Market competition refers to the rivalry among businesses to attract customers and increase sales. Companies strive to offer better products, lower prices, or superior services to gain an advantage over their competitors. This competition can lead to innovation and improved quality, benefiting consumers by providing more choices. In a competitive market, businesses must constantly adapt to changing consumer preferences and market conditions. Factors such as advertising, product differentiation, and customer service play crucial roles in how companies position themselves. Ultimately, healthy market competition encourages efficiency and drives economic growth, benefiting both businesses and consumers alike.