COMPETITIVE PRESSURE Meaning and
Definition
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Competitive pressure refers to the force or influence exerted by rivals in a market or industry that drives companies or individuals to improve their performance, efficiency, and strategies, in order to attain a sustainable advantage over their competitors. It is the compelling influence resulting from the existence of similar businesses or individuals who are seeking the same customer base, market share, or resources, and are actively striving to outperform each other.
The primary purpose of competitive pressure is to prompt companies or individuals to constantly assess and reassess their practices and offerings, identifying areas for improvement and innovation. This pressure can stem from a variety of sources, such as price wars, advancements in technology, changes in consumer preferences, or the entry of new competitors into the market.
Competitive pressure is typically evaluated by considering various factors such as market share, sales growth, profitability, customer satisfaction, and brand reputation. The intensity of this pressure can vary across industries, depending on factors like the number and size of competitors, product differentiation, barriers to entry, and market demand.
While competition can be fierce and challenging, it also serves as a driving force for progress, encouraging businesses and individuals to continuously enhance their products, services, and overall performance. Successful adaptation to competitive pressure often leads to increased market share, improved financial performance, and long-term success in the marketplace.
Common Misspellings for COMPETITIVE PRESSURE
- xompetitive pressure
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- fompetitive pressure
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- ckmpetitive pressure
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Etymology of COMPETITIVE PRESSURE
The word "competitive" derives from the Latin word "competere", which means "to strive together" or "to contend". It consists of the prefix "com-" (meaning "together") and the verb "petere" (meaning "to seek" or "to strive").
The term "pressure" has its origin in the Latin word "pressura", derived from the verb "premere" (meaning "to press" or "to squeeze").
When these two terms are combined, "competitive pressure" refers to the force or influence exerted on individuals, companies, or entities to compete against one another, strive to achieve better results, or maintain an advantageous position in a competitive environment.
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