Because customers can so quickly compare prices, a business cannot simply raise their prices, but must be able to control costs in order to realize a reasonable profit.

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In a competitive market, customers have the ability to compare prices easily, especially with the advent of the internet and mobile technology. Therefore, businesses cannot rely solely on increasing prices to maintain or enhance profitability. Instead, they must focus on controlling and reducing costs to ensure they can offer competitive pricing while still achieving a reasonable profit margin. This approach helps businesses remain competitive and attractive to cost-conscious consumers.

Because Customers Can So Quickly Compare Prices, a Business Cannot