There is a dispute about whether cooperation or competition among businesses is useful for society and helps it to progress steadily. In my personal view, a combination of collaboration and competitiveness is required.
To start with, one should not put a blind eye on the advantages of competition in the business world. Because competition is the essence of innovation and originality, international corporations hire creative experts, who use their own initiatives, to launch new products and services, as they aim to have a long-lasting impression on the market. However, there are two sides of the competition coin. One danger that threatens the popularity and profitability of such businesses is toxic competition. There are some brands, specifically start-ups, who cling to obtain bigger proportions of the market by stepping over moral principles and offering poor-quality products to their customers. A great example is the new cosmetic brand of the Kardashians. They want to stay relatable in the competitive nature of the cosmetic world, but they send damaged packages with half-used bottles to their customers.
But let us not leave out the pros of cooperation in the marketplace in shadow. By working mutually, major corporations can maintain an idealistic situation and promote high-quality services and products. If they do so, firstly, they would benefit from having a favorable brand-image in customers’ minds that is consistent with qualitative characteristics, such as newness, productivity, and aesthetically pleasing appearance. Secondly, they can also utilize their cooperation to expand the market and attract more stockholders. Although, a disadvantage to cooperation might be the lack of genuinity, and higher range of prices due to the lack of competition.
In conclusion, there are both advantages and disadvantages to competition and cooperation between businesses. It is important to apply co-opetition. A solid mix of competition and collaboration will benefit all interested parties, including entrepreneurs and the public.