Competitive Business Environment
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Competitive Business Environment

Businesses exist in a competitive environment at present.  Companies  are in fierce competition with each other to provide the best possible value for money   and to offer the most suitable range of products or services  for their customers. Businesses compete in different ways. One of the most clear ways is over price. Companies  on the Internet compete to supply the same goods at the cheapest price to customers. However, in addition there are many  other   competitions, e.g. location – being at the most convenient location for customers, customer service – giving the best personal attention to the needs of customers, customization of products – providing additional features to products to cater for particular customer groups. Organizations  are faced by direct competitors. These are firms that produce the same or very similar goods  or services. On the other hand, most products are differentiated in some way. In addition to direct competition, businesses also face indirect competition. For example, in the leisure industry cinemas are faced by indirect competition from other providers of leisure activities such as discotheques. A direct competitor is a business that produces or sells a product or service that is identical or highly similar to another. Indirect competition occurs when organizations   compete for the same  expenditure, although they might be in different sectors of the same market, or in apparently different markets. As such it is apparent that we are living in a hyper competitive business environment where things are changing rapidly. In this business environment being competitive is vital for  survival and growth for an origination and individuals working for those organizations.

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