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 ?
"We Could Be Heroes" (78mn) by Hind Bensari is in the documentary competition. The film "La Sieste du Corbeau" (88mn) by director Moez Kamoun, is selected in the competition "Prix de la critique".
More than 21 art and literary competitions including Qirat, Na'at, bilingual speeches, declamation, drama, arts, singing, video footages, photography, poetry and essay writing competitions were held here.
Azerbaijan is among those few countries in the world with space programs, rector of the Azerbaijan National Aviation Academy, chairman of the Council for Space Affairs, academician Arif Pashayev said at the event organized on the occasion of awarding the winners of the CanSat Azerbaijan 2018 competition.
In order to implement the spirit of the "Notice of the General Office of the People's Government of Zhengzhou City on Printing and Distributing the "2018 Annual Zhengzhou Million Worker Skills Competition Program", the second vocational skill competition of Zhengzhou High-tech Zone was successfully carried out, and the competition is now underway.
Speaking at the event, Maun principal education officer, Mr Modiri Mosiamiemang said the competitions were bearing positive results as the region was victorious in most of them.
COSTS: Division competitions are very expensive, especially for the students.
Inter-Class Qirat and Naat competitions were also held today and Professor Zahida Praveen who is in charge Department of Islamic Studies was the chief guest of the occasion.
The Dominican Republic also secured three places in the Olympics: Luis Pie was undefeated in the under 58 kg men's competitions, Moises HernEindez snagged the silver medal in the under 80 kg men's competitions, and Katherine RodrE[degrees]guez won the above 67 kg women's competitions.
But in the South and Midwest, cheer and dance competitions have been big business for years, with a handful of national cheerleading and dance competitions offering local, regional and national competitions for cheerleading teams and dance squads.
such famous competitions like Tchaikovsky Competition, Queen Elizabeth Competition in Brussels, the Montreal International Musical
Today's international competitions have a variety of formats and mandates, from general singing competitions to those that cover a particular genre.
According to wine writer and competition organizer Dan Berger, one of the most important criteria in evaluating wine competitions is the quality of the judges.

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