Competition.

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Presentation transcript:

Competition

Competition Competition: The struggle among companies for scarce customer dollars Basic Understanding is that those organizations with the best products at the best price will stay in business

Factors That Influence Demand for a Sports or Entertainment event Price of the tickets How often the event takes place How much promotion is used People involved in event (key players/performers)

Types of Competition Price Competition: when a business uses the price of their product to compete in the marketplace Non-Price Competition: when a business uses other product features: Quality image or service

Direct Competition Direct Competition: Business offers similar-type products directly competes for a consumer’s dollar Example:

Indirect Competition Indirect Competition: Business offers different types of products competes against each other for a consumer’s dollar Example:

Monopoly Monopoly: a situation in which there is only one company One supplier of goods/services No substitute products available No competition No price limits

Effect of Competition: Producers Develop new products Improve product quality Bring prices closer to production costs less profit is made per unit Operate more efficiently make as much profit per unit Provide better services customers are happy and return Provide wider selections

Effects of Competition: Consumers Lower prices Better quality products New and improved products Choice of where to buy Wider product selection More and better customer services

Recreation Competition

Class Activity Identify 2 examples of Direct Competition & explain why i.e. Beachbody offers T25 & Insanity Identify 2 examples of Indirect Competition & explain why i.e. Nike (variety of different products) Answer the following: What types of direct and indirect competition exist in the SER industries? How does price competition impact the SER industries? How does non-price competition impact the SER industries? Why is competition good for SER consumers? If a business does not compete with price, what are some other ways it could compete? Why should competition research be an ongoing process for SER industries?