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:
- 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.
- 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
