Describe the Three Components of Competition

question 91

Essay

Describe the three components of competition.

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Definitions:

Supply Availability

The extent to which goods, services, and materials needed by consumers or businesses are available for purchase or delivery.

Supply Research

The process of studying the market and suppliers to understand the availability, quality, and cost of materials or services needed by a business.

Benchmarking

A method of measuring the performance of a company's products, services, or processes against those of another business considered to be the best in the industry.

Purchasing Process

A series of steps taken by organizations to acquire goods or services, typically including identification of needs, selection of suppliers, negotiation, and payment.