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Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void.
The reputation of a social entity is an opinion about that entity, typically as a result of social evaluation on a set of criteria, such as behavior or performance.
In economics and marketing, product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products. The concept was proposed by Edward Chamberlin in his 1933 The Theory of Monopolistic Competition.
In business, a competitive advantage is the attribute that allows an organization to outperform its competitors.
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to go awry, a kind of market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge.
Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers.
Corporate transparency describes the extent to which a corporation's actions are observable by outsiders. This is a consequence of regulation, local norms, and the set of information, privacy, and business policies concerning corporate decision-making and operations openness to employees, stakeholders, shareholders and the general public. From the perspective of outsiders, transparency can be defined simply as the perceived quality of intentionally shared information from the corporation.
User innovation refers to innovation by intermediate users or consumer users, rather than by suppliers. This is a concept closely aligned to co-design and co-creation, and has been proven to result in more innovative solutions than traditional consultation methodologies.
In law, misconduct is wrongful, improper, or unlawful conduct motivated by premeditated or intentional purpose or by obstinate indifference to the consequences of one's acts. Misconduct can be considered an unacceptable or improper behavior, especially for a professional person. Two categories of misconduct are sexual misconduct and official misconduct. In connection with school discipline, "misconduct" is generally understood to be student behavior that is unacceptable to school officials but does not violate criminal statutes, including absenteeism, tardiness, bullying, and inappropriate language. Misconduct in the workplace generally falls under two categories. Minor misconduct is seen as unacceptable but is not a criminal offense. Gross misconduct can lead to dismissal.
The resource-based view (RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.
A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network the business partners belong to.
Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service. This is a similar power to that of a monopolist, which can influence the price for its buyers in a monopoly, where multiple buyers have only one seller of a good or service available to purchase from.
The behavioral theory of the firm first appeared in the 1963 book A Behavioral Theory of the Firm by Richard M. Cyert and James G. March. The work on the behavioral theory started in 1952 when March, a political scientist, joined Carnegie Mellon University, where Cyert was an economist.
Team effectiveness is the capacity a team has to accomplish the goals or objectives administered by an authorized personnel or the organization. A team is a collection of individuals who are interdependent in their tasks, share responsibility for outcomes, and view themselves as a unit embedded in an institutional or organizational system which operates within the established boundaries of that system. Teams and groups have established a synonymous relationship within the confines of processes and research relating to their effectiveness while still maintaining their independence as two separate units, as groups and their members are independent of each other's role, skill, knowledge or purpose versus teams and their members, who are interdependent upon each other's role, skill, knowledge and purpose.
Resource slack, in the business and management literature, is the level of availability of a resource. Resource slack can be considered as the opposite of resource scarcity or resource constraints.
A rivalry is the state of two people or groups engaging in a lasting competitive relationship. Rivalry is the "against each other" spirit between two competing sides. The relationship itself may also be called "a rivalry", and each participant or side a rival to the other. Someone's main rival may be called an archrival. A rivalry can be defined as "a perceptual categorizing process in which actors identify which states are sufficiently threatening competitors". In order for the rivalry to persist, rather than resulting in perpetual dominance by one side, it must be "a competitive relationship among equals". Political scientist John A. Vasquez has asserted that equality of power is a necessary component for a true rivalry to exist, but others have disputed that element.
Heidi K. Gardner is a Distinguished Fellow at Harvard Law School's Center on the Legal Profession, a lecturer on Law and Faculty Chair of Harvard Law School's Accelerated Leadership Program and other executive courses.
Asymmetric competition refers to forms of business competition where firms are considered competitors in some markets or contexts but not in others. In such cases a firm may choose to allocate competitive resources and marketing actions among its competitors out of proportion to their market share. Asymmetric competition can be visualized using techniques such as multidimensional scaling and perceptual mapping.
References
- Gimeno, Javier; Woo, Carolyn (1999). "Multimarket contact, economies of scope, and firm performance". Academy of Management Journal. 43 (3): 239–259. doi:10.5465/256917. JSTOR 256917.
- Yu, Tieying; Cannella, Alberta (2007). "Rivalry between multinational enterprises: an event history approach". Academy of Management Journal. 50 (3): 665–686. doi:10.5465/amj.2007.25527425. JSTOR 20159878.