Take Competition for Good!
We are all consumers of various products and goods in day to day life. It is our objective to receive quality and durable goods and services for an affordable price. This is why there is a diverse amount of businesses and organizations at present. All these contrasting organizations have created a massive competition among each other, which can be considered as the cause for the production of quality goods for low prices. Hence having competition is important to develop businesses as well as to make day to day life better for folks.
Presently the consumption of goods and services has increased due to the massive growth of the population of the world. There is also a debate between our wants and our needs, where we give priority to our needs than our wants. This is also the main cause for businesses and organizations to evolve over time. Hence, most institutions and companies creatively let out goods and services in a dramatic and noticeable manner.
Competition benefits not only consumers but also businesses as well. It also helps a country to grow financially and trade wisely too! Though competition can decrease the market share and customer base of a business, it is important for businesses to grow to larger scales. Without competition, the manufacturing and production of standard and affordable goods would have been at a low pace by now. Hence entrepreneurs and businessmen should positively take the competition, for further improvement of a business or organization. If taken negatively, competition could be the reason for the downfall of a certain organization as well.
How can “Competition” be taken in a positive manner?
The “SWOT Analysis” of a specific organization could be mainly based on the level of competition the organization has. For instance, if we consider an organization with a well-known trademark, its brand name itself is one of the major strengths of the organization. As we all know these kinds of organizations that own well-known brand names aim for the more well off community and it is high end too. Identity theft is also a threat that such organizations face, and this is where “Competition” steps in. There could be other groups and institutions that offer the same merchandise for a much lower price for the underprivileged community as well. Therefore the wellbeing of an organization depends on the level of competition it has.
Certain individuals may have different viewpoints on the impact competition has on specific organizations. According to my point of view, if business owners take “Competition” as an opportunity instead of seeing it as a threat, it could accelerate the speed that a certain organization takes to drive to the peak point of his/her business.
Another great advantage of competition is, that it helps in the successful completion of a project or teamwork. It also helps in massively increasing creativity and innovative thinking. An individual who faces competition is likely to amplify his/her level of productivity, which can intensify the positive results of certain engagements and projects. In such a competitive background, organizations should have the necessary knowledge to deal with it amidst any situation. In this criteria, there are significant factors that business owners and organizations should be aware of.
First and foremost it is important to know who you are competing with and what your competition is. This will help organizations to stand out among all their competitors, which may be favourable in spreading and expanding the customer base of a specific organization.
Keeping up with customer expectations is also an essential and determining matter for organizations. And it is important to keep in mind that “opportunities” surpass the strengths of an organization. Hence to make use of such opportunities is a great deal for businesses.
It is also important to maintain an organization’s existing customer base since it is known to be much easier than grabbing the attention of new ones.
One of the best ways to make your organization shine is to keep your employees happy. When treated well and looked after, they’ll automatically carry out the given tasks loyally which results in the betterment of the organization.
It is always important to update your business plan, which helps to keep up with new reformations of the industry. Getting to follow up with new customer trends and affairs is a bonus feature that comes along with revamped business plans and strategies.
The physical appearance of your business place also plays a significant role in grabbing customer attention. When it is more appealing and eye-catching, it tends to be more inviting for new customers as well as old ones too.
The above-mentioned tips and tricks may always be favourable in keeping up with the competition. It’ll help you to lead the way and keep ahead in competing.
As there are pros and cons to everything, there are also some disadvantages of having competition. One main disadvantage is that businesses cannot come to a proper conclusion about the quality of their product since there are many other organizations that manufacture and provide the same product. Hence there should be proper knowledge about the other competitors as discussed above. It is also important to have a better marketing strategy than the other competitors since marketing is one major asset an organization could have. And it is marketing that seizes consumer attention prior to all other favours.
There are many ways to handle competition in a way to least expect blunders and slips. First of all, it is important to recognize opportunities and find your niche. You shouldn’t overlook any important matter. When handling competition it is of great value, if an organization could study other companies with larger scopes. It could always regenerate your vision that you have towards competition. When dealing with competition, starting small can reduce the risk of having a less customer base. Targeting the local market that surrounds your business can take you a long way when competing with others.
When handling a business it is not important to get to the top first. What is important is remaining on the top for a long period of time. Therefore taking competition in a positive aspect and dealing with patience and wisdom is of great value.