Game theory is a mathematical tool that can be applied to understand strategic interactions in competitive markets. Through the analysis of competitor behavior, game theory offers real-time insights to firms looking to consolidate their market position. In this paper, I have analyzed the application of game theory in competitive evaluation for firms in various industries, namely, technology, retail, and pharmaceutical industries, among others. By applying models such as Nash equilibrium, Cournot competition, and Stackelberg leadership, industry-specific applications and best practices in marketing have further been explored in this paper. Research methods include qualitative and quantitative analyses through case studies and market simulations. The Irish Formwork market has been simulated using the Bertrand and Cournot competitive models to ascertain how the firms should compete. Research findings imply that there is no rule of thumb when it comes to market strategy. All industries require a tailored approach in keeping with that particular industry’s dynamics. The Irish Formwork market in particular would benefit from taking the Cournot competitive course of action.