It is the existence of a large number of companies or individuals that offer and sell the same product in a given market (suppliers), in which there are also some people or companies, called consumers or demanders, who, according to their preferences and needs, buy those products from the suppliers.
Also defined as the rivalry between two individuals or entities, seeking to ensure an advantage of one over the other; in business, the rivalry for customers or for a share of the market.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.