Competition

In business class, we learnt about competition, competition is basically two or more business aiming at the same goal and comparing with one another. This relates to the SOI (Statement of Inquiry) which is understanding that businesses operate within a system whose structure is influenced by (causality) external factors. For example, if a new competition emerges from a monopoly business, this can influence the business of how they operate or the profits that they make. Which the Statement of Inquiry exactly says. This also relates to the global context which is identities and relationships. Competition is a type of relationship between one another which shows it relates tot he global context and that that competition share the same or similar identity of a business which shows the relevance of the global context. For example, a real world example is if a chocolate bar has a monopoly, and a new competition emerges, a new relationship is established which is who can sell more chocolate bars or who can be the most efficient business which is their common identity which shows they are competitors. This also helps me connect with previous knowledge such as chain of production because if a new supplier shows up, the competitors can try tactics to lure customers or clients to buy their product or supply instead of the competitor, this can be achieved by lowering prices. This shows that the previous knowledge of chain of production relates to the knowledge of competition. Screen Shot 2015-11-22 at 10.10.28 pm

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