Question

Advantages and Disadvantages of Competitions

Answer 1

As in sport, competition is an incentive for companies to excel, thereby fostering innovation, diversity of supply and attractive prices for consumers and businesses alike. Competition thus stimulates growth and generates substantial benefits for the community.

Disadvantages typically include things such as know-how, scale, scope, location, distribution, quality, product features, process efficiency, productivity and costs. Competitive disadvantage may be measured by benchmarking against a top competitor or industry average for a particular factor.

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