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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 ?
In Ruse, a total of 688 will compete for 24 places on August 3.
The 19-under and 12-under teams will compete in Valencia's in-house program.
And, with the surging price and shortage of supply, it becomes an even more daunting task to compete at both the front end with purchasing the material, and the back end with trying to push through higher prices, especially when competing against offshore competitors who can undercut their prices.
As the court asked: Why would the taxpayer sell the largest business in the area just to start a smaller one and try to compete with the business he had sold?
By examining the "clickstream" data of more than 10 million active Internet users, Compete analyzed shifting consumer preferences and trends within the property/casualty insurance market from September 2001 to November2001.
197 intangible" includes goodwill and any covenant not to compete entered into in connection.
Local canvassing boards compete with state government.
Even if you discount the cultural policy argument--which is that we need to be able to have the capacity to tell our stories to each other and to the world otherwise we wither away as a society--and look at it in purely industrial policy terms, our "widgets" can't compete with our competitors' "widgets" any longer.
Mildred is planning to compete in the 1999 World Veterans Championships in Gateshead, England.
According to a new study by Chemical Market Resources, Houston, TX, two remarkable events have recently transpired that will significantly influence future technological developments in EP elastomers, as well as the markets in which EP elastomers now compete.
The Japanese automakers and machine tool builders and construction equipment manufacturers have set an unbelievably high standard with which our customers are to compete.
a leading web analytics company, today announced that Gregg Poulin has joined the company as general manager of Compete.