market dominance

(redirected from Market challenger)

market dominance

see DOMINANT FIRM.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

market dominance

a situation where a single firm or a number of firms that restrain competition between themselves (see CONCERTED PRACTICE, COMPLEX MONOPOLY)

account for a significant proportion of the total supply of a particular good or service. Such a firm or group of firms may be able to exercise a considerable degree of MARKET POWER in determining the price of the product and other terms and conditions of supply in a way that is prejudicial to the interests of consumers.

In the UK the ‘abuse’ of a dominant position in a market is prohibited by the COMPETITION ACT 1998. A dominant position is defined as one where a single firm or group of firms controls at least 40% of the reference market. Cases involving market dominance can be referred by the OFFICE OF FAIR TRADING to the COMPETITION COMMISSION for investigation and report. See DOMINANT FIRM.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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