Competition drive business growth and can benefit consumers.
They can also;
Increase customer base and loyalty
Increase revenue and sales
Expand market share
Firms compete in both price and quality. Customers are more likely to purchase at a lower price. While, consumers will also benefit as business compete to improve;
After sales service
Quality of the product
Product image and brand
With improving better services, customers are likely to repeat purchase and develop customer loyalty as you achieve customers needs and wants.
PAST YEAR QUESTIONS
Identify and explain two reasons why quality might be important for Ben’s business. (4 marks) May/June 2018/11
Identify and explain two reasons why high quality might be important to GGB (4 marks) Oct/Nov 2018/13
Identify and explain two ways in which a firm could maintain high quality. (6 marks) Oct/Nov 2019/13