Industrialization has given birth to competition

 

Switching to the concept of economic studies that explains the distinction between inferior goods and normal goods being the relative terms changing meanings for the likes of poor and rich, it can be safely concluded that to some portion of the population of the economy the term superior goods confers more amount of interest. With the advent of consequent urbanization and industrialization, tremendous rise in the industrial product has been witnessed. The ever high waves of branding have raised the levels of competition among the counterparts to get a bigger market share in the market’s profit share. Thus the competition has given rise to consumerism where the consumer satisfaction becomes the top most objective of the business enterprise operating in the market.

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Some other implications

Market is a situation where sellers and buyers come together and interact to buy and sell goods, i.e. to facilitate the exchange mechanism. Thus every business enterprise wants to operate within the business environment to capture big share in the market profits, claim individuality and hence exercise domination over all its counter parts in the market. But for the same, marketing tools become the most important scenario that determines whether the business would be getting continuous volume of customer or not. Thus it becomes the need of every business unit to get customers, keep them up and grow them as well. And they do it by offering various sales promotional techniques that help the business units by encouraging the consumer to make immediate purchase of the merchandise on offer.

Such sales promotional techniques include discount codes, coupon codes, credit notes, refunds and product combinations aimed at increasing the backing of the organization with greater control over the business operations that is a complex concept to visualize. Thus these thrifty discount code and voucher codes do nothing more than attracting the consumer eyes towards the product specifications.