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 ?
The ITC calculated with Unitary Labor Costs (CLUs) compared to the EU-28 decreased by 2.8% in the first quarter of 2019, consolidating the trend of competitiveness improvement recorded in recent quarters.
Furthermore, it was pointed out that the IMD World Competitiveness Report only covers 63 countries as compared to the World Economic Forum (WEF) Competitiveness Report which covers 140 countries.
Also, the DOF claimed the four sub-factors of the IMD competitiveness index-economic performance, government efficiency, business efficiency, and infrastructure-were 'at best indicators of past performance and may not be indicative of future performance.' -BEN O.
He also questioned the coverage of IMD's global report, which only represents 63 economies, less than half of the annual competitiveness ranking being released by the World Economic Forum with 140 economies.
We are pursuing a national competitiveness agenda anchored on regional competitiveness with its four pillars namely: economic dynamism, government efficiency, infrastructure and resilience," he said.
Sheikh Mohammed was briefed on a report highlighting the achievements of the Federal Competitiveness and Statistics Authority over the past 10 years.
Dubai Future Foundation, which oversees the Dubai 10X initiative, signed a partnership agreement with the Dubai Competitiveness Office last October to prepare an annual report on the competitiveness of the approved Dubai 10X projects, and extend support to the teams and provide required information to ensure project implementation and success.
It redefines the importance of drivers of competitiveness as a necessary fundamental for building resilience in an unstable context of increasing susceptibility and marginalization.
The forum released the Global Competitiveness Report 2018 recently adopting a new methodology for measuring Competitiveness 4.0 by including indices which represents more knowledge and digitalbased ecosystems.
Oman has jumped 14 places on the Global Competitiveness Report as the World Economic Forum's annual study ranked the country at 47th place compared to 61st in 2017.
Dubai: The Dubai Competitiveness Office (DCO) in Dubai's Department of Economic Development (DED) has announced plans to launch 'The Future of Competitiveness Platform,' which will track global data and indicators on competitiveness, and help benchmark the emirate's competitiveness to support decision-making in local public and private sectors.
Summary: The UAE jumped in the competitiveness rankings in 2018 review, after having made progress in the last few years.