However, every company is different and so are its costs.
Considering this, the main limit of the competitive pricing method is that it fails to account for the differences in costs (production, purchasing, sales force, etc.) of individual companies.
In any market, many firms sell the same or very similar products, and according to classical economics, the price for these products should, in theory, already be at an equilibrium (or at least at a local equilibrium).
Therefore, by setting the same price as its competitors, a newly-launched firm can avoid the trial and error costs of the price-setting process.
Competition is, in general, a contest or rivalry between two or more entities, organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for scarce resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit.
Winners are also assigned to a specific action that they have completed, you will see this when you announce winners in the widget.
Remember if you need 20 winners for a contest you must have allocated 20 prizes in the prize tab (this can always be adjusted at a later date).
Gleam automatically uses to draw winners, they offer true randomness: RANDOM.
Competition, according to the theory, causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products.
The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).