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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