Title: Explain competition.
Course: Fashion Marketing (8140) > Section: Understanding Economic and Marketing Concepts

Explanation should include the various types of competition (e.g., price, non-direct, direct, indirect) and emphasize that competition in the private enterprise system

- motivates people to improve themselves
- forces businesses to produce better quality goods and services
- forces businesses to maintain reasonable prices.

Process/Skill Questions:

- What are the two major types of competition? How are they perceived in the fashion industry?
- Why is competition vital to a private enterprise economy?
- What would be the result of no competition in the fashion industry?
- How does competition benefit consumers?
- What are ways businesses compete (in addition to pricing)?