Final answer:
Small businesses can compete with big businesses by offering personalized services and products, ensuring high quality, and providing accessibility and customer-centric experiences that larger companies may not be able to match as closely.
Step-by-step explanation:
Big business competes based on mass production and, thus, lower prices; small businesses can compete based on personalized services and products, quality, and accessibility.
Small businesses cannot typically compete with big businesses on price alone due to economies of scale. However, they can offer customized solutions tailored to specific client needs, which large firms might not provide. Moreover, small businesses can excel in providing high-quality goods and services, and they often provide easier access to decision-makers, allowing for swift adjustments and more intimate customer relationships.
Competition in markets can bring about lower prices and higher quality products; specialization and economies of scale play significant roles. While smaller businesses might struggle with price competition, their ability to adapt and focus on customer relationships allows them to stay competitive.