competition
noun
uk/ˌkɒmpəˈtɪʃən/ us [ U ] ECONOMICS
the situation in which people or businesses are trying to be more successful than each other, for example by making more sales in a market:
There has always been competition between the auto manufacturers.
stiff/fierce/strong/tough competition
Some healthy competition (= competition that is a good thing) makes everyone work harder.
The decision to sell cheap TVs put the supermarket in (direct) competition with the major suppliers of electrical goods.
foreign/global/ international competition
growing/increasing competition US companies face increasing competition from Eastern markets.
Politicians argued that subsidies stifled free competition.
Traditional banks face competition from internet-based finance companies.
Critics say merging the two largest manufacturers could stifle competition (= prevent competition).
the competition
COMMERCE, MARKETING
the people or businesses who are competing with a particular person or business in a particular market:
Longer hours should give the store an advantage over the competition.
keep/stay ahead of the competition The company had to make drastic changes if it was to stay ahead of the competition.
See also
free competition
imperfect competition
perfect competition
price competition