Competition drives companies to be better.

I went to a Best Buy with my parents to help  pick out a new appliance to replace an old broken one. Going into the store and seeing the large selection of models and brands was overwhelming because there were so many options to choose from.

In reality the store itself was a playing field for companies. The playing field consists of many teams or brands, in this case, to ante up the competition .It’s like a tournament where one gets eliminated each round and the finalist is the one that a consumer would purchase. The tournament style of decision making of consumers or just the competition drives companies to be better. A company/brand has to be able to offer a lot of features while keeping it affordable and high quality. A company also has to offer a wide range of products/models to be able to get attention from the consumers and to have the ability to stand a chance in the final decision of the customer.

If there was just one brand and one model, there is a lack of an opponent, and the single company will not strive to become better. But when there are opponents, companies would develop better products and take more risks to make better product. In theory, companies are helping each other to become better by fighting for the market share and boost the economy together


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