed by your competitor. So can one in such scenario say he has been snatched of profit and tag his competitor an enemy?
Is Your Competitor a Business Enemy?
To promote good business standards, the term "business enemy" is mostly shunned. In my own view, it's much better for businesses to see their competitors as rivals. They are there to make you strong, improve on your business model, learn new tactics and command a good business habit. Do you think a company like Apple would have stood out to be the best without early competitors like IBM forcing it to improve?. Competition in the business world needs to be generally seen as a natural part of the marketplace, where various companies compete for market share, customers, and resources. Business interactions are typically guided by legal and ethical standards, and conflicts are usually resolved through competition and market dynamics, rather than personal enmity. There is a saying, 'if you can't beat them, join them', I will personally add, 'if you can't join them, learn from them'. You lose in business mostly when you fail to learn. There is a need to build and thrive in a business environment where hatred and enmity is absconded.
Balancing the Odds
As earlier stated in this article, there is a need to eliminate monopolistic markets or businesses in modern times. Business competition plays a very vital role in shaping and creating an almost fair market environment for consumers.
The need for consumers to have product and service alternatives is what has kept a thriving consumer satisfaction environment. I have seen businesses working together for the better good. Many financial systems have merged to reduce cost and promote better customer and service rendering experience. Some in the cause of such moves have helped rescue businesses from going bankrupt.
To wrap things up let me say, your competitor is not an enemy. Your inability to leverage the presented opportunity when it comes to new business models and tactics employed by your competitors is what slacks you in the business field. The advantage you get from competitors is them saving you the stress of too much research by helping you market what is trending. In addition to that, business competitors help set product and service prices which can also be to your advantage. Here, consumers are satisfied when price seems unique across different enterprises, believing it's fair pricing. Businesses need to show professionalism by playing it in an ethical and healthy manner.
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It is hard to evaluate this in some way, as it is your first post (on this account anyway), but there is no personality in it, there is none of you. It is a bit like that filler content with "top 5 things" or whatever.
Then, who is it for, why would they read it, what are you expecting them to get out of it, what is actionable?
Thanks friend, but I have written several post on this account, you only checked my blog post. Do well to check all post, you'll find a lot more. I really do appreciate your comment
Ah, you are right! I thought I was in all posts. Sorry! Will have a read of others.
The lack of personality still stands on this one though. I actually checked whether it was AI generated.
Ok, hoping to hear from you