September 9, 2019
Competition in Field of Business Industry
Zia Dumalague
Mechelle Nicolas, Cheryl Dedona
Arianne Mae Lusanta, Jovelyn Matiling
Vicente Andaya Sr. National High School
Introduction
In the current state of our country, the competition is still existing in the
market and even in the small business, to gain more customers or clients and had
a high income. Although, in the business world companies that aren't taking
advantage of the intelligence available through sources at constant risk of falling
behind competitors (Pepper, 2017). When firms compete with each other,
consumers get the best possible prices, marketing strategies and product quality
of goods and services.Therefore, the costumers need to choose the best and latest
insightful information delivered this would help customers to get an edge over
their competition and grow rapidly in the market.
As defined as, the growing competition in field of business industry is
existing in almost a countless years involving person's in business world that aim
to attract more customers by their good services and product quality. However,
Westbrook (2018) stated that business competitions is the vital part of the
contemporary workplace, both on an individual level and and when it comes to
large-scale industries. Moreover, Sharp (2009) revealed that competitive
intelligence is a management discipline that propels the decision makers to
smarter more successful decisions, thereby minimizing risk, avoiding being-sided
and getting it right the first time. In other words competitive involves
identification of consumer needs, recognition of competitors strength and
weakness, assessment of possible moves and identification of company's own
strength and weakness (Wright, Prickton & Callow , 2002).
Price determines the level of person over competitive business. After all ,
choosing a pricing objective is an important function of the business owner and
an integral part of the business plan or planning process. For instance, assigning
product prices is a strategic activity and the price or prices assigned to a product
or range of products will have an impact on the extent to which consumers view
the firm‘s products and determine its subsequent purchase (Faith & Edwin, 2014).
Marketing is the process of planning and executing the conception, pricing,
promotion and distribution of ideas, goods and services that satisfy individual
and organizational goals. In particular, marketing is the vital component in the
success of business it is a strategy that defined as include all activities aimed at
the increase in sale and a sustainable competitive advantage base on the selected
marketing. Berry & Parasuraman (1991) develop a model for understanding the
relationship between quality and marketing in services. Moreover, competencies
measured in terms of the core competencies was rated high (Sual et al, 2019).
The important role of product quality in the business competition. Specifically
if the the product has a low quality, marketing efforts will be fail lead to the
slowly downfall of business if the owners let this activity continuously. As defined
the successful business has a high and good product quality to be offered to the
customers with the adequate price. Product quality represents an important scale
for organization’s success, survival and continuity ( Atiyah, 2016). Therefore,
product quality is important because without it company cannot survive in the
market, even it has the most significant competitive advantages in other aspects
of marketing.
The researchers aim to investigate the level of competition in field of business
in Sigma. To enable to know the impact and effect of competition in field of
business with the help of their chosen theory the Time Quality Management
( TQM) that focuses on the satisfaction of the customers, their needs and
expectations. The objective of TQM as described by (Deming, 1982) is to develop
and sustain a competitive advantage through achieving utmost efficiency
manifested in cost reduction and improvement of customer satisfaction. wherein
in this study the researchers also want to focus and investigate on the customers
rights, needs, fulfillment of their expectations and important role in the success
of business.
Theoretical Framework
In relation to our study, Using the theory of Smith, Ferrier and Ndofor (2001).
The Competitive Dynamics Theory that helps to explain the interaction and
impact of firm actions and competitors reactions in the industry. It can relate to
any observable decision made by a firm for a purpose of depending their current
competitive position in the business world. Meanwhile, like in our study we also
both look for the firms initiating competitive and for the rivalry in a marketing
business market.
Likewise, this study reveals the factors that affects the competition in field of
business on the customers and to their competitors also. On the other hand,
Competitive Dynamics Theory , gives the corresponding impact and interactions
in the competitors action. We contribute literature by exploring competing as a
firm process, the highlights firm behavior and priority of the goals as pointers of
competitive process.
Literature Review
This section presents a review of related literatures and study of
Competition in Field of Business , to defend and establish a relevant research to
our study.
Competition in Business
Business competition is the process of companies and individuals competing
in the same industry or field, this sort of competition applies to virtually all
business and employees (Westbrooker, 2018). For instance, even if you simply
stop competing to others you were still practicing business competition in daily
life. " A companies worst enemy is not always the competition, sometimes it's a
fear that live within it's own walls" (Rieger, 2017). It explains that the barrier in
having a business competition is also ourselves because their are almost of
business personnel that afraid to be a loser in battle of competition. According to
Chang (2019) Foreign firms market share is the highest when marketing know
how and technological complexity are important.
