1. In a way that involves trying to win or to do better than others.
2. In a way that is as good as or which is slightly better than others because of being of better value or worth more.
3. A reference to competion between individuals, groups, nations, animals, etc. for territory, a niche, or a location of resources.

It exists whenever two or more parties strive for a goal which cannot be shared and such competition occurs naturally between living organisms that co-exist in the same environment.

Examples include animals that compete over water supplies, food, and mates, etc. and humans also compete for water, food, and mates; although, when these necessities are met, deep rivalries often arise over the pursuit of wealth, prestige, and fame.

Businesses are often associated with competition as most companies are competitively striving with at least one other firm for the same group of customers.