Does Competition Benefit in Business?
Do businesses want to grow and advance, or remain at a standstill with production? Most say they want to grow and advance. This topic is important in the business standpoint. Shall business managers promote competition or not? “Smart business professionals use competition to their advantage” (Pearson 1). Businesses who use competition notice the positive effects later down the road. Seeking to thrive and grow, businesses need to promote competition and compete against the other firms in their business. “There’s nothing like a little competition to suddenly boost productivity” (qtd. in Penn 1). Although some critics argue that competition may develop a negative atmosphere in the workplace, businesses should promote competition in order to function in a changing society, establish efficient performance, and enhance their customer’s satisfaction.
Businesses should promote competition in order to function in a changing society. America seems to grow bigger structurally and technologically everyday. Businesses need to keep up with these advancements. Designing and selling top quality products for America, competition challenges businesses to create a better future. When competition arises between two industries, the sight of competing drives consumer business to the industry that successfully lowers the prices on their products. Successful industries remain up-to-date with society becoming top-notch in the field they compete in. Competition teaches businesses what will work in their market and what will not work. The consumer demand for products always appear no matter what. How industries produce that product determines how successful the business operation becomes. “Competition finds new markets to go into” (Pearson 1). The average audience, or the consumers, seeks to buy the cheaper product. Most people look for deals to get the most bangs from their buck. Competition leads to profits within the business “if aimed at the right audience” (Fullman 1). Many researchers agree that competition helps businesses adapt and develop the new products that Americans seek in today’s marketplace. “Bringing to market better, faster, thinner, greener products involves competition” (Rose 2). Businesses compete to sell the most appropriate product for their consumers. The increase in competition is an advantage to consumers because they find a decrease in prices.
Businesses should promote competition in order to establish efficient performance. If employers are honest and true to the business, then they give the manager their best effort. This effort grows with competition and therefore the business witnesses a dramatic increase in sales and productivity. “Competition can make producers work harder to figure out how to reduce costs” (Penn 1). This change in motivation and commitment within the business leads to increase in wages. Why wouldn’t an employee want an increase in their pay? ...