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Competitors Meaning: Definition, Examples, and Translations

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competitors

[kəmˈpɛtɪtərz ]

Definition

Context #1 | Noun

business

Individuals or organizations that are rivals in the same industry or market, competing for the same customers or resources. Competitors strive to outperform each other in order to gain a competitive advantage.

Synonyms

adversaries, contenders, opponents, rivals.

Examples of usage

  • Apple and Samsung are fierce competitors in the smartphone market.
  • Coca-Cola and Pepsi are major competitors in the beverage industry.
  • Competitors often engage in pricing wars to attract customers.
  • Competitors may also collaborate on certain projects to achieve mutual benefits.
  • Increasing competition among competitors can lead to innovation and better products.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Business

  • Many companies study their competitors to understand what they do well and where they can improve.
  • In markets with many competitors, prices can lower as businesses try to attract more customers.
  • Competitors can sometimes team up in a practice called 'co-opetition,' where they work together on certain projects while still competing.

Sports

  • In sports, teams often have rivals they play against regularly, which boosts excitement and intensity during games.
  • Athletes train specifically to outperform their competitors, improving their skills and strategies.
  • Competitions often have ranking systems to show who the best competitors are across different events.

Psychology

  • Healthy competition can encourage people to perform better and foster a sense of motivation.
  • Excessive rivalry can lead to stress and anxiety, negatively impacting performance and well-being.
  • Social comparison theory suggests that people determine their own social and personal worth based on how they stack up against others.

Economics

  • In an economic context, competitors contribute to market efficiency and innovation, as they drive each other to create better products.
  • Monopolies arise when one competitor dominates the market, often leading to higher prices and less choice for consumers.
  • The level of competition in a market can influence employment rates and wage levels.

Culture

  • Competitors in traditional sports can symbolize community pride and national identity during international events.
  • Competitions like talent shows showcase aspiring artists, giving them a platform to shine while vying against others.
  • In cultural settings, competitions can foster creativity, as participants strive to present unique performances or creations.

Origin of 'competitors'

The word 'competitors' originated from the Latin word 'competere', which means 'to strive together'. The concept of competition among individuals or organizations has been prevalent throughout history, dating back to ancient times when businesses and athletes competed against each other. Today, competition is a fundamental aspect of the business world, driving innovation, growth, and progress.

Word Frequency Rank

At #5,789 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.