The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the competition.
More about competition:
Competition in finance refers to a situation in which several financial system compete for commodities that are limited by adjusting the marketing mix's four components: price, product, promotion, and site. According to traditional economic theory, competition drives businesses to create new goods, services, and technologies, giving customers more options and higher-quality goods.
Costs of goods are often cheaper the more options there are on the economy, compared to what they would've been if there was little or no competition (monopoly) (oligopoly).
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