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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Discuss this statement: “Business competition encourages improved product quality and increased customer satisfaction.”

Summary Introduction

To determine: Whether the business competition encourages improved product quality and increased customer satisfaction.

Introduction: Business competition is characterized as the exertion of ventures to be pioneers in their industry and increment their piece of the pie. At the end of the day, it's the point at which one business attempts to prevail upon another business' clients or customers by offering distinctive items and better arrangements.

Explanation

The following reasons supports whether the business competition encourages improved product quality and increased customer satisfaction:

If there are a few goods of a similar kind, the buyer will buy the goods of better quality. Organizations are in this way compelled to enhance their items always to keep up or augment their share of the market. Competition between organizations implies that organizations need to exceed alternate organizations on the off chance that they need to survive and make a profit...

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