Final answer:
Competitive strategy specifies the range of markets in which an organization will compete.
Step-by-step explanation:
The area of strategy that specifies the range of markets in which an organization will compete is competitive strategy. Competitive strategy involves making decisions about how a company will position itself in the market to gain a competitive advantage. This includes determining the target market segments and understanding the competition in those segments. The areas of the strategy that specifies the range of markets in which an organization will compete is covered by the competitive strategy. Competitive strategy is focused on how a company will position itself in the market to gain a competitive edge, determine how it will compete against its rivals, and what its market focus will be. This involves analyzing the existing competition, potential new entrants to the market, substitute products or services, the bargaining power of suppliers, and the bargaining power of customers.