Competition

Posted in Marketing and Strategy Terms, Total Reads: 376
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Definition: Competition

Competition arises when two or more parties strive for the goal individually or on partly basis. Product differentiation, value, technology etc. are required to live up the competition and continue performing according to the expectations of the consumers.


SWOT analysis, Porter’s five forces model, STP and BCG are some of the tools used to compete in the market.



Examples:

The competition of Audi automobiles are Honda, Mercedes, BMW



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