Marketing91

  • Home
  • Categories
    • Marketing
      • Advertising
      • Branding
      • Sales
      • Retailing
      • Consumer Behavior
      • Distribution
      • Market Research
      • Pricing
      • Product Management
      • Strategy
      • Segmentation
      • Targeting
      • Positioning
      • Services Marketing
      • Articles
    • Digital Marketing
      • Blogging
      • SEO
      • E-commerce
      • PPC
      • Email marketing
      • Social Media Marketing
      • Facebook Marketing
    • Brands Analysis
      • Marketing Mix
      • SWOT
      • Strategies
      • Competitors
      • Lists
      • Expensive
    • Management
      • Customer Management
      • Communication
      • Leadership
      • Decision Making
      • Delegation
      • Organizational Management
      • Motivation
      • Personal Development
      • Project Management
      • Risk Management
      • Team Management
      • Time Management
    • Careers
      • Interviews
    • Business
      • Business Models
      • Logistics
      • Supply Chain
    • Human Resources
    • Skills
  • News
  • Academy
  • About Us
    • Contact Us

5 advantages of market competition to end customers

January 25, 2020 By Hitesh Bhasin Filed Under: Marketing

Ask any business man and he will say that competition is a bad thing. However, that is far from the truth. In fact, active competition makes the market more active and makes people pay more attention. By looking at more offerings, customer himself enters the purchase mindset.

Once the buying power goes in the hand of consumers, then you enter the proper consumer mode of business. You try to give the customer whatever he wants. And that’s the right kind of mentality for any business owner.

Advantages of market competition

Customers have numerous advantages of market competition. 5 of them are written below.

Table of Contents

  • 1) Upgradation 
  • 2) Adding more value 
  • 3) More options for customers 
  • 4) Productivity 
  • 5) Focus on sales and customers 

1) Upgradation 

You tend to regularly upgrade your product as well as innovate so that you stay ahead of competition. If there was no competition, Apple would not have been what it was. It would still be doling out laptops only. Because Steve jobs wanted to get ahead of competition like Sony and others, he innovated. So upgradation is a natural advantage of having market competition.

2) Adding more value 

The advantage of having market competition is that companies are always adding value to their product. They can either increase the quality of the product, or they can decrease the prices. In either of the cases, the products become more desirable to the customer and they feel that it is a value for money product.

3) More options for customers 

Customers get many more options when competition is strong in the market. Take Samsung for example. The smart phone company has several flagship products. Yet it is still launching a new SKU every month. Besides that, Samsung has branched out to so many other products. This is just so that it fills up the gap in the market and offers more options to the customer. As Samsung itself is offering so many products, customer does not go to another brand. They might buy refrigeration, TV, air conditioner, smart phones and everything from Samsung itself.

Also Read  What is a Marketing Budget and How to Create one?

4) Productivity 

Businesses in general tend to be more productive and efficient when there is competition in the market. When you know that your competitor is making strategies regularly, you optimise your own operations and manufacturing. This means that the customer gets better customer service, optimised product, and at the same time, a management which is listening to the customer. This is the biggest advantage of market competition.

5) Focus on sales and customers 

The best advantage of market competition is that it ensures that the company is focused on sales and in turn, on its customers.  More customers means more market share, and more safety for the company. However, once it starts losing market share, then competitor can have an advantage position. On the other hand, if there was no competition, then the company would not be worried about sales or market share. Being worried is good for the company because then the company is on its toes in the market.

In today’s world, competition always exists in the market. It is the fight for sales and customers which is making top brands compete within themselves. However, the party which is enjoying the most through this competition, is customers. And that’s the one party we want to keep happy at all times.

Liked this post? Check out these detailed articles on Topic of Marketing

Alternatively, check out the Marketing91 Academy, which provides you access to 10+ marketing courses and 100s of Case studies.

Marketing91 Academy

About Hitesh Bhasin

Hi, I am an MBA and the CEO of Marketing91. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. You will generally find me online at the Marketing91 Academy.

Related posts:

  1. Competition in Marketing : Meaning, and the Types of Market Competition
  2. 3 Cs of Marketing – Company, Customers and Competition
  3. What is Fair Competition? Importance Of Fair Competition
  4. How to gain market share from competition in 3 simple steps?
  5. Advantages of Competition
  6. How Marketing and PR Can Work Together to Better Reach Customers
  7. The Role of Marketing Department in Business and Attracting Customers
  8. What Is Market Allocation? Benefits Of Market Allocation
  9. What Is Market Appraisal? Importance Of Market Appraisal
  10. What is Relative Market Share? Relative Market Share

Join the Marketing91 Academy

Marketing Masterclass

Management Masterclass

Management Masterclass

Communication Course

Communication Masterclass

View All Courses
Economics Masterclass

Economics Masterclass

Sales Masterclass

Sales
Masterclass

Advertising Masterclass

Advertising Masterclass

View All Courses
Leadership Masterclass

Leadership Masterclass

Branding Masterclass

Branding
Masterclass

Strategy Masterclass

Strategy
Masterclass

View All Courses
Not found what you are looking for? Search this website.

Comments

  1. Ejila zeme says

    I have gone through your article..
    You have explained it well with examples about the advantages of competition in the market which was easy for me to understand.
    Thank you

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Informational Power: Definition, Sources and Importance
  • Reward Power in Leadership: Definition and Examples
  • Expert Power: Definition, Examples and Development
  • Legitimate Power: Definition, Examples, Advantages and Disadvantages
  • Nike, Adidas, Shein, and Temu Sent Letter From House China Committee About Forced Labor
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Marketing91 Team
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Editorial Policy
  • Advertise
  • Contact us
  • Sitemap

WE WRITE ON

  • Marketing
  • Business
  • Management
  • Brands
  • Digital Marketing
Search
[email protected]

Copyright © 2023 Marketing91 All Rights Reserved