Competition is a rivalry where two or more parties (Competitors) 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. The rivalry can be over attainment of any exclusive goal, including recognition: (e.g. awards, goods, mates, status, prestige), leadership, market share, niches and scarce resources, or a territory.
In the industrial and industry context, a competitor is a company or business that offers similar products or services as another company. Competitors are a crucial aspect of any industry and play a significant role in shaping the market dynamics. Here are some examples of industries and applications where competitors are commonly found:
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Retail industry: Retailers are constantly competing with one another for customers and market share. Examples of competitors in this industry include Walmart and Target.
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Technology industry: Technology companies compete with one another to create innovative products and services. Examples of competitors in this industry include Apple and Samsung.
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Automotive industry: Automakers compete with one another to create cars that are more fuel-efficient, stylish, and affordable. Examples of competitors in this industry include Ford and General Motors.
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Food industry: Restaurants and food manufacturers compete with one another to offer customers unique and delicious products. Examples of competitors in this industry include McDonald's and Burger King.
Similar concepts in the industrial context include:
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Substitutes: Substitutes are products or services that can be used in place of another product or service. They can be a threat to a company's market share if customers choose to use them instead. For example, electric cars are a substitute for gasoline-powered cars.
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Suppliers: Suppliers are businesses that provide materials or components to another company. They can be a source of competition if multiple suppliers are vying for a company's business.
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Partners: Partners are businesses that collaborate with one another to create a product or service. While they are not competitors, they may have different goals and objectives that need to be aligned for the partnership to succeed.
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New entrants: New entrants are companies that enter a market and compete with existing companies. They can disrupt the industry and change the competitive landscape.
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