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Government Intervention
International Competitors

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Learning and Practice

Competition generally means trying to beat other people! For a business, competition is no different: whatever product you’re trying to sell, it’s likely that there will be other businesses selling the same thing and trying to get to customers before you.

Business must be aware of competition and understand what needs to be done to reduce competition. Even though there are so many factors that affect competition, many of them outside of the control of a business, no business can survive unless it makes every effort to understand what will make it more, or less, competitive.

Unit 2 of the Business VCE identifies three general areas to consider when looking at the factors affecting competition.

1. The type of market the business is operating in
2. The industry sector the business is operating in
3. The factors affecting how a business’s market works

Click on any of the above to find out more.