Meaning&Purpose:
Competition happened when other company selling similar products at the same time. The company wants to achieve some goals, for example, increase the profit and market share. Consumers enjoy competitive markets. However, the reverse is true for firms, as prices and profit margins tend to be squeezed. As a result, firms try hard to minimize competition, perhaps by creating a unique selling point(USP) or using predatory pricing.
It is very important to know who is your competitor, then the company can analysis the situation and the ability of the rivals. The company can have a plan to beat their competitors in a right time. You can grasp all the best opportunity and timing before other action. Then the company becomes more competitive
YG Competitors:
JYP and S.M Entertainment are the main competitors of YG Entertainment. They are both leaders in K-pop culture. They are labeled as three toppest record companies of Korean because of the unique music style, strong market share and international operations. They are all taking part in different domains such as drama, model and host. S.M Entertainment was always the first leader in these three companies, but in these serval years, YG Entertainment becomes stronger and the artists in S.M Entertainment increasingly dissatisfied the company's attitude, therefore some artists leave the company to make the stock of company goes up and fewer people support it.
JYP's biggest weakness lies in the head of the agency himself, Park Jin Young. His signature 'simple yet catchy' songs are the reasons why the Wonder Girls, 2PM, Miss A, and others are considered representatives of K-Pop; however all of the title songs have been his creations. Although it is said that Park Jin Young's songs are picked even against the collection of songs the A&R team has compiled, they cannot deny the fact the at least three of the agency's artists have yet to promote a title song produced by anyone other than Park Jin Young. The biggest problem musically would be that because the songs are produced by one individual, all of the songs can generally sound similar.
There are lots of record companies in Korean. Although they don't have enough ability to beat YG Entertainment, they still have strong potential to growth. The trainees in small record companies have a greater probability to debut and the practice time is much shorter. This is because there are not enough resources and fund in the company to support their trainees. Therefore, the amount of trainee in small companies will less than some big companies. They have less competition, all producers, teachers etc in the company will focus on that 10-20 trainee. The company hopes the first debut group can have a very high popularity to give the return to the company, then the company can improve their brand impact. Nowadays, more and more teenagers prefer to choose small record companies rather than that top 3 companies because of they think their future is more clear and sure in the small company.
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