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:

  • Competition with France

  • Nonprice Competition

    • Non-price competition involves firms distinguishing their products from competing products on the basis of attributes other than price.
    • Since price competition can only go so far, firms often engage in non-price competition.
    • It can be contrasted with price competition, which is where a company tries to distinguish its product or service from competing products on the basis of a low price.
    • Non-price competition may also promote innovation as firms try to distinguish their product.
    • Although any company can use a non-price competition strategy, it is most common among oligopolies and monopolistic competition, because these firms can be extremely competitive.

  • 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.

  • Defining Monopolistic Competition

    • Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another.
    • Unlike in perfect competition, firms that are monopolistically competitive maintain spare capacity.
    • Models of monopolistic competition are often used to model industries.
    • Monopolistic competition is different from a monopoly.
    • Markets that have monopolistic competition are inefficient for two reasons.

  • Introduction to Pure Competition

    • Purely competitive markets are used as the benchmark to evaluate market performance.

  • Competition

    • Competition is a contest between people or groups of people for control over resources.
    • Competition is a contest between people or groups of people for control over resources.
    • Competition can have both beneficial and detrimental effects.
    • Positively, competition may serve as a form of recreation or a challenge provided that it is non-hostile.
    • Explain how competition can be both a help and a hinderance for people in any particular society or group

  • 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.

  • Efficiency of Monopolistic Competition

    • Monopolistic competitive markets are never efficient in any economic sense of the term.
    • In terms of economic efficiency, firms that are in monopolistically competitive markets behave similarly as monopolistic firms.
    • This quantity is less than what would be produced in a perfectly competitive market.
    • Monopolistic competition creates deadweight loss and inefficiency, as represented by the yellow triangle.
    • In the short run, the monopolistic competition market acts like a monopoly.

  • 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.