competition

(redirected from Competitions)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 ?
The teams are busy preparing for competitions in the New Year, including the Inter-Collegiate Business Competition later this month and the John Molson Undergraduate Case Competition in February.
The MTNA Student Competitions consist of three levels: State Competition, Division Competition and National Finals.
Competition gets almost no respect in pedagogical literature.
A hush comes over the auditorium as 19-year old Jessica Hailey begins her solemn walk across the stage at the Showstopper regional competition in Houston.
recital prior to the concert, three first-place winners in the Bach Competition will perform.
As an example, Figure 1 shows the incoming grant level of several members from a recent competition.
The Administration is steering a middle ground in this debate and is making a push to encourage outsourcing by federal agencies via the public-private competitions system and to reduce the average two-year competition process.
501(c)(3) status because they foster Olympic competition could be at risk.
So, if you want to continue developing your own judging criteria for the competitions you enter, it's your time and it's your money.
What: Venture Capital Investment Competition, Western Wild Card Competition
Make reservations by calling (800) 554-7077 by December 28, 2006; ask for the MTNA Competitions rate.
Stanislav Issaev, chair of the dance department at South Carolina Governor's School of the Arts and a well-respected competition coach, believes competitions help popularize ballet.

Full browser ?