competition
Intra- or intermarket rivalry between or among businesses trying to obtain a larger piece of the same market share. Bloomberg Financial Dictionary
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competition com‧pe‧ti‧tion [ˌkɒmpˈtɪʆn ǁ ˌkɑːm-] noun [uncountable]
1. COMMERCE a situation in which businesses are trying to be more successful than others by selling more goods and services and making more profit:
• Competition between the two cable companies has driven down the price for program services.
• They sell everything from food to furniture to fashion, often in direct competition with nearby stores.
• The company faces stiff competition from Japanese luxury brands.
— see also hypercompetition a system in which companies operate without a lot of government control and prices are determined by
supply and demand (= the relationship between the amount of goods for sale and the amount that people want to buy ) imˌperfect compeˈtition
ECONOMICS in real markets, when the conditions for perfect competition do not exist
ˌperfect compeˈtition also ˌpure compeˈtition
ECONOMICS in a model market, when there are many small businesses producing the same products, all workers do the same types of jobs, buyers and sellers have complete knowledge about market conditions, and businesses and factories are free to move anywhere
when producers cannot charge as much as they would like to for their goods because others are charging less:
• Japanese semiconductor manufacturers are under tough price competition from Korean and other makers.
2. COMMERCE the competition all the businesses that compete with a particular business, seen as a group:
• In the past, Honda has kept ahead of the competition because it was small and fast.
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competition UK US /ˌkɒmpəˈtɪʃən/ noun
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U]
ECONOMICS »
There has always been competition between the auto manufacturers.
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stiff/fierce/strong/tough competition
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Some healthy competition (= competition that is a good thing) makes everyone work harder.
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The decision to sell cheap TVs put the supermarket in (direct) competition with the major suppliers of electrical goods.
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foreign/global/ international competition
growing/increasing competition »
US companies face increasing competition from Eastern markets.
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Politicians argued that subsidies stifled free competition.
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Traditional banks face competition from internet-based finance companies.
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Critics say merging the two largest manufacturers could stifle competition (= prevent competition).
Financial and business terms.
2012.