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 ?
Emily Robinson competed in the 200m Individual Medley and the 100m and 200m butterfly, with the 12-year-old recording a personal best time in the 100m butterfly event - narrowly missing the final.
The retired logger and longtime football official also competed in the discus, where his best throw was 126-7.
Since the 1970s, he has competed in six age groups (60-64 through 85-89) and set 44 Masters world records.
For example, Laura Schwanger, who has competed in the shot put, javelin, and discus competitions in three Paralympic Games: 1988 in Seoul, Korea; 1992 in Barcelona, Spain; and 1996 in Atlanta, Georgia.
There she competed in her favorite 5K walk/race and won the silver medal in the 85- to 89-year-old age bracket.
For nearly two decades, foundries that have competed for the highest volume business, especially in the automotive market, have had to deal with extremely demanding customers and competitors.
Kerri Strug, the well-known American gymnast who competed with an injured ankle in the 1996 Olympics, has a story to tell.
This past July she competed in Lexington, Ky., one week, played in Phoenix the next and then back to Georgia for another tournament.
Meno, whose background also includes gymnastics, competed as a singles skater, reaching the senior national level before switching to pairs at nineteen.
the Tennessee Technological University junior from Cookeville, Tennessee, also competed in the Paralympics and won bronze medals in the long jump and 4x100-meter relay.
Though metals tend to show a lower affinity for hydrogen than do bacteria, Walch notes that in experiments where she let two species of microbes with different affinities for hydrogen compete for the nutrient, the less aggressive did not lose out: It competed successfully by attaching itself directly to the hydrogen producer.
In the last 12 months Alex has claimed nine medals at a national level, including two Golds and four Silvers and has recently competed at the European Championships in Poland.