To the person on the street, the concept of
competition is easy to understand. It is basically two businesses battling it out in the marketplace for the customer. However, behind the scenes, things are more complex, with
organizations trying to
achieve competitive advantages and multiple
forces pulling organizations in different competitive directions. The invisible hand of economics continues to work hard to make market places achieve equilibrium, however dynamic. This paper discusses some of these factors, using three popular concepts of competition: forms of competition, three types of competitive
advantage and Porters five forces model of competitive advantage.
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