ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a rivalry between companies selling similar items
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one company is the only one selling the item
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companies improving their stock
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None of the above
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Detailed explanation-1: -In simple words: Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth. International Competition: Global competition is the services or products provided by competing companies that serve international customers.
Detailed explanation-2: -What is Competitive Rivalry? Competitive rivalry is a measure of the extent of competition among existing firms. Intense rivalry can limit profits and lead to competitive moves, including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.
Detailed explanation-3: -Competition in business is the contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others.
Detailed explanation-4: -For example, McDonald’s is a winner in fast food and fast burgers. But In-N-Out deliberately focuses on slow burgers, with non-processed meat and fresher ingredients. Both are winners in their own right.
Detailed explanation-5: -Business competition is the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share.