Why manufacturers, small firms are vulnerable

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Fraudulent trade practices

By Timi Olubiyi

WORLD over, competition exists across several fields and sectors of the economy and it is inevitable in business regardless of the business type, structure, size, and industry of operations.

Fair competition exists when no single buyer or seller can control the price or product in the market. Even if a business enjoys a monopoly in a sector it must compete with other businesses over where consumers spend their money.

Consequently, competition is really not a bad phenomenon as it can spark innovation, productivity, competitiveness, and it largely contributes to an effective business environment.

For this reason and more businesses need to continue to attract consumers with innovative behaviours. In fact competition is a natural and healthy part of running businesses in an adequately regulated economy.

This is because when businesses vie for customers, competition makes prices fall, and with that economic output increases. Therefore, if practiced the right way competition…



Source: Vanguard Newspaper

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