On Thursday 18 December 2014
Competition is the fight between companies that produce the same products/services with a particular income goal. These companies like to strive to increase their sales volume by considering and using the 4 main components of the market, these are called the four p's (price, product, promotion, and place). For the company to succeed in the competitive market, they must have a thorough understanding of the competition, therefore they have to have knowledge of who the current competition is when this product of service is released, other companies could see your product and then lower their price, so knowing who you're competition is, is very important to succeed, this means having to stay in the know of their products and prices.
