Rivalry among Existing Competitors

Rivalry among existing competitors refers to the ongoing competition between businesses within the same industry or market. It involves actions like pricing strategies, marketing campaigns, product improvements, and customer service efforts to attract and retain customers. High rivalry often leads to increased innovation, better prices, and improved quality for consumers, but it can also result in price wars and reduced profitability for companies. Factors influencing this rivalry include the number of competitors, industry growth, product differentiation, and switching costs for customers, shaping the overall competitive landscape and how companies strive to stand out.