They say that competition among businesses benefits the customers the most. Due to competition companies will try to one up each other by offering better products and reasonable prices. So it’s a good sign when you have numerous options to choose from.
But is the competition in our local market really happening or is it only the big corporation who are dominating and winning? Take quick service restaurants for instance, there are numbers of fast food chains in the country and many of them are locally owned but upon closer inspection, you will notice that most of the chains are owned by one large group of company. There is also instances where a huge food corporation acquire its close competitor. The corporation was probably thinking; if you can’t beat them, acquire them.
Practices like this made question the authenticity of competition in the marketplace in our country and whether the SMEs are being protected by the existing laws. Do small companies stand a chance against the giants? The story of David and Goliath came to my mind and unlike in the story in the bible, SMEs don’t have to beat huge corporations, they just have to be able to withstand the competition and survive.
I asked myself “As a consumer, is there anything I can do about this?” This made me realize that if I want to be a responsible consumer I really need to know more about the companies that I am patronizing. Campaigns for consumer education in the country should be galvanized. Costumers hold so much power in their hands but they are either not aware of it or simply apathetic to do anything at all. I realized recently that we have to be vigilant with that are going around us be in the government or business.