competitive (adjective, com-pet-i-tive, \ kəmˈpetətɪv \) space (noun, space, \ speɪs \)
Definition: is a set of business areas in which a company can stay competitive and battle against various market pressures by using both its cost advantage and technological superiority. If a company possesses only one of those elements, the specific business area can’t be counted as a competitive space, as the business can’t feel completely comfortable in it. A company has to be fully aware both of the market situation and of the competitive space it exists in to be able to make correct and timely business decisions.
In a Sentence:
- While we have the cost advantage due to our streamlined operations network, we don’t possess the technology to count the electronic watches industry as our competitive space.
- I don’t think we can enter the internet provider market, as it isn’t a part of our competitive space.
- Since selling winter clothing designed for extreme weather conditions is within Nordic Bear’s competitive space, they had no problem conquering a new market in Canada.
Synonyms and related words: competitive marketing, competitive position, competitive analysis, competitive niche