Dominant platform business often develop products in markets to
complement their core business. Some corporation tried to used technology for
the opening of door for a new generation of companies whose goal is to make
people lives easier and more productive (Yoffie & Cusumano, 2019).
The presence of market imperfections like abuse of dominant position and
other anti-competitive business practices along with trade barriers or
government regulations limit market entry creating inefficiencies and leading to
reduced long-term growth. Weak competition reduces the pressure on firms to
adopt new technology or innovate, resulting in low growth of productivity and a
loss of competitiveness ( Aldaba, 2008)
Companies that outsource their business services come from a wide variety
of industries, notably banking, retail, tourism and medical services. Innovations
in technology and communication systems have an enormous impact creating
demand for new skills and affecting employment outcomes ( Errighi, Khatiwada
& Bodwell, 2016). Increasing global competition has led businesses to consider e-
business strategies ( Tallud, 2014).
Price/Amount
According to Agwu and Carter (2014), Price is the only income generator and it
is the value attached to a product. Furthermore, price is the amount of money
charged for a product or service. It is the sum of all the values that customers give
up in order to gain the benefits of having or using a product.
Considering the nature of the consumer products are frequently purchased and
consumed products, implying medium-low level of consumer-supplier
interaction, the basic is the customers who usually purchase are more frequently
in contact with prices (Faith & Edwin, 2015). A company controlled environment
shows moderate competition, unique goods and services, a lot of price control by
individual firms (Griffin, 2019).
The Philippine economic system is essentially market-oriented, although
pricing mechanisms remain regulated in a few sectors to protect consumers. The
Philippines has undergone significant structural reforms in the past decade. On
the domestic front, the competitiveness of the market has been enhanced
through the dismantling of protection for “infant industries” and the breakdown
of industries with monopolistic or cartel tendencies (Gabrera et al, 2015).
Competitive pricing is the process of selecting strategic price points to best
take advantage of a product or service based market relative to competition. This
pricing method is used more often by businesses selling similar products since
services can vary from business ( Chappelow, 2019).
Marketing Strategy
Arsanukayev (2019) claimed that emerging-market firms are characterized by
limited resources, including international experience and access to relevant
information. Hence, under some such circumstances, the strategies are expected
to produce suboptimal results, specially when targeting competitive markets in
Advanced economies (Samiee & Chrirapanda, 2019).
Successful companies nowadays has one thing in common at all levels. They
have a serious believe in marketing and a strong customer focus, in order to
understand customer needs and wants they have a high sense of commitment in
such fruitful associations, every single individual is urged so as to give higher
esteem to the client and looks for consumer loyalty (Adnan, Farooq & Idrees,
2018).
Amurao, Mercado & Ramirez (2014) stated that, marketing is a social and
managerial process by which individual and group obtain what they need and
want through creating and exchanging products and values with others. Many
factors had been identified for the downfall or many business,cite of this is the
competition.
Marketing strategies measures in market attractiveness was rated high. On
other hand, market mix and market segmentation were rated moderate (Sual et
al, 2019).
Product Quality
The concepts of product quality and product cost encompass a variety of
implications for business performances. Job experience without product cost
mitigation measures and enhanced safety influences on product effective cannot
solely increases costumers satisfaction and costumers loyalty that seek to
increase market share on revenue acquisitions. (Hill, Zhang, & Gilbreath, 2011).
On the effect of product cost and product safety, Campbell and Frei (2010) and
Tersptra and Verbeeten (2014) argued for effective cost mitigation without
compromising product safety and customers satisfaction. In contrast, regardless
of cost, poor quality makes consumers dislike the product.
Atiyah (2016), stated that the technological improvement allowed the
establishments to embody the idea of the fastest production which contributed
greatly in improving the mass of production and the expansion of market as well
as the build up of competitiveness which lead to the variety of production giving
the consumer the freedom in choosing in between alternative products taking in
consideration their level of quality and price which forced establishments to
direct attention to providing high quality products with reasonable prices in a
way that doesn't favor high quality over cost.
Brand image is the impression in the consumers’ mind of a brand’s total
personality. Brand images developed overtime through advertising campaigns
with consisted theme, and is authenticated through the consumers’ direct
experience ( Domingo, Lao & Manalo, 2016).
Perceived product quality was also found to have a significant positive
relationship with customer satisfaction in automobile manufacturing sector
based on the results of structural equation modeling in the study of Lu, Blankson,
and Prybutok (2017). More studies, however, focused solely on service quality as
a significant driver of customer satisfaction. In the Philippine setting, Agulo et al.
