Wednesday, May 24th, 2017
Competition is everywhere. Great companies understand competition, know their competition, are comfortable with competition. They’re generally confident in their abilities and courageous in the face of competitive battle.
Competition is good. There’s no development without competition, there’s no innovation without competition. Competition is the best way to judge if an idea is good or bad. In a healthy market we can find fair competition.
In a fair competition the same rules and conditions are applied to all participants, and the competitive action of some does not harm the ability of others to compete. A fair competition is based on the factors of price, quality, and service.
Unfair competition means that the competitors compete on unequal terms, because favorable or disadvantageous conditions are applied to some competitors but not to others. An unfair competition is based on the abuse of near-monopoly powers, competitor bashing, predatory pricing, etc.
Dealing with competition is never easy, it could get very frustrating because one minute we think we have our market under control, and the next minute a competitor has “pulled the rabbit out of a hat” and there’s more demand for them than for us.
We need to to be aware of what our competitors are doing to try to outshine us. We need to know their strengths and weaknesses and try to detect if we are competing on equal terms with them. If we are confident in our product and we are smart, we will find ways to fight in an unhealthy market with unfair competition. Creativity and innovation are our weapons, our sling to beat Goliath.
Summing-up: Often “compete on equal terms” is defined as an “equal opportunity” or “equal chance” to compete. We have to strive to compete on equal terms, being smart and fighting agains unfair competition.