Competition in different firms

Difference between Firm and Industry in Perfect Competition

Competition is the rivalry amongst different firms that try to achieve goals such as maximizing profits, increasing sales volume and market share by changing the elements of market mix through product price, distribution, and promotion of products. This is the effort that two or more parties act independently to safeguard the business by a way of offering favorable terms to the market (Pearce & Robinson, 2013). As a result of competition, the firm develops new goods, services, and technologies that offer a wider variety of selection to consumers. Writers who offer competition and consumer law assignment help at Edudorm essay writing service indicate that through a greater selection of this products, a lower price is achieved due to competition compared to a situation where there is no competition (Pearce & Robinson, 2013). This increases and encourages efficiency.

Personal Experience on Competition in Different Firms

            I recently went for shopping in one of the supermarkets. I was in need of some toothpaste. In the shelves, there was a variety of them but only two of them captured my eyes. The packaging on them was some time to admire about. They both had bright and attractive colors on their packaging covers (Pearce & Robinson, 2013). In the recent past, I had seen several adverts of this toothpaste on social media, newspaper and on television. From this adverts it was simple to say that these products a 100% effective and they are the best since nothing negative about that product were shown. I processed to check the writing on the cover and tried to look for the difference but I did not find any. Expert who offer corporate governance law assignment help notes that the benefits of using one were equal to the benefit of using the other only that there are different companies making the product (Pearce & Robinson, 2013). Due to the attractiveness of one the products I was tempted to try it but as a loyal customer I choose the brand that I am used to.

 In this scenario it is possible to point out that companies in the same line of production have different ways of attracting customers either by a way of advertising to make their product relevant or by a way of making their packaging attractive in order to attract new customers who are always willing to try their products (Pearce & Robinson, 2013). Due to this competition is a notch higher. This is a good sign since efficiency is increased. When conditions of competition are met the firms tend to sell their products at low prices but the firm has also to meet its cost of producing this product otherwise if it sells at less the lowest possible price it is going to lose its customers (Pearce & Robinson, 2013).

How Competition between Different Firms after Daily Life

Competition has a way of affecting my daily life. This means there are many products to choose from and make a consideration about them. Due to this completion, I get better services and I pay less. This has made me be loyal to certain brands from specific firms. As a result of increased better services this firms have come up with better ideas such as to deliver their products to your doorstep when ordered (Pearce & Robinson, 2013). Writers who offer company law assignment help at Edudorm essay writing service indicate that different companies’ aims at minimizing or eliminating any product side effects it may have on its consumers since it want to maintain them while attracting others (Pearce & Robinson, 2013). Due to the increase of competition, I have gained the ability to distinguish good products and their benefits towards my daily life by a way of analyzing each product. It has also built the awareness that I can pay less for a product with the same benefits without paying more or being exploited over the same.

Reference

Pearce, J. A., & Robinson, R. B. (2015). Strategic management: Planning for domestic & global   competition.  New York: McGraw-Hill/Irwin