time (noun, time, \ taɪm \) based (adjective, based, \ ˈbeɪst \) competition (noun, com-pe-ti-tion, \ ˌkɑːmpəˈtɪʃn \)
Definition: is a business concept stating that time is one of the most valuable resources at an organization’s disposal and a company that can use it most efficiently gains a competitive advantage on the market. A company that allocates its time efficiently quickly adapts to market trends and to any external and internal environmental changes. This term was invented by George Stalk and spread across the business world via his work “Competing against Time.”
In a Sentence:
- Previously, we always dedicated a lot of time to improving the design of our products, but ever since we shifted our focus to time based competition, we’ve cut that figure in half.
- The management of Cloud Microtrans concluded that to excel at time based competition they need to release several smaller updates to their software instead of working on a single massive update for months.
- If you want to get a market edge on Portal Devs, I suggest you look into time based competition. If you manage to develop more new products in a shorter time span, you’ll surely get ahead of them in terms of sales.
Synonyms and related words: just-in-time production, internal competition, external competition, intratype competition, competition-based pricing
