Where does the word competition originate from?
It derives from the Latin verb competere, meaning “to meet, come together.” Competition often involves two or more individuals or teams coming together in some kind of contest.
What is the real meaning of competition?
1 : the act or process of trying to get or win something others are also trying to get or win. 2 : a contest in which all who take part strive for the same thing. 3 : all of a person’s competitors He beat the competition.
What is the definition of competition in history?
the act of competing; rivalry for supremacy, a prize, etc.: The competition between the two teams was bitter.
What is the root word for competitor?
Origin of competitor First recorded in 1525–35; from Latin competītor “rival for an office,” equivalent to com-com- + petītor “seeker, claimant” (see petitor)
What does competition mean in business?
Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth. These P’s stand for product, place, promotion, and price.
What does competitive mean in business?
Competitiveness can be defined as: The ability of a business to deliver better value to customers than competitors. A key part of all business activity – in which marketing plays a key role – is the search for sustainable competitive advantage.
What is competition and example?
Competition is a relationship between organisms that strive for the same resources in the same place. The resources might be food, water, or space. There are two different types of competition: For example, two male birds of the same species might compete for mates in the same area.
What is competition in the market?
Competition for a market refers to the struggle to create a new market, or to erect a new standard, and it is usually associated with the process of innovation that brings new displacing technologies to market.
How do you explain competition?
Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one’s gain is the other’s loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
What does competitors mean in business?
Competitors are other businesses who can offer the same or similar goods and services to your customers.