Mercedes Technical Director James Allison says Red Bull do not have a "god-given right" to win and that the idea of hunting them down is "thrilling."
Allison returned to the role in April, swapping jobs with Mike Elliott who became Chief Technical Officer as Mercedes were in the process of abandoning their zero sidepod concept.
Since the more conventional design was introduced in Monaco, the team have climbed into second place in the Constructors' to become Red Bull's closest challengers, although they will not catch the Milton Keynes outfit in 2023.
The new W14 has given the team a base on which they can build the 2024 W15 machine, but they are set to be slightly hampered with the Aerodynamic Testing Regulation (ATR) reset coming in, which is set to deduct some development time from the eight-time champions.
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Mercedes up for fight
"From Mercedes’ perspective, we're just trying to work the best we can with our own ATR limit, not worrying too much about the people behind us who have more or the people in front of us having less," Allison told media including RacingNews365.
"In regards to lost opportunity, we don't really separate the ATR particularly from every other aspect of resource that we brought to bear on the current car, which is clearly not competitive with respect to Red Bull.
"Until it is, we're all going to feel a bit miffed about that, even though that sort of unhappiness we see every time they win is offset hugely by the fact that it is thrilling in its own way to be fighting back.
"To be improving our car week-on-week and to hold clear in our heads the target that they don't have a God-given right to be in the lead, they're there by merit, having worked really well.
"And if we can do as good or better job we’ll be there. That is actually a lot of fun. It’s a very, very exhilarating thought once you frame it correctly in your head, and something that we're all tucked into trying to make a reality.
"Both of our drivers are very similar to the rest of the team in that if you sense that there is a change of momentum, that gives you a huge boost that the good times and the champagne will flow again.
"That is just a good feeling up and down the grid. And for the drivers, who get the sort of visceral excitement of actually feeling their car overtaking other people, that lifts their spirits, but I imagine when they're actually standing on the podium and reflecting on the fact that they're not on the top step, that may temper their enthusiasm somewhat."