Competition in business refers to state where many business offering the same services try to win consumers of their goods. According to Miriam-Webster, it is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. Competition among firms is good as this guarantees customers the best services. Firms go a notch higher by acquiring the best technologies available and develop better products that gives the consumers a wider selection. Competition is generally accepted as a necessary condition for the coordination of disparate individual interests via the market process (Heyne et al, 2014).Consumers benefit out of competition among organizations offering the same services. This can be in the form of access to the best quality services and a reduction in prices compared to a case where there is monopoly.
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It is the duty of an organization to ensure that their employees are protected by providing them with personal protective equipment. A major initiative of sustainable business is to eliminate or decrease the environmental harm caused by the production and consumption of their goods (Becker, 2008).Companies must therefore put in place measures to ensure that all their operations are within acceptable standards with regards to environmental pollution.
1. Becker, T. (2008).The Business behind Green, Eliminating fear, uncertainity, and doubt.APICS magazine.vol.18, no.2.