Personal Tech Of Need For Competition

Competition fosters innovation and creativity

Competition is a driving force in innovation and creativity. When companies
compete, they are pushed to find new ways of doing things, new products to
offer, and new ways of serving their customers. This is because companies that
fail to innovate will eventually lose market share to their competitors. As a result,
companies are forced to be more creative, efficient, and innovative in order to
stay ahead of the competition.

One example of this is the smartphone industry. Apple and Samsung, two major players in
the industry, are constantly innovating and introducing new features in their products.
This is because they are competing with each other to capture a larger share of the
market. Other companies in the industry, such as LG and HTC, are also forced to innovate
in order to keep up with the competition.
Competition also benefits consumers by giving them more choices and better products.
When companies are competing for market share, they are forced to offer better products
at lower prices. This is because consumers will choose the products that offer the best
value for money. As a result, companies are incentivized to improve their products and
offer them at lower prices.
Moreover, competition benefits new entrants to the market. When a new company enters
the market, they are forced to compete with established players. This can be challenging,
but it also forces them to be more innovative and creative. If the new entrant offers a
better product or service, they can quickly gain market share and compete with the
established players. This is why competition is important for the economy, as it allows for
new entrants to challenge the status quo and offer better products and services to