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Definition of 'Coopetition'
Cooperation between competing companies. Businesses that engage in both competition and cooperation are said to be in coopetition. Certain businesses gain an advantage by using a judicious mixture of cooperation with suppliers, customers and firms producing complementary or related products.
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Investopedia explains 'Coopetition'
Coopetition is thought to be a good business tactic between two businesses that can lead to expansion of the market and the formation of new business relationships. Coopetition is a form of strategic alliance and is common particularly in the computer industry between software and hardware firms. In this field, coopetition means settling on standards and developing products that compete with each other using those same standards.
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