What is the impact of competition on businesses?
Competition can drive innovation, improve quality, and lower prices, benefiting consumers and businesses alike.
Can you give examples of how competition has led to innovation?
Sure! The smartphone market is a great example; companies like Apple and Samsung constantly innovate to outdo each other.
Does competition always have a positive effect?
Not always. Excessive competition can lead to market saturation and may harm smaller businesses unable to compete.
How can businesses effectively compete in a saturated market?
Businesses can focus on niche markets, enhance customer service, and leverage unique selling propositions to stand out.
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