Competition intensified in the market from "summary" of A Business History of India by Tirthankar Roy
The intensification of competition in the market was a significant development that shaped the business landscape in India. This phenomenon was driven by various factors, including economic liberalization, technological advancements, and changing consumer preferences. As a result, businesses were compelled to innovate and adapt in order to stay relevant and competitive. One of the key drivers of intensified competition was economic liberalization, which opened up the Indian market to foreign players and increased competition among domestic firms. This led to greater choice for consumers and forced businesses to improve their products and services in order to attract and retain customers. Additionally, technological advancements such as the internet and mobile technology revolutionized the way businesses operated and interacted with customers, further raising the bar for competition. Changing consumer preferences also played a role in intensifying competition in the market. As consumers became more discerning and demanding, businesses had to constantly upgrade their offerings to meet these evolving expectations. This led to a constant cycle of innovation and improvement as businesses sought to differentiate themselves from competitors and capture market share.- The intensification of competition in the market had both positive and negative implications for businesses. On the one hand, it spurred innovation and creativity, driving businesses to constantly improve and evolve. On the other hand, it also led to increased pressure and challenges as businesses jostled for market share in an increasingly crowded and competitive landscape. In this environment, only the most agile and adaptable businesses were able to thrive and succeed.
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