Help Meaning of a word
posted by Bryan on .
What is Global Competition?
In a business , one always has competitors: trying to make a better product, cheaper. Global competition means that ones competitors can be anywhere.
Take an Florida orchid breeder for an example: His climate gives him an advantage, and he has access to good water and cheap labour, with a fairly good transportation system (US Post office, or those brown trucks).
But now, lots of other countries in good climate areas (Singapore, Taiwan, China, Vietnam) with even cheaper labor, with FedEx delivering to the US faster than the Florida breeder, means one thing: The FLorida breeder has new viable competitors.
Let's take each word separately.
Global means around the world; worldwide.
Competition is rivalry between businesses striving for the same customer or market.
So -- global competition is the attempts of businesses to sell their products to other countries in the world. A good example is the automobile industry. Years ago, most Americans bought U.S. made cars. However, in more recent years, we've been buying more Japanese, German and Korean cars, which has severely hurt the American manufacturers.