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Understanding Business Competition: Strategies for Success

Learn about the dynamics of competition in the business world, how it drives companies to innovate, produce quality goods at reasonable prices, and operate efficiently while maintaining profits. Explore the balance between pricing strategies and production costs to attract and retain customers effectively.

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Understanding Business Competition: Strategies for Success

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  1. Competition

  2. What is competition? • The struggle between companies for customers (old and new) • Competition forces businesses to produce higher-quality goods at reasonable prices. Also encourages new and improved products. • Forces businesses to operate efficiently

  3. Low price = High profit • The skill in competition is the balance between keeping prices low enough to attract customers and high enough to still turn a profit. • This forces businesses to keep the cost of production as low as possible. • Competitors are successful because they are able to produce at a price the average customer can afford.

  4. Competition and Market Structure • Competition is determined by the number of buyers and sellers in a particular market • Market structures are determined by the success or failure of competition in particular markets.

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