What term describes the rivalry between businesses in the same industry for customers and market share?

The term that describes the rivalry between businesses in the same industry for customers and market share is competition. In a competitive market, various companies strive to attract consumers by differentiating their products, improving quality, adjusting prices, and enhancing customer service. This rivalry plays a critical role in shaping market dynamics, driving innovation, and maintaining a healthy economy. By competing, businesses can better meet the needs of consumers, leading to a wider variety of choices and improved overall value in the marketplace.

Promotion refers to the marketing activities intended to inform potential customers about a product or service, which is just one strategy businesses use in the broader competitive landscape. Collaboration denotes working together towards shared goals, something that generally occurs between companies rather than within the same industry for market share. A monopoly is a market structure where one company dominates the industry, significantly limiting competition rather than embodying it. Each of these terms plays a distinct role in marketing and business strategy, but competition specifically captures the essence of businesses vying for market presence.