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How do you define competition?

Updated: 9/15/2023
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14y ago

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Competition is challenging, controlled and often playful rivalry in which individuals or groups oppose each other in order to determine who can achieve the best performance in a given activity such as in a sport or in business.

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Q: How do you define competition?
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If you are referring to a "perfect competition"- you could define it as the most extreme type of competition, with many buyers . So, there are many companies selling the exact same product, without a restriction on new companies entering into the industry. If your sales accounted for in the industry are low (using percentage), you have a higher competition. On the contrary, if you have say 98% of sales in the industry you are monopolistic in competition. Examples of competitive industries would be clothing and textiles. Just for thought-There are many companies that sell these items.


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