Products & ServicesThe features and quality of products and services. For example, solar panels that have a higher energy conversion rate may be preferred by customers.
Customer ExperienceThe intangible elements of products and services such as diligent customer service at a hotel.
PriceSimilar products and services typically compete intensely on price. Firms with superior products and services in the eyes of customers may be able to charge premium prices.
CostA producer with lower unit costs can choose to compete on price to drive competition out of the market. Alternatively, a producer with lower costs can invest in their business to create superior products and customer service. Either way, a lower unit cost tends to be a significant advantage.
Brand AwarenessCustomers tend to chose products and services they know or that they recognize. As such, establishing and sustaining brand awareness is a basic type of competition.
SalesA sales force that can close sales can be a significant competitive advantage in industries such as business-to-business services.
LocationLocation based competition such as the only coffee shop at an airport.
Technologies & StandardsCompetition to establish a technology or standard. For example, competition between electric and hydrogen powered cars.
ReputationA firm's reputation in areas such as reliability, quality and sustainability.
|Overview: Business Competition|
A contest or rivalry between firms to win revenue.