Competition

(noun)

Competition in biology, ecology, and sociology, is a contest between organisms, animals, individuals, groups, etc., for territory, a niche, or a location of resources, for resources and goods, for prestige, recognition, awards, mates, or group or social status, for leadership; it is the opposite of cooperation.

Related Terms

Examples of Competition in the following topics:

  • Introduction

    • Chances are competition for your firm's product is already well established.Other firms can be in direct competition with you when they offer a similar product and target the same customers.They can be indirectly competing with you by offering a similar product or service, but targeting a different demographic.Competition can come from overseas.Competition can come from another firm in the same city.Competitors are all around you whether you choose to be aware of it or not.Recognizing and dealing with competition is necessary to your business success.

  • Competitive Advantage

    • Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry.
    • Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry.
    • Competitive advantage seeks to address some of the criticisms of comparative advantage.
    • Michael Porter proposed the theory of competitive advantage in 1985.
    • The 640GB drive has a competitive advantage over the 500GB drive in terms of both cost and value.

  • Summary and references

    • Competitive Intelligence Review; Volume 12, Issue 4: 25 – 38.
    • "Competitive intelligence revisited: A history, and assessment of its use in marketing".
    • Competitive Intelligence Review, 5, 4: 23-31.
    • "Strategic value analysis for competitive advantage".
    • Competitive Intelligence Review, 10, 2: 52-6.

  • Competition-Based Pricing

    • Competitive-based pricing occurs when a company sets a price for its good based on what competitors are selling a similar product for.
    • Competitive-based pricing, or market-oriented pricing, involves setting a price based upon analysis and research compiled from the target market .
    • With competition pricing, a firm will base what they charge on what other firms are charging.
    • One advantage of competitive-based pricing is that it avoids price competition that can damage the company.
    • Status-quo pricing, also known as competition pricing, involves maintaining existing prices or basing prices on what other firms are charging.

  • The State of Competition

    • The industry's competitive dynamics are composed of the ongoing series of competitive actions and competitive responses that take place as Coke and Pepsi compete for customers.
    • The current state of competition can be examined based on the following categories.
    • This lack of competition can lead to abuses in today's business environment.
    • Concerns also arise over anti-competitive effects and consequences due to:
    • The further effects on competition when such properties are accepted into industry standards.

  • Importance and goals of competitive intelligence

    • Detecting competitive threats is crucial to every business.
    • When businesses are able to detect a competitive threat, they are better equipped to handle that threat.
    • The goal of competitive intelligence is to detect threats originating from competitors in all their forms.
    • Detecting competitive threats early allows the firm to take actions to mitigate the threat.
    • While competitors are reacting, the firm can move to increase its competitive advantage over the competition.

  • The industry environment

    • Industry structure is one determinant of competition.
    • Competition between firms within a strategic group is more direct than competition between firms located in different strategic groups.
    • Pepsi and Coca-Cola are competing for cola drinkers, and they market their products competitively against each other.
    • Key success factors are a function of both customer needs and competitive pressures.
    • How do successful firms survive the industry's competitive pressures?

  • Using a Product Life Cycle Framework

    • For example, differences in the competitive situation during each of these stages may dictate different marketing approaches.
    • Maturity: the period during which competition becomes serious.
    • Decline: the product becomes obsolete and its competitive disadvantage result in decline in sales and, eventually, deletion.
    • For example, differences in the competitive situation during each of these stages may dictate different marketing approaches.
    • A useful way of looking at this phenomenon is in terms of competitive distinctiveness.

  • Definition

    • The industry's competitive dynamics is the ongoing series of competitive actions and competitive responses that take place as Coke and Pepsi compete for customers.
    • The objective of a firm's competitive intelligence is to understand its competitors.
    • Entrepreneurs commonly underestimate the impact of competition.
    • Learning about buyers and competitors is the role of competitive intelligence.
    • This investigation is one of the roles of competitive intelligence.

  • Porter’s 5 forces and the analysis of competitors

    • Entrepreneurs often seem unaware of the competitive threat posed by substitute products.
    • Within an industry, when firms are fiercely competitive, the cost of competition will increase because when one firm acts, other firms will feel the need to counteract.
    • These competitive actions can drive all profits out of the industry.
    • When industry growth slows, competition typically heats up.
    • High fixed costs, industry maturity, and commodity-like products contribute to a high-level of competition within an industry, but there are often other factors that drive competition.