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False, Existing competitors are rarely threatened by new market entry, whether it comes from startups or established companies. Any individual who engages in business but is not an affiliate of a loan party is considered a competitor.
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. Businesses who are new to your market are new entrants. Your power is impacted by other people's capacity to access the market. When there are limited economies of scale, no knowledge intensity, low entry costs, and no protection of critical technologies, new competitors can readily enter your market. These companies compete in the same market by providing comparable (or identical) goods and services. They compete for the same clientele as well. Examples of direct competitors that are well-known are Apple and Android, Pepsi and Coca-Cola, and Netflix and Hulu.
Learn more about Existing competitors here
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