(2015) assessed customer satisfaction on quality service measured in terms of
employee’s professional appearance, customer relation, customer service, and
facilities. Zalatar (2017) predicted each gender’s satisfaction among 200
individual customers of quick service restaurants to improve service quality
dimensions which are tangibles, reliability/responsiveness, and
assurance/empathy. Both studies emphasized on customer profile which is
beyond this study’s scope.
Synthesis
In the field of business there are a lot of hard work and effort needed in order
to succeed. Business men and women are competing each other, more over to
their selves. Each of them aim to have a successful business. They treat every one
as their enemy. They need to considered a lot of things like the price, marketing
strategy, product quality and many more.
Competitive pricing is one of the strategy needed in selling similar product. The
marketing strategy, company needed to know the costumers needs and wants.
Product quality is one of the bases of customers. The business men and women
are required to know the quality of their product. The customers find the
products that are affordable at the same time have a good quality.In the field of
business there are a lot of hard work and effort needed in order to succeed.
Business men and women are competing each other, more over to their selves.
Each of them aim to have a successful business. They treat every one as their
enemy. They need to considered a lot of things like the price, marketing strategy,
product quality and many more.
Competitive pricing is one of the strategy needed in selling similar product. The
marketing strategy, company needed to know the costumers needs and wants.
Product quality is one of the bases of customers. The business men and women
are required to know the quality of their product. The customers find the
products that are affordable at the same time have a good quality.
Statement of the Problem/Objectives
The researchers aim to investigate the level competition in field of business in
Sigma. It's answer the following questions:
1. What is the effect of price/amount in the costumers?
2. What is the great impact of marketing strategy in field of business?
3. What is the important of having a best quality of product to be sell in the
market?
Methodology
The purpose of this study will be to discover why their is existing business
completion in field of business in many of business establishments at Poblacion
Sur, Sigma, Capiz. Specifically it sought to provide answers of the level of
competition in business industry and when it comes to categorization of some
problem and how business personnel and consumers respond on it. This study
will be used to indicate the impact of price, marketing strategy and product
quality to the both competitors and consumers.
This study will utilize a interview instrument. The business personnel at
Poblacion Sur Sigma, Capiz, with the participation of an estimated numbers of 3
persons/owners and also 10 customers as our respondents, since September 5 -
30, 2019 with the used of qualitative research method. Through conducting
interview, we will able to know the results that will validate if it is accurate and
assured. By an interview to each of the respondents will help us to point out and
revealed the reasons behind competition in field of business industry and it's
effect to the costumers and competitors.
We will conduct two studies. First is the study using interview to the owners of
business and the second is the study using interview to the clients or costumers.
Personal or executive interview will he carried out with the owners and
customers. The two different sectors of respondents will be ask by the different
set of questions based on their own opinions and knowledge. For the owners;
"What is the factors that influence costumers decision in buying a product?" , "
What is the reason of existing of competition in field of business industry?" , " What
is your own way of attracting costumers; particular in price and product quality?" ,
" What do you think is your advantages and dis advantages to your competitors?"
While For the customers; " What is the effect of business competition ?" , " What is
the strategy you consider in choosing the best services in business?" , " What is/are
other factor(s) that can be used to evaluate product quality?" , " What is your own
preference in the product you choose to buy? Does it quality appropriate to it's
given price?"
The issues of this study were taken into consideration all persons that will be
interview for this study will be provided an informed consent to the researchers
for the use of their feedback information base on the competition in field of
business and some of the problem that they encounter in business for research
purposes. No names of persons are will be mention and the position of the
individuals is only revealed in an academic context with no intention of use for
promotion or any other possible non-academic purposes. This paper has used the
collected data with the consent of the interviewees and only in an academic
perspective, particularly in regard with the concept of business
competition.Moreover, in order to make the results comparable across sectors,
the research applied a similar set of closed and open ended questions to those
target consumer groups who will be buy their products sell. Even though there
were difficulties in approaching.
gathered data from the respondents will be analyzed using thematic analysis
of Clark and Braun ( 2006 ).
1. Familiarization with data: transcribing, reading, re-reading, taking notes .
2. Generation of initial codes: coding interesting feature across the entire
data set. 3. Searching for themes: collecting codes into potential themes, gathering
all data relevant to each potential theme
4. Reviewing themes: generate a thematic “map” of the analysis and check the
themes relevance in relation to coded extracts (level 1) and entire data (Level 2).
5. Defining and naming themes; Ongoing analysis to refine the specifics of
each theme, and the overall story the analysis tells, generating clear definitions
and names for each theme
6. Producing the report; The final opportunity for analysis: selection of vivid,
compelling extract examples, final analysis of selected extracts, relation back of
the analysis to the research question and literature, producing a report of the
analysis.
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