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According to Pride

May 2, 2019 0 Comment

According to Pride (2014), stated that competition arises when business or any organizations sell products that have similar features or attributes offering in the same geographical area in which the firm operates.Also, business firms are trying to increase sales, profits, market share or position that significantly lead a strong competition in the marketplace. On the other hand, competitors can be classified as the brand competitors or product competitors. Therefore, managers must set strategies and examine how those strategies and the types of competitors affect the business growth.
Porter (2008) studied that competition is a common situation encountered in all business industry. It includes firms and other organizations compete in the marketplace. As the competition intensified in all spheres of business, every business needs a strategy in order to deliver an excellent value and benefit to customers to have a competitive advantage among others. Also, business should compete with value to meet or exceed the customers need so that business effectively maintain and enhance financial sustainability.