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Success in sales is measured not only in profit, but also - and crucially - in comparison to similar businesses and companies selling similar products. This is competition, the foundation of capitalism, and what keeps any one company from controlling the market - that is, establishing a monopoly over a certain business sector. This keeps prices down and innovation growing, ultimately benefiting both consumers and businesses.

Best Practices

Monitoring Your Competitors: Firstly, you will have to identify which providers are like your business. These businesses or sellers can be direct competition or indirect competition.