competition

competition definition - business

competition

  1. A rivalry of two or more businesses that target the same customers. Business competition tends to result in increased efficiency as firms attempt to reduce expenses. On the negative side, competition may result in duplication of efforts.
  2. A testing of the intelligence, strength, speed, or some other ability of two or more people.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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