ADVANTAGE:The advantage of having market competition is that companies are always adding value to their product. They can either increase the quality of the product, or they can decrease the prices. In either of the cases, the products become more desirable to the customer and they feel that it is a value for money product.
DISADVANTAGE: Competition decreases your market share and shrinks your customer base, especially if demand for your products or services is limited from the start. A competitive market can also force you to lower your prices to stay competitive, decreasing your return on each item you produce and sell.
Competition decreases your market share and shrinks your customer base, especially if demand for your products or services is limited from the start. A competitive market can also force you to lower your prices to stay competitive, decreasing your return on each item you produce and sell.
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Answer:
ADVANTAGE:The advantage of having market competition is that companies are always adding value to their product. They can either increase the quality of the product, or they can decrease the prices. In either of the cases, the products become more desirable to the customer and they feel that it is a value for money product.
DISADVANTAGE: Competition decreases your market share and shrinks your customer base, especially if demand for your products or services is limited from the start. A competitive market can also force you to lower your prices to stay competitive, decreasing your return on each item you produce and sell.
Explanation:
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Answer:
Competition decreases your market share and shrinks your customer base, especially if demand for your products or services is limited from the start. A competitive market can also force you to lower your prices to stay competitive, decreasing your return on each item you produce and sell.
Explanation:
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