|competition in business definition||0.17||0.5||54||78|
|competitive in business definition||1.12||0.3||8746||79|
|competitor in business definition||0.61||0.8||4268||56|
|perfect competition definition business||1.35||0.7||4076||12|
|perfect pure competition definition business||0.38||0.7||6879||60|
|competitive advantage definition business||1.19||0.7||5969||48|
|competitive environment definition business||0.58||1||9680||78|
|competitive pricing definition business||1.79||0.2||9553||18|
Perfect competition is an idealized market structure that provides a benchmark efficiency. Example of Pure Competition : Wheat Farm – There are great number of similar farms; the product is standardized; there is no control over price; there is no nonprice competition.Why is competition important in business?
Competition is important to your business because it enables you to identify your specific and unique traits that are appealing to customers . Identifying and harnessing these traits will enable you to market your business more effectively and bring in new customers .