Competition should be welcome…always.
Gone are they days when bitter business competition augured well for companies. There were very few instances of companies gaining financially after fighting a fierce competitive battle in the field. In fact, it left employees feeling disgruntled and investors saw their money being wasted without any benefits. The term “destructive competition” exactly describes the Cola wars seen from the 1940’s onwards.
Now, new generation businesses should welcome competition with open arms. There is no better example of this trend changing, than Apple welcoming Google in the cellphone market, recognizing the power and potential of the Android OS and the Google’s Nexus One phone. Look at this ! Not only does it promote the iPhone, it also welcomes serious competition. It’s a perfect example of ‘co-operative competition‘ . It let’s your customers know that you’re taking competition seriously and it also shows that you’re fair. It gives a comfort feeling to your investors and your competitors know that you recognize them. Sometimes, it keeps open a channel for discussions with competitors.