ASSIGNMENT FOLDER

Grade
(Office Use Only)

CLASS CODE: INS1016(UEL)

STUDENT ID: 21073464

STUDENT NAME: ........Nguyễn Đức Bình..............................................................

Date received
CLASS: .........ACF2021D..........................................................
(Office Use Only)
SEMESTER: 2, 2021-2022

Subject Name: English for Specific Purposes 1

Topic number: ....58......

Due date of assignment: 8th June 2022 Submission date: 8th June 2022

DECLARATION: I declare that

 No part of this assignment has been copied from any other person’s work except where
due acknowledgment is made in the text, and
 No part of this assignment has been prepared for me by any other person except where
such collaboration has been authorized by the lecturer concerned.

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Topic: What do you think about competition in business? As a small family-owned company, it’s
very difficult to compete with big multinationals in terms of price. Do you agree or disagree with
this opinion? (INS1016)

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 Bill Gates said that: "Whether it's Google or
Apple or free software, we've got some fantastic
competitors and it keeps us on our toes." We can
easily see the importance of competition in business.
Firstly, we need to understand what business
competition means. Business competition is the
contest between organizations that provide similar
products or services or that target the same audience
of consumers. Businesses compete to convert and
retain customers, increase revenue and gain more
market share.
In my opinion, competition is very good for
business. Competition pushes your business to strive
to be the absolute best. Thus making your customers’
satisfaction your primary goal. Also, it keeps you
constantly changing to stay ahead of the game. To be
successful in a competitive market, you need to be at
the forefront of new ideas and services.
One of the most famous examples of
competition in business is the competition between
CoCa-Cola and Pepsi, and it is a legend. The story of
Coca-Cola and Pepsi is mentioned as a pair of
eternal rivals. They clash and compete with each
other at every meal, party, and big festival. They not
only race in terms of brand, price, and quality but
also in service and form. At present, Coca-Cola and
Pepsi are still two fierce and relentless competitors.
This war has not ended temporarily and promises to
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continue fiercely in the future. Through that, fair

competition makes them better together.
There are some reasons why I think
Competition is good for business. Firstly, stronger
Innovations. One of the most popular and well-
known benefits of competition is how it allows for
stronger innovations in any given industry. When
you have constant competition, you need to make
new and exciting offerings for your clients to stay
relevant and ahead. These innovative ideas can push
your company beyond expectations and even lead to
new industries being created as a result. When
innovation occurs, companies will offer something
unique and different.
Also, they will encourage others to branch out
in ways they never would have thought. This doesn’t
only affect the business world, but it can affect the
entire world as a whole. Thus helping to move
society to new heights. Without innovation, there
would be no progress.
Secondly, better quality products. When you
have competition in an industry, the ultimate winners
will always be the customers. This is because they
are the ones who will be offered better and better
quality products for significantly better prices than
they would be in a world where only one business
had control. When there’s competition, the goal is to
bring in as many customers to your side as possible.
When you are able to offer customers something

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they feel they absolutely need, you have a

tremendous advantage.
Thirdly, increased creativity. The more you
encourage innovation, the more creative your
employees will need to be to make themselves stand
out in your organization. As a result, not only does
the competition have a tremendous effect on the
larger scale, but also on the individual workers
themselves. This will mean many more ideas and
possibilities for the company, helping it to stand out
amongst all the competition in its industry.
Another reason is better efficiency. Constantly
trying to stay ahead of its competition forces a
business to work better, faster, and stronger. In order
to remain at the top, you need to make sure that you
are working efficiently. Encouraging every single
member of staff to apply their optimal efforts,
ensures that your business reaches new success
levels daily. Efficient businesses take advantage of
specific resources, including products and staff, and
utilize them in their strongest areas. Companies that
can use what they have and make the most out of it
will thrive more in this competitive environment.
And the last one is learning. What better way to learn
about how to effectively appeal to customers than by
observing another successful business in your
industry? If you are a successful business, then don’t
feel threatened when other companies follow your
lead. You should be flattered that your business is

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doing well enough to be copied. Even if you’re at the

top, you can always learn something from your
competition. Maybe there’s one minor change you
can make to drastically improve your success.
Whether your competition is successful or not, you
can learn from their effective decisions and their
mistakes.
And now I will come to a question that is
related to competition in business: As a small family-
owned company, it's very difficult to compete with
big multinationals in terms of price. Do you agree or
disagree with this opinion?
Firstly, multinational corporations have a lot of
sources of money to invest in, different from small
family-owned companies. Surely that is a huge
advantage of multinational corporations
Secondly, the technology of big corporations will
cost a lot of money, but to have the technology, there
must be available capital or investment capital.
Technology helps solve work faster, increasing work
efficiency. Meanwhile, a lot of small companies have
quite outdated and time-consuming working
methods. and of course, that causes small companies
to be behind schedule and productivity, thereby
reducing revenue.
Thirdly, personnel. Good employees always
want to work in a good environment and a salary
commensurate with their ability. and of course, small
companies will not be able to meet both the

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environment and the salary. So that they can’t have

good employees and lack human resources.
All of the above shows the importance of
competition in business. Here's my advice: compete
fairly and sanely, and your company will thrive if
you're determined and patient.

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Word count: 933

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REFERENCES

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ASSIGNMENT SCORE SHEET

Coverage of relevant literature/Number of references (/5)

Critical discussion and elaborate justification of ideas (/15)
Appropriate incorporation of convincing examples (/10)
Accurate grammar, spelling and varied structures (/10)
Proper word choice and polished writing style (/10)
TOTAL SCORE/50

FINAL SCORE = TOTAL SCORE ÷ 5 = ………./10

FORMAT: (Please put a tick in the corresponding column; each tick is equal to 0.2 point
minus)

ALIGNMENT FONT PAGE SETUP SPACING LENGTH

OVERALL SCORE = ………../10

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