Cutthroat competition

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cutthroat (adjective, cut-throat, \ ˈkʌtˌθroʊt \) competition (noun, com-pe-ti-tion, \ ˌkɑːmpəˈtɪʃn \)

Definition: is a market situation, in which two or more direct competitors are using unfair pricing and other promotional tactics to destroy or undermine their opponent. Such competition may arise from a personal rivalry between two companies or may be a result of too many enterprises offering a similar product or service and aiming at the same customer base. Thus, the only way a business can stay competitive is by eliminating all of its opponents. To achieve this, companies lower their prices beyond a reasonable amount, hoping to outlive their rivals. However, such competition can’t exist in the long-term, as it isn’t financially viable for any of the parties involved.

In a Sentence:

  1. We were dragged into a fierce cutthroat competition with a new player on the market. Sadly, it doesn’t matter how good our product or customer support is, as they keep stealing our clients with their lower prices.
  2. If any more new coffee shops appear in the area, we risk becoming a part of a cutthroat competition. And considering how expensive it is to maintain the high standards of our coffee and employees, I don’t know if we can lower our prices without going into our own pocket.

Synonyms and related words: monopolistic competition, intratype competition, price competition, non price competition