What do you understand by the word 'competition' in the market? In what way does 'competition kill competition'? Discuss briefly.

The term "Competition" is not defined in the Competition Act, 2002. However, in the corporate world, the term is generally understood as a process whereby the economic enterprises compete with each other to secure customers for their product. In the absence of a generally accepted definition of the phenomenon of competition, it has to be regarded as the object fostered and protected by competition policy and law. The World Bank and OECD in its Report 'A Framework for the Design and Implementation of Competition Law and Policy', broadly defines competition as "a situation in a market in which firms or sellers independently strive for the buyers' patronage in order to achieve a particular business objective, for example, profits, sales or market share." Competition can also be defined as a process of economic rivalry between market players to attract customers. These market players can be multinational or domestic companies, wholesalers, retailers, or even the neighborhood shopkeeper. In case where competition is defined as a process of economic rivalry, the enterprises compete to outsmart their competitors, sometimes to eliminate their rivals. Competition in the sense of economic rivalry is unstable and has a natural tendency to give way to a monopoly. Thus, competition kills competition.