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COMPETITION

Competition is the most important factor in determining a company's strategy, for instance, whether or not to choose gaining market share as your immediate objective. It is said that a firm is competitive if it stands well on the market when compared with other firms.

The competitiveness of a firm depends, first of all, on the quality, attractiveness, and liability of its products. Quality and reliability are long-term assets, but it is attractiveness that helps to sell new products.

Another factor is the price - whether it is high, medium, or low. Then profitability must also be taken into consideration. The more profitable the production process is, the more competitive the firm is.

Heavy investments in development and technology also help to overtake and even surpass competitors. And the last is the significance of the firm's market share, the duration of its presence on the market, and its reputation.

All these factors are interdependent. For example, the turnover of the firm increases when prices are lowered, and thereby the firm's market share increases as well.

But with cutting prices, profitability is lowered, as is also the firm's annual return. A firm can have higher prices and still have a steady hold on the market thanks to its reputation for quality and reliability of its products. So, reputation is also a part of market value.

This means that you cannot determine how competitive the firm is if you look at competitiveness from the viewpoint of one factor only. All factors must be taken into consideration.

1. Here are the definitions of these factors. What is the factor corresponding to each definition called?

a) how much it costs a customer to buy the firm's product;

b) the period of the firm's presence on the market;

c) money spent on developing new products and technology to manufacture those products;

d) the profits that the firm or company can get;

e) the place that the firm or company occupies on the market,

f) how well the firm is known to other firms and customers as a supplier of high-quality goods and services;

g) how long the products manufactured by the firm or company may last;

h) how good the products or services offered by the firm or company are ;

i) how well the products or services are presented to customers to stimulate them to buy those products or services.