1. The form of competition applies to price, speed, quality, flexibility and innovation. Please explain the form of competition as mentioned earlier in the FnB2. To produce a superior quality product or service takes a long time and costs a lot of money. What are the costs that must be incurred by the company to be able to produce a superior product or service?What are the consequences (costs) that must be faced by the company if there are products (defects) or services that are unsatisfactory for consumers?What strategies should the company take to improve this?Please apply to a company of your choice.