What does strong competition mean?
Strong competition is when strong rivalry places a business at risk for losing its market share and/or customers to a competitor.
This factor is also known as competitive disadvantage.
Definition of competition
In the context of business, competition is rivalry in which every business or seller tries to get what other businesses or sellers are seeking at the same time, such as sales, profit, and market share by offering the best practicable combination of price, quality, and service.
In the market where information flows freely, competition plays a regulatory function in balancing demand and supply.
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Last edited on 6 January 2022.