Competition Competition is a way of life.
Nations compete for the consumer in the global marketplace as do individual business owners.
Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors. Start a file on each of your competitors. Keep manila envelopes of their advertising and promotional materials and their pricing strategy techniques.