Difference between revisions of "Competition"
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Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply. | Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply. | ||
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Revision as of 02:56, 31 March 2020
Definition
Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.
Competition, when referred to in a wiki for automobile models, are the rivals at other makes competing for the same sales. For instance, the competition for the Plymouth Barracuda were the Chevrolet Camaro, the Ford Mustang, and the Pontiac Firebird.
Also see Drag Racing to see how competition is use in the contest of racing.
References
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