The product is received during the debut phase of a typical customer product lifecycle, but fierce pricing competition cuts earnings and some businesses fail as a result of the heightened market competitiveness.
A market that is competitive has many buyers and sellers, and neither one of them can significantly influence the price of the commodities being offered. Market competition is frequently referred to as ideal competition. In a market where there is competition, no one company customer has a monopoly and there is no distinction between the products or services offered by competing businesses in terms of quality, cost, or quantity.
The fact that competitive marketplaces are hypothetical and not actual is one of the most crucial things to comprehend about them. There are market competitiveness certain markets that meet the prerequisites customer and exhibit some of the traits of a competitive market or one with perfect competition, but none genuinely matches them entirely.
Learn more about market competitiveness here
https://brainly.com/question/13686157
#SPJ4