Does Competition Benefit in Business Essay - 1219 Words

Does Competition Benefit in Business? Do businesses want to grow and advance, or remain at a standstill with production? Most say they want to grow and advance. This topic is important in the business standpoint. Shall business managers promote competition or not? â€Å"Smart business professionals use competition to their advantage† (Pearson 1). Businesses who use competition notice the positive effects later down the road. Seeking to thrive and grow, businesses need to promote competition and compete against the other firms in their business. â€Å"There’s nothing like a little competition to suddenly boost productivity† (qtd. in Penn 1). Although some critics argue that competition may develop a negative atmosphere in the workplace,†¦show more content†¦Most people look for deals to get the most bangs from their buck. Competition leads to profits within the business â€Å"if aimed at the right audience† (Fullman 1). Many researchers a gree that competition helps businesses adapt and develop the new products that Americans seek in today’s marketplace. â€Å"Bringing to market better, faster, thinner, greener products involves competition† (Rose 2). Businesses compete to sell the most appropriate product for their consumers. The increase in competition is an advantage to consumers because they find a decrease in prices. Businesses should promote competition in order to establish efficient performance. If employers are honest and true to the business, then they give the manager their best effort. This effort grows with competition and therefore the business witnesses a dramatic increase in sales and productivity. â€Å"Competition can make producers work harder to figure out how to reduce costs† (Penn 1). This change in motivation and commitment within the business leads to increase in wages. Why wouldn’t an employee want an increase in their pay? With a chance of better pay, e mployees commit themselves to the business. â€Å"Productivity is important because the higher it is, the lower the prices, the greater the output, the higher the return on capital, the higher the wages, and the greater the chance a business has of surviving† (Penn 1). Even in a market with high-density producers, consumers find aShow MoreRelatedThe US Laws and Guidelines Governing Fair and Equitable Business Practices834 Words   |  4 Pagesand Guidelines Governing Fair and Equitable Business Practices BUSN115 September 21, 2013 Professor Neal McGregor The US Laws and Guidelines Governing Fair and Equitable Business Practices The United States became one of the most influential world powers virtually overnight. The system of functionality which maintains this growth and power is the refined codes of business practices which are the cornerstone for domestic and international business relations the world over. 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