Transport and Communication System 7.
Consequences[ edit ] Competition can have both beneficial and detrimental effects. Many evolutionary biologists view inter-species and intra-species competition as the driving force of adaptationand ultimately of evolution.
However, some biologists disagree, citing competition as a driving force only on a small scale, and citing the larger scale drivers of evolution to be abiotic factors termed 'Room to Roam'.
Some social Darwinists claim that competition also serves as a mechanism for determining the best-suited group; politically, economically and ecologically.
Positively, competition may serve as a form of recreation or a challenge provided that it is non-hostile.
On the negative side, competition can cause injury and loss to the organisms involved, and drain valuable resources and energy. In the human species competition can be expensive on many levels, not only in lives lost to war, physical injuries, and damaged psychological well beings, but also in the health effects from everyday civilian life caused by work stress, long work hours, abusive working relationships, and poor working conditions, that detract from the enjoyment of life, even as such competition results in financial gain for the owners.
Biology and ecology[ edit ] Main article: Competition biology Competition within, between, and among species is one of the most important forces in biology, especially in the field of ecology.
However, competition among resources also has a strong tendency for diversification between members of the same species, resulting in coexistence of competitive and non-competitive strategies or cycles between low and high competitiveness.
Third parties within a species often favour highly competitive strategies leading to species extinction when environmental conditions are harsh evolutionary suicide. When resources are limited, several species may depend on these resources.
Thus, each of the species competes with the others to gain access to the resources. As a result, species less suited to compete for the resources may die out unless they adapt by character dislocation, for instance.
According to evolutionary theorythis competition within and between species for resources plays a significant role in natural selection. At shorter time scales, competition is also one of the most important factors controlling diversity in ecological communities, but at larger scales expansion and contraction of ecological space is a much more larger factor than competition.
Game theory Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers. Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents.
A common assumption is that players act rationally. In non-cooperative games, the most famous of these is the Nash equilibrium. A set of strategies is a Nash equilibrium if each represents a best response to the other strategies. If all the players are playing the strategies in a Nash equilibrium, they have no unilateral incentive to deviate, since their strategy is the best they can do given what others are doing.
Competition economics Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms". Competition, according to the theory, causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products.
The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition monopoly or little competition oligopoly.
However, competition may also lead to wasted duplicated effort and to increased costs and prices in some circumstances.
For example, the intense competition for the small number of top jobs in music and movie acting leads many aspiring musicians and actors to make substantial investments in training which are not recouped, because only a fraction become successful.
Critics have also argued that competition can be destabilizing, particularly competition between certain financial institutions. It has been argued that competition-oriented objectives are counterproductive to raising revenues and profitability because they limit the options of strategies for firms as well as their ability to offer innovative responses to changes in the market.
The most narrow form is direct competition also called category competition or brand competitionwhere products which perform the same function compete against each other. For example, one brand of pick-up trucks competes with several other brands of pick-up trucks.
Sometimes, two companies are rivals and one adds new products to their line, which leads to the other company distributing the same new things, and in this manner they compete.
The next form is substitute or indirect competition, where products which are close substitutes for one another compete. For example, butter competes with margarine, mayonnaise and other various sauces and spreads.
The broadest form of competition is typically called budget competition. Included in this category is anything on which the consumer might want to spend their available money. This form of competition is also sometimes described as a competition of "share of wallet".
In addition, companies also compete for financing on the capital markets equity or debt in order to generate the necessary cash for their operations. An investor typically will consider alternative investment opportunities given his risk profile and not only look at companies just competing on product direct competitors.business environment study material metin2sell.com semester i paper i ( admission onwards) university of calicut school of distance education calicut university p.o., thenjipalam, malappuram The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability.
Marketplaces - whether local, regional, national or global - are becoming highly competitive. Competition between countries is quite subtle to detect, but is quite evident in the world metin2sell.comies compete to provide the best possible business environment for multinational metin2sell.com competition is evident by the policies undertaken by these countries to educate the future workforce.
MBA provides the tools and environment to integrate all of our business processes. The cost benefit is a no brainer. The Series 3 provides even greater value through the sophisticated alternatives of . Competitive Environment: Definition.
A competitive environment is the dynamic external system in which a business competes and functions. The more sellers of a similar product or service, the more.
business environment study material metin2sell.com semester i paper i ( admission onwards) university of calicut school of distance education calicut university p.o., thenjipalam, malappuram