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 ?
Specific guidelines for each competition level, state and division competition dates and contact information for state, division and national competition officials, as well as a composer classification list, can be found in the competitions section of the MTNA website.
Competition, clearly, is not the best fit for some; they're adequately served by all the rest our university offers.
The Spring, Texas, competition team of North Harris Performing Arts consistently shows innovative choreography, strong technique, and eclectic musical choices.
recital prior to the concert, three first-place winners in the Bach Competition will perform.
Schools affected by competition could encourage low-performing students not to take the test, could focus their efforts exclusively on students at the cusp of proficiency, or could use any number of strategies to achieve the appearance of improved performance without ensuring that students were actually learning more.
JCLE publishes articles that provide analysis of developments in competition law, including developments in the US and EU but also covering other regional and national developments.
I can say, without hesitation, that the competition process is extremely fair.
Current competition categories include: Product Protection; Self-Shipper Displays; Displays; White Liner Work; Best Application of Preprinted Liner Flexo; Innovative Use; Promotional; Student Entry; and Brown Box.
In this age of re-branding, competition policy is in need of a name change.
the competition was developed to provide urban entrepreneurs with opportunities that are often closed to them.
Over the years, UCG has earned about 70 total awards in the competition.
During the first stage of the two-stage competition, members of the jury will review anonymous submissions and select finalists.