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 ?
Nine students competed in a variety of competitions across Canada, and their hard work should be commended.
Linda Stump, director of competitions, oversees the officials who are charged with coordinating specific competitions: Sally Laird, NCTM, Junior Competitions coordinator; Sigrid Luther, NCTM, Senior Competitions coordinator; Jeanne Grealish, NCTM; Young Artist Competitions coordinator; James Norden, Chamber Music Competition coordinator; and Roger Foltz, NCTM, Composition Competitions coordinator.
In competitions, neither side can create new facts that materially affect the case, but must instead rely upon their understanding of courtroom procedure to support their theory.
Owned by a group of eight dancers who range in age from 19-30, NHPA sets a high standard for presenting compelling choreography at competitions.
LANCASTER - Five young musicians who won the annual classical music competitions sponsored by the Antelope Valley Symphony Orchestra and Master Chorale will perform Feb.
This commentary highlights problems evident to me as a reader of NSERC proposals, and attempts to disseminate information to the greater community, to remove some of the mystery behind decisions that come out of NSERC competitions.
The implication of public-private competitions and outsourcing for financial executives is that government business is likely to become a mainstream business line for an increasing number of companies.
The Service should put minds at ease by stating officially that the current Olympics (and other national and international competitions that do not give prize money) are "amateur competitions.
and other local and regional competitions during the past decade.
Unlike business plan competitions, in which contestants pitch their own ideas to investors, students participating in VCIC play the role of investors and review pitches presented by real entrepreneurs.
Reservations: Rooms booked under Adrienne Wiley and the MTNA East Central Competitions.
So have renowned European competitions like Vama and the Prix de Lausanne, and newer competitions like Youth America Grand Prix.

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