Friday, November 21, 2008
Is Competition Good Or Bad?
As many of you know, I usually stop for my usual morning coffee or tea on my way to boot camp. I recently stopped at Starbucks close to camp in Farmington HIlls and in this plaza are 2 very popular and successful businesses both serving coffee. Whats interesting is that this long standing rivalry literally sits right next to each other! What is amazing is that at all times both of these shops are packed with people!
What makes these two places so unique, that they are constantly busy?
Competition! It is the competition that pushes these restaurants to offer the best tasting food, great customer service, and affordable prices. If there were only one cheese steak joint in the area, there would be no need to provide great service or reasonable prices, because the community has only choice. So having more than one option of the same product brings out the best in the companies. And because they are constantly changing & improving their products, services and ideas, it becomes beneficial to their customers, which in turn, improves the company's revenue
Take for example, Coca-Cola and Pepsi, which are both engaged in cyber-war. Both have a loyalty program that gives away prizes to customers who collect a certain number of bottle caps, in return for a particular number of points. However, Pepsi partnered with Amazon to allow consumers to buy various products with their Pepsi points- Coca Cola presently does not have a partnership like this.
But is the idea of competition only beneficial for the corporate world?
I think NOT! Whether we realize it or not, competition occurs naturally between everyone, and many times gives incentive for self-improvement. You see, when competition is used correctly, it becomes our friend. It drives us to bring out the best of ourselves, change and improve. And when you think about it, it is truly astounding how many new ideas you can come up with and how persistent we become when competition is present. Katie Lacy, the Vice President of marketing for Pepsi, noted that "competition make us all better…You are absolutely are on your toes".
-"Imitation is the highest form of flattering. I love when my competitors imitate me, in turn I feel highly flattered. By the time they catch on to what I have been doing, I am already on the next thing!"
p.s. Stay tuned to Fun Holiday Tips!
This blog was posted by David Krainiak
Oakland County Michigan's Top Personal Trainer