Nowadays,competition is irreplaceable between businesses.While some argue that fierce competition trigger to enhance a quality of products and services,others reckon that this competition can put pointless pressure on companies and employees’ shoulder.This essay will examine both perspectives before giving my own idea which aligns with the first argument.
To begin with,competition can cause anxiety and a higher level of stress on companies and employees.Companies always strive to stand out from their rivals,hence when they encounter with cut-throat competition,they must also decrease prices,which can deteriorate these companies’ business,they must held prices same but the quality must be better,all of which have a detrimental effect on companies.For example,surveys which held in the UK in 2019 show that a vast majority of companies can not endure this pressure,they went bankrupt or were exposed to sell their shares to other employees.Additionally,some experts suggest that entrepreneurs must opt for businesses in which they can create monopoly,which can unfold their profits.
On the other hand, proponents of competition contend that without rivalry, businesses may become complacent, leading to stagnation in innovation and product quality. Competition encourages companies to identify their weaknesses and strive for continuous improvement, which ultimately benefits consumers. For instance, in the smartphone industry, brands such as Apple and Samsung are in constant competition, leading to cutting-edge technological advancements and better customer experiences. If there were no competition, companies might not feel the urgency to innovate, and consumers would have limited choices.
Moreover, competition drives businesses to optimize their resources, improve customer service, and adopt cost-effective production methods. When multiple firms compete, they are more likely to offer competitive prices, benefiting consumers by making products and services more affordable. Additionally, a competitive environment fosters creativity and pushes employees to develop new skills, making industries more dynamic and progressive.
In conclusion, while it is true that intense competition can exert pressure on companies and employees, its advantages far outweigh the drawbacks. Healthy competition acts as a catalyst for innovation, enhances product quality, and ensures that consumers receive better services at reasonable prices. Therefore, I firmly believe that competition should be encouraged, as it is a driving force behind economic growth and business excellence.