Competition

pg 30-34

Competition

  • Incentive drives competition. Incentive is the hope of reward or fear of penalty that encourages a person to behave a certain way.
  • Incentives can be monetary (based on money) or non-monetary.
  • Desire of customers also drives competition.
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Competing Businesses

Fast Food

McDonalds vs Burger King


  • Big Mac
  • BK Big King
  • Introduced to try to keep up with McDonelds
Guitars


Martin vs Fenders


  • Fender originally only made amps
  • Martin made amps and guitars
  • Fender began building similar guitars to keep up with martin
Smartphones

Apple vs Samsung

  • Newer apple smart phones began to have "apple pay" and fingerprint sensor feature
  • Samsung began to make improvements to keep up with apple such as offering there latest smartphone in four colors, increasing display size, offering fingerprint sensor swipe (to avoid copying apple), a stylus, and their own version of apple pay.