What are the main advantages of competition in any business?

The main  advantage of competition in the business is that

(For customers) competition will push the competitive companies/organisations to do their best to offer for customer the best possible levels of service and/or products.

(For companies/organisations) competition will lead the competitive companies/organisations to search and apply strengths of each other as well as to avoid the weaknesses. 

Competition is a driving force for betterment. 

Competition creates the will and develop the business. 

You want the best talents, best customers, reputation, reach the top, succeed and earn respect.      YOU WANT IT ALL!!!.

Flight of success needs competition fuel.

Thank you

To fight to survive, compete to innovate. 

Competition will "force" you to always try to improve your products, services, processes and systems in order to win over more customers and market share

Like it or not competition is a reality. The days of closed economy are gone. U do not have a Soviet Union any more and China has gone for capitalism. The only country where u can protect urself from competition is N Korea.

It will improve discipline and control internally.

It will improve the quality of goods and services.

It will create a positive attitude among the workforce and Management.

It will lead to innovations and technological advancement.

It will improve culture-inside and outside.

It will help to resolve the issues in a speedy manner.

Direct increase in efficiency and productivity to survive and best fit.

Benefit in General--benefit to customers with quality goods for better price--solve many of the administrative difficulties for the Government.

nicely explained by Mr. Krishna ........ nothing to add more except that competitors help each other to expand the market size and customer's base.

"The principle advantage is efficient allocation of resources. When many suppliers compete for the business of consumers, prices gravitate toward costs of production and scarce resources are used for those goods and services for which there is real demand. Competition thereby produces maximum economic value from given resources, and uses minimum resources to supply a given demand." 

Examining your business processes to ensure that they are efficient will help you get a competitive edge. The faster your machines are able to produce products, the faster consumers will have them; this gives the business a competitive advantage.

leads to production of high quality goods and services as all will strive to survive

many but most f all, raises quality of products and prices at bay.