Competition refers to the state or the action to compete. The parties involved in a competition is known as the competitors. While most people think that competition exists only in our social atmosphere, but the practice of it goes way beyond that. If you look at the broader aspect. Competition exists in between each and every living organism that exists in the world. Not only that when chemical substances or non-living entities try to overcome each other with their power or weight, the incident is also refer as competition too.
In general there are two types of competition: good and bad. Is a competition good or bad, depends on the intention of the competitors and also the consequence (end result) of the event. From an ethical point of view, if a competition generates results which does greater good for the parties directly or indirectly involved in the competition; is said to be a good competition. But if the consequence of the competition brings modest or unwanted result for active or passive parties involved; it is said to be a bad competition.
It is also important to realize that the differentiation between a good practice and a bad practice is also determined by a country judicial system and socio-cultural economy as well.
Popular research done on sociology and ethics states that the greater the parties involved in the competition the wider spread outcome the competition has on the society or the world as a whole.
It is believed that most of the innovations and development that happened in this world, is the consequence of healthy competition. Here are three of the major fact about healthy competition in the business sector the developed the industry as a whole.
Innovation in digital sector: Competition between techno giants like IBM and Apple, Samsung vs apple has influenced the mobile and IT sector to do more research and more development for the industry on a rapid level.
More value to customers: Companies who are competing for the same niche (same kind of product and same target market) competes to provide best of the best customer support to satisfy their clients to build reliability and generate more sales from them.
Self-development: As companies compete to become the best, they invest more time and more infrastructure on employee development which helps the existing human resource to become more efficient in their work.