Competition is to seek greater market share and thus to make more profits by providing more efficient products and services to customers where they find the best alternative offered by competitors (who work in the same production sector).
Competitors / rivals are a company or a group of companies that do the same or similar work. Thus, they work on the same target group as your project. Their job is to convince your target group that they are the best alternative; competitors may also be alternative products or new companies that have decided to enter market. As mentioned above, the aim of these companies is to make more gains by obtaining a larger share of the market.
The competition between companies can be measured through several indicators, the most important of which are:
1. Profits earned by companies through selling more of their products or services in the local markets.
2. Growth rate during a certain period.
3. Ability of companies to meet the requirements of the external market through export abroad.
The competitive environment is the set of conditions surrounding the work environment that competitors share. The result of their work is related to their ability to adapt, face, improve, and influence within the competitive environment, and the optimal result obtained from interactive exchanges between enterprises aiming to get Customer Satisfaction
Although competitors are making entrepreneurs and new businesses worry, but it is necessary and healthy. Without competitors, will not seek to develop our products, or provide more services, and we would prefer to stay in our region without making any progress. Competition will also motivate us to do more hard work that makes our lives challenging. On the other hand, competitors who offer fewer services to consumers may lead to recognize the value they offer and thus make them adhere to services and products they offer.