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goji.go goji.go
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11 years ago
How does competition benefit consumers? Provide a business example of competition's ability to provide value to consumers.
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Diesel
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bbb
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11 years ago
Having to compete for a finite number of consumers usually weeds out less-efficient companies and less desirable products from the marketplace. Because profit is the ultimate goal, it is the job of a successful business to convince customers that its product is either better or less expensive than that of its competitors. An example is the explosion in high-definition television sales over the last few years. When more manufacturers and retailers jumped into the HDTV market, prices for sets fell drastically. When so many retailers, such as Amazon.com, Costco, and Best Buy, offer HDTVs, prices come down because these stores are able to turn over merchandise quickly and in high volume, which allows them to narrow the margin between the price they pay and the price the customer pays.
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goji.go Authorgoji.go
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11 years ago
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