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[microunit]

Most business that monopolizes a sector barely have increased demands because mostly their products stay the same, can competition in the market really increased a demand in the product?

 

[Medo24]

A competitive market is the best for customers because in such a scenario the companies will strive to satisfy the customers in other to keep them but if a monopoly exists it won't be food for quality and service delivery.

 

[arunima25]

Monopoly in any market is not good in long run. In lack of competition, the business takes a laid back attitude. And it might not take customer needs and satisfaction so seriously and can also put a high price. But if there is competitive market, all businesses are on their toes to sustain themselves amidst the competition. They keep up with the quality and customer satisfaction. And the prices of the products are reasonable to lure the customers. With the reasonable price and quality in place, there would be more demand.

 

[John316]

Well, I can say competition is the main thing that makes product be a quality and affordable in which to satisfy a customer and increase a selling by stand out from others.

Competition does not always increase demand. Adding more sellers just divides up the existing customers without growing the products in any way. The businesses will end up fighting over the same amount of demand. It can lead to lower prices in the short term for buyers. But it provides no motivation for the companies to find new demand that the monopoly has not served yet.

 

[Medo24]

When there is healthy competition, the supply tend to be more than demand because more products or services from different companies will flood the market for customers to explore and pick the best and most reliable one.

 

[Bolajimi]

Most business that monopolizes a sector barely have increased demands because mostly their products stay the same, can competition in the market really increased a demand in the product?

If the competitors are coming up with new idea all the time, it is very likely for so many people to be interested in their products and with that way, there will be increase on demand on almost all the products of the competitors

 

[Japhnet]

In some cases, yes, market competition can actually increase demand for a product or service. When there are many competitors in a market, they will often try to differentiate themselves from one another by offering unique products or services. This can lead to increased innovation and variety, which in turn can generate more demand from consumers.

 

[Wisdom01]

Yeah competition actually tends to build that demand , there are some certain way competition actually builds demands and others , the way competition can actually generate customers and others I think

 

[Deyiang]

Competition in product can increase the demand for that product.
In other to be on top of the game is for you to have good quality product.

This will help the consumers to patronize your products

 

[Skylark]

It's possible that market competition can increase demand, depending on the specific situation. When there is more competition, businesses typically need to work harder to stand out and attract customers. This can lead to increased marketing efforts and better products or services.

 

[freelancermariagrace]

Market competition has no direct influence on the demand for goods and services. However, it has several indirect influences that you can factor in. When there is stiff competition, competitors are likely to lower their prices to appeal to potential buyers. This creates an environment where customers can compare and contrast the various products and services available in the market. If one business performs better than the others, it sets the bar and creates opportunities for others to improve, including their customer service.

 

[Daniel084]

I don't know about increased demands but competition definitely causes companies to improve their products and services. A monopoly gets lazy because customers have no other option. But if others are offering better deals or more features, the big companies will lose sales if they don't step up.