There is always some sort of competition among two things. When it comes to businesses, the competition has reached to a very tough level. Businesses today are finding and working on innovations to grab more customers. They have to have a lot more than before. This world is not the same because the demands are different, wants have increased, plus the technology has entered our lives.
“Businesses without technology are considered as fruits without sweetness.”
We can find several examples of businesses that had zero competitors in their respective fields. But now are facing a huge number of competitors offering the same or slightly upgraded forms of products and services.
What do businesses need to do?
Businesses are obliged to figure out modern and ground-breaking methods of attractive the major number of consumers. The brand conscious and brand loyal customers do not switch to other brands until and unless they find something new and better than what they normally purchase or use. To lessen the amount of your customer to switch towards other competitors, companies are busy in finding out what is new in the market. Otherwise they have to bring any fresh products in the same product line.
Same is applied with the services, applications, websites, FMCGs, and even banks. All of these are discovering new techniques to uphold the current customers and bring other customers towards their businesses.
What is marketing department doing in this regard?
All companies have broadened their marketing department. They are hiring experienced and open-minded employees in this department who can reach the hearts of people by approaching different attractive tools. For instance, banks are updating to having their own serving apps. You don’t even need to visit their place at all. Looking forward to this, other banks followed it obviously. Rather other businesses also followed it. Currently we can find a separate app for almost all the services we want to take.
What is Competitors advantage?
To define Competitive advantage we can consider that the advantage that a company gains by offering more than its competitors. It can be either cheaper pricing, greater value for money, or something unique. By this any particular company can justify its higher pricing or uniqueness in market.
It is increasing and complicating the competition. To the businesses, competitive advantage is now a challenge to come up with. Most of the departments of companies are working on different researches, marketing methodologies, innovative techniques, and product differentiation's.
Corruption And Competition
Telecoms in this regard are offering wide packages, cheaper call rates and other benefits to their users. Every firm is trying to increase their business while forming joint ventures or any other strategy. Recently, the telecoms had a competition and corruption scenario. In which Korek’s competitors are having Rahme Zayna as their investor. And he has failed to disclose his interest there. He then had to face consequences in Iraq, in order to invest in its telecom firm’s competitor.
Businesses today are facing many difficult scenarios from product to competitors and investors. Everyone is busy earning from the business or off the business. To save from worst news and corruption cases it is necessary to form smooth joint ventures and save the firm from corrupt people whether government or private. Moreover, the competition is growing with zero resisting paces. Therefore, to gain more businesses, have to have more for satisfying the needs and wants of their customers.