With continuous growth of private business sector, competition in business is increasing rapidly as well. Businesses aim to have increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion Competition results from scarcity and when many companies strive to reach the what consumers want. Competition impacts the price a company charges charge as it is limited by the extent of the competition. The range of services and the nature of the product is also influenced.
10/10
Excellent!