A competitive marketplace benefits consumers by providing them with greater variety of choice, and allowing them to buy the goods and services they want at the best possible price. It does this by fostering enterprise, innovation and efficiency. Fair competition also encourages businesses to produce the types of goods or services that consumers want.
A competitive marketplace thrives when businesses compete fairly. Most Australian businesses increase their customer base and their profits honestly through:
- continual innovation to improve products or services
- sales and marketing showing the genuine benefits of their products or services
- keeping costs down so they can offer competitive prices.
However, sometimes businesses may be tempted to deliberately and secretly set up or join a cartel with their competitors.