THE ROLE OF COMPETITION IN SHAPING THE BUSINESS ENVIRONMENT
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ABSTRACT: THE ROLE OF COMPETITION IN SHAPING THE BUSINESS ENVIRONMENT
The study’s objectives are to: 1) analyze the impact of competition on innovation; 2) evaluate the effects of competition on pricing strategies; and 3) assess the role of competition in market positioning. A survey research design is chosen for its effectiveness in collecting diverse perspectives. A sample size of 350 participants, including marketing managers and business strategists, is determined using Taro Yamane’s formula. Lagos, known for its competitive business landscape, is selected as the location. A reliability coefficient score of 0.87 ensures the survey’s consistency. Findings indicate that competition drives innovation, influences pricing strategies, and significantly impacts market positioning. The study recommends that businesses adopt competitive analysis frameworks to better understand market dynamics and develop strategies that leverage competitive advantages.
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