Global Poverty Entrepreneurship
Market competition refers to the dynamic process where businesses compete against each other to attract customers, improve products, and innovate services in order to gain a larger share of the market. This competition drives efficiency and encourages companies to meet consumer needs effectively, which is crucial in the context of social enterprises that aim to solve social issues while remaining financially sustainable. Successful social enterprises often leverage market competition to improve their offerings, enhance their impact, and ensure long-term viability.
congrats on reading the definition of market competition. now let's actually learn it.