Competition is a contest or rivalry between two or more entities to hook customers, retain them and get the edge over rival.Â Competition is unavoidable in current situation.
Following points must be considered in understanding competition and to get competitive advantages:
- Business Environment-Â The business environment is very dynamic and sometime hostile too. Business environment is continuously evolving.
- Globalization-Â As the world is getting smaller and competition is increasing, organizations have increasing pressure to develop their business and strengthen its competitiveness.
- Strategic management- Strategic thinking and strategic management are highly relevant and important for all the managers in organizations in order to achieve competitive advantage, high performance for success and to ensure companyâ€™s survival and growth.
- Unique Strategies formulation- Business needs unique strategies to remain in business and succeed.