{"id":131549,"date":"2023-05-20T09:39:34","date_gmt":"2023-05-20T09:39:34","guid":{"rendered":"https:\/\/businessyield.com\/?p=131549"},"modified":"2023-05-24T18:56:46","modified_gmt":"2023-05-24T18:56:46","slug":"competition-in-business","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-business\/competition-in-business\/","title":{"rendered":"COMPETITION IN BUSINESS: Definition, Types, Examples & Importance","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Competition in business is a continuous practice if a business must stay relevant. In order words, competition keeps a business afloat and ever flourishing. Needless to say, there are competitions that are rather too risky, especially for new businesses. It is therefore crucial you understand what competition really means and why it is important for your business before engaging in any. Read further to obtain the knowledge you need to engage or disengage from unhealthy competitions. <\/p>

What is Competition in Business<\/h2>

Simply put, this is a battle <\/em>that involves organizations that produces the same products or services or target the same demographic. The main reason why businesses compete is to convert and retain customers, increase revenue, and gain more market share.<\/p>

Types of Competition in Business<\/h3>

In business, there are several sorts of competition, they are:<\/p>

#1. Direct <\/h4>

Businesses that sell the same items or services to the same target demographic are considered direct competitors. If two firms are in direct competition with each other, it means hey:<\/p>