Competition

Competition in a market is when a company tries to get a consumer to buy its product, rather than another company’s product. A company competes in a variety of ways, including charging a low price, offering a product with attributes that are appealing to consumers, and advertising to inform consumers of its product. When a clothing store has a sale, and provides helpful, courteous sales people in an attractive setting, it is competing for your business by making itself more appealing than other clothing stores.

KWHS Term Suggestion

Is there a term you would like defined? Suggest it here: