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COMPETITION
# | ITEM | DEFINITION | COLLOCATIONS/DERIVATIVES |
Acquisition | obtaining ownership and control by one bigger firm, in whole or in part, of another firm or business. | make an ~; recent/latest/attempted/ agreed ~; syn. takeover (hostile acquisition) | |
| Advantage (n) – (ant) disadvantage | something that helps you to be better or more successful than others | competitive ~; advantageous (adj.); ~ in sth/over sb/to sth.; cost ~, compete at a disadvantage; take/gain/lose ~ of/over sb/ sth |
| Ball: keep one’s eyes on the ball | stay focused |
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| Best practices | the best possible ways of doing something in a certain field | get exposed to/implement ~s, |
| Bid | an offer to give a particular sum of money for sth, do work or provide a service for example at an auction | ~for sth; offer/receive a ~; high/low ~; ~rigging: a particular form of collusive price-fixing behavior by which firms coordinate their bids on contracts |
| Bundling syn. tied selling | when one product is sold in proportion to another as a requirement for the sale | Practice/introduce ~ |
| Cartel (n) | – a group of manufacturers who combine to stop competition and increase profits | form/set up/join in a ~ |
| Compete (v) Competition (n) syn. Rivalry | try to gain advantage over other companies in the market | strong/fierce/tough/intense/fair/unfair/cutthroat competition; respond to/cope with/face up to/ adapt to competition; competitor (n) competitive (adj.); uncompetitive anti-competitive; ~on price |
| Corner the market | gain complete control of a market |
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| Cost (n, v) | the amount of money needed to produce sth | prime (cf: overhead expenses); low ~ producer, ~-leaders, ~ advantage, ~ leadership, at any ~cover the ~ of sth; cut/reduce ~; ~-conscious; ~-effective; costly (adv, adj);; opportunity ~ |
| Deep pockets
| extensive financial and other resources of large firms or conglomerates used to sell below cost for extended periods of time, |
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| Deregulate (v n) | remove government rules and controls from an industry to increase competition | deregulation (n) - laissez faire economy (operating without governmental control) |
| Differentiation | make one’s product physically different (in appearance, quality, durability etc.) from that of a rival. | ~ between sth and sth; differentiate (v) sth from sth |
| Diversification | expansion of an existing firm into another product line or market. | ~ of products; diversify (v) diversified(adj) |
| Be in the driving seat | be in the position to control the situation | ~ of the company |
| Dumping | selling products abroad at below prices in the home market funded from deep pocketsor profits derived from sale of other products | Prevent/prohibit ~ |
| Economies of scale | saving money by producing in large quantities | Cf: economies of scope (saving money by producing two products rather than separately) |
| Edge: have an edge over sb | have a slight advantage over one’s competitor (s) | competitive/slight ~; give sb ~; gain ~ over sb |
| Fair (adj.) | treating everybody equally | ~ competition/trading practice; ant. unfair; un/fairness (n) |
| Game: be ahead of the game | be in front of the competition |
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| Joint venture (n) | an association of firms or individuals formed to undertake a specific risky business project | found/set up/establish a~; |
| Holding (n) | a purely financial company which uses its capital solely to acquire controlling interests in other operating companies | found/set up/establish a ~ |
| Lead (v) | be at the forefront | take/follow/regain the ~in sth; market ~ (the company with the highest sales), cf. market follower, market challenger |
| Make the most of sth | get the best possible result from using sth | ~ one’s opportunity, chances |
| Merger | joining of two or more firms into an existing firm or to form a new firm for market expansion | a ~ between/with, consider a~; merge (v) together |
| Neck: be neck and neck with sb | be at the same level as competitors | |
| Overtake sb | leave one’s competitors behind | ~a competitor |
| Pervade (v) | spread all around | pervasive (adj) pervasiveness (n) |
| Price fixing
| setting prices by collusion among firms, collusive pricing | syn. predatory pricing |
| Pull one’s punches | act or fight with less force than you could | We can’t afford to ~ |
| Race: a one horse race | being the only competitor |
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| Start-up | a newly established business | ~ company/business/capital; |
| Sink or swim syn. be thrown in at the deep water | be left on one’s own to succeed or fail without any help |
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| Tailor (v) syn. adapt, customize | 1. make something so that it is exactly right for someone’s needs; | ~ sth to sth; tailored (adj.) to sth |
| USP (unique selling proposition/point) | something very unusual and special about a product which makes it competitive on the market |
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