Final answer:
Competition and competitive strategy are important aspects of business. An organization's competitive strategy outlines how it intends to compete with available resources.
Step-by-step explanation:
Competition is a relationship between organizations that strive for the same resources in the same place. In business, understanding how to compete with the resources available in the existing and perceