Overview

In the field of economics, competition refers to a scenario in which many economic companies [Note 1] compete with one another to obtain commodities that are limited by modifying one or more of the following components of the marketing mix: price, product, promotion, or place. In the traditional school of economic thought, competition drives commercial enterprises to produce new goods, services, and technologies. These advancements would provide customers with a wider range of options and higher quality goods. When there is a greater variety of a product available on the market, prices for those products are often cheaper in comparison to what they would be if there was either no competition (a monopoly) or very little competition (an oligopoly). The amount of competition that is present in the market is determined by a range of factors, including the number of firms, the obstacles that stand in the way of new firms entering the market, the information that is available, and the availability and accessibility of resources.

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