Boeing (NYSE:BA) unveiled its "BBJ 3" business jet at the 2013 European Business Aviation Conference in Geneva this week. Based on the 737-900ER commercial liner, Boeing says the BBJ is already outselling its closest rival by a 7-to-1 margin.

But who is this mystery rival? And is it really important for Boeing to beat them in business jets? Fool contributor Rich Smith explains.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Embraer-Empresa Brasileira and owns shares of General Dynamics. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.