Naomi is a market researcher for her company, which designs and manufactures carpets and rugs. She travels globally to conferences and trade shows to track current trends in her industry. During one trip, Naomi learns about a new dye technique that results in more resilient color at a lower cost. She brings the relevant information back to her team and other experts in her company to discuss the feasibility of implementing this technique in their products. Which competitive force has Naomi capitalized on to benefit her company's manufacturing processes

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Tutorconsortium311 Tutorconsortium311 · Answer 1 · 2022-07-18T12:26:38+02:00

The answer is, Rivalry among existing competitors.

Rivalry among current rivals is high when numerous rivals occupy the same position in the market, and is low when there are few rivals.
Companies are continuously looking for ways to differentiate their services and goods from those of competitors, or at the very least, to reduce the benefits of that competitors' services or products.
When new technologies arise that could give a competitor an advantage in the market, this is a crucial factor to take into account.

Competitive rivalry is a gauge of how fiercely existing firms compete with one another.
Competitive activities like price lowering, higher advertising costs, or investing on service/product innovation and improvements can reduce profits and foster competition.

James Mark Baldwin identified three basic categories of competition in his 1902 Dictionary of Philosophy and Psychology: biological rivalry, personal or conscious rivalry, and economic and industrial rivalry.

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