competition

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Competition

Intra- or intermarket rivalry between or among businesses trying to obtain a larger piece of the same market share.

Competition

The attempt by two or more companies or other organizations to secure the business of a customer. Competition occurs when different companies offer better quality products and/or lower prices in order to encourage economic actors to become and remain customers. For example, two grocery stores may advertise that they offer better quality meat or lower prices for peanut butter so shoppers patronize one grocery store and not the other. Nearly all economists believe that competition is necessary for innovation and growth, though few agree on how best to foster competition.

competition

the process of active rivalry between the sellers of a particular product as they seek to win and retain buyer demand for their offerings. Competition can take a number of forms including price cutting, ADVERTISING and SALES PROMOTION, quality variations, packaging and design, and market segmentation (see MARKETING MIX). The nature and intensity of competitive relationships in a market, in turn, depends on various factors such as product and buyer characteristics, the extent of market concentration, and cost and demand considerations (see MARKET STRUCTURE, MARKET CONDUCT). For example, where products are standardized, competition is usually focused on price, whereas in markets where buyers demand a wide range of product variety and quality mixes, PRODUCT DIFFERENTIATION competition tends to be emphasized. In markets characterized by high levels of seller concentration, suppliers tend wherever possible to substitute product differentiation competition for price competition because of the mutually ruinous consequences of price wars. Moreover, in some instances, mutual interest considerations may well lead suppliers to control competition so as to promote orderly and profitable trading conditions by, for example, establishing price fixing CARTELS. Business strategy and marketing analysts are especially concerned with identifying and exploiting product and buyer characteristics as a means of establishing COMPETITIVE ADVANTAGES over rival suppliers. From a wider public interest angle, the nature and strength of competition has an important effect on MARKET PERFORMANCE and hence is of particular relevance to the application of COMPETITION POLICIES.

competition

  1. 1a form of MARKET STRUCTURE in which the number of firms supplying the market is used to indicate the type of market it is, e.g. PERFECT COMPETITION (many small competitors), OLIGOPOLY (a few large competitors).
  2. a process whereby firms strive against each other to secure customers for their products, i.e. the active rivalry of firms for customers, using price variations, PRODUCT DIFFERENTIATION strategies, etc. From a wider public interest angle, the nature and strength of competition has an important effect on MARKET PERFORMANCE and hence is of particular relevance to the application of COMPETITION POLICY. See COMPETITION METHODS, MONOPOLISTIC COMPETITION, MONOPOLY.
References in periodicals archive ?
In Plovdiv, the exam will be held on August 20, with 414 applicants competing for 10 positions.
I fully support EHP's competing financial interest policy.
What's the probability of the seller competing in each year of the covenant if he were free to do so?
Think of competing based on cost this way: Without a cost advantage, building sales volume is self-defeating because it exposes the business to less and less attractive buyers.
Our requirements for full disclosure also extend to reviewers and editors, who must disclose to the Editor-in-Chief any competing financial interests that could be construed as affecting their evaluation of a manuscript.
Although Baer and Verruno aren't competing in today's game, Noe will be surrounded by familiar faces.
Utilizing on-the-ground research and first-hand interviews with m-payment executives and experts, we examine competing service models, profile leading Chinese m-payment companies, and dissect the complex set of factors at play in the sector's development.
They started competing in triathlons so they could compete in an event together.
Andy Bryant earned third place in the Straight Truck class in his first year of competing at the national event.
Colvin, who swims for Canyons Aquatic Club, is one of six girls competing for Southern California in the 17- and 18-year-old division.