HYPERCOMPETITION Meaning and
Definition
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Hypercompetition is a term used in the field of business strategy to describe an extreme level of competition within an industry or market. It refers to a state where companies engage in intense and relentless competition, constantly striving to outperform their rivals in terms of market share and profitability. In hypercompetitive markets, the competitive intensity is significantly higher than in normal or traditional market environments.
At the heart of hypercompetition is the concept of strategic maneuvering. Companies successfully navigating this environment employ a range of tactics and strategies to gain a competitive edge. This can include rapid product and service innovation, aggressive pricing, extensive marketing and advertising campaigns, continuous improvement in operational efficiency, and the ability to quickly respond to market changes. The dynamics of hypercompetition often result in constant disruption and turbulence in the market, as companies try to gain an advantage over each other.
Hypercompetition also emphasizes the importance of flexibility and adaptability. Companies must be able to swiftly adjust their strategies and tactics in response to competitive threats or changing market conditions. The goal is not just to succeed in the market, but to actively shape and influence it through relentless pursuit of competitive advantage.
The concept of hypercompetition was introduced by Richard D'Aveni in his book "Hypercompetition: Managing the Dynamics of Strategic Maneuvering." Since then, it has become a widely recognized and studied phenomenon in the field of strategic management, highlighting the need for companies to adopt a proactive and dynamic approach in today's highly competitive business environment.
Common Misspellings for HYPERCOMPETITION
- gypercompetition
- bypercompetition
- nypercompetition
- jypercompetition
- uypercompetition
- yypercompetition
- htpercompetition
- hgpercompetition
- hhpercompetition
- hupercompetition
- h7percompetition
- h6percompetition
- hyoercompetition
- hylercompetition
- hy0ercompetition
- hypwrcompetition
- hypsrcompetition
- hypdrcompetition
- hyprrcompetition
- hyp4rcompetition
Etymology of HYPERCOMPETITION
The word "hypercompetition" is a compound word formed by combining the prefix "hyper-" and the word "competition".
1. The prefix "hyper-" is derived from the Greek word "huper" (ὑπέρ), meaning "above", "beyond", or "excessive". In English, it often conveys a sense of excess or heightened intensity. It is commonly used to represent something that surpasses normal or average levels.
2. The term "competition" comes from the Latin word "competitio", which means "striving together" or "contention". Competition refers to the act of competing or engaging in rivalry with others for a specific goal, such as resources, market share, or success.
So, combining these elements, "hypercompetition" essentially means an intense or excessive level of competition, surpassing typical or ordinary levels of rivalry.
