Question

Reality of competition: companies are competing to attract 4 mln customers in Oman. Which pattern will they mostly use?
- "Big fish" will eat "big fish" and there is space for "small fish"
- "Big fish" will not attack the other "big fish", but eat the "small fish"
- Other patterns?
Reflect on that

Please note, Explain about Oman

Answer 1

Market compettion is the rivalry among companies which produces and marketing same type of goods and services to gain more, profit, revenue and market share. Market competition results motivation among the leading companies to increase the quantity of sales by utilizing marketing mix - product, price, place and promotion.  

There are four types of market competion. They are:

i. Perfect competion - number of producers of a particular product are many in the same market

ii.monopolistic competion - producers are many in number

iii. Oligopoly - producers of a particular product are few in nmbers

iv. monopoly - there is no competitor

Market competition is good. It resulted innovation and technological advancement. It helps to get products available at lower prices. Firms consider workers more and treat them well, expecting more productivity from them. Workers work cooperatively to achieve firms reputation and profit.  

In short consumers will get high quality products and services  at lower prices during market competition.

Oman is a middle income country where crude oil and natural gas makes a major share in governmen's revenue.

As per the chairman of the world economic forum says, in the new world it is not the big fish which eat the small fish. On the other hand it is the fast fish which eats the slow fish.

Great men dont do different things. They do things differently. The same thing happens in worklace too.  

Firms which are having fastest technology and development strategy, without considering its size  will only survive.

Along with speed we have to adopt another strateggy focused on risk.

Eventhough we can see a market competition strategy, under which "big fish eat big fish and there is space for small fish". Big firms will compete each other, and the end result will be the diclining of one of the firm.   On the other hand some small scale units will come forward and occupy a major portion of the total market share.