A system of privately owned businesses trying to make a profit is known as capitalism. This is the kind of system that is found in many Western countries - the United States, England, Ireland, etc. It creates a market place known as a “free market”, where companies are operated in a way that creates low prices. Granted, there are ways to avoid having to compete with other companies, but that’s not a focus of capitalism.
The idea is that anyone who wants to do business can create a product with a good point, and try to sell for lower prices or for the same price but with better features. This is partially why, in places like the US, goods often have multiple versions in stores, and various companies all release new products every year.