Competition - GCSE Business Definition
Reviewed by: Lisa Eades
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Competition in the context of GCSE Business refers to the rivalry between businesses in the same market. It encourages businesses to innovate, improve quality, reduce prices, and enhance customer service to stand out from competitors.
Effective competition can lead to better choices and prices for consumers and promote efficiency and growth within the industry. Understanding competition helps students analyse how markets work and the ways businesses adapt to gain a competitive edge.
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