Competition is part of what makes capitalism work. The desire to compete against an existing business or established professional can drive innovation and help keep prices more attractive for consumers. Unfortunately, not everyone wants a fair and level playing field in business.
Some people will engage in unethical or even illegal activity to negatively impact their competitors. Your business may need to take legal action if you have experienced any of the following three examples of unfair competition:
How your company operates can give it a competitive edge. Whether you have your own special manufacturing process or a unique chemical blend that helps keep production costs low, your trade secrets give you an advantage.
Sometimes, competitors will go to great lengths to obtain trade secrets from other businesses. Corporate espionage might involve breaking and entering into a closed business or using social engineering during operating hours to get people inside to steal information.
Sometimes, an innovator or newcomer in the industry threatens established power players. When that happens, even bitter competitors may put aside their differences to challenge a new competitor. Price-fixing schemes make it hard for those not participating in those schemes to remain competitive.
Slander or online attacks
Your competitors may start talking poorly about your business to anyone who listens. In fact, they might even make up stories, accusing you of crimes you never committed or making blatantly untrue statements about the products or goods you provide. In some cases, businesses will try to attack your presence online, leaving unfounded and inflammatory reviews against your business.
You may have to go to court to hold another business responsible for such practices. Identifying and fighting back against such unfair competition can help you protect your company when others think of you as a threat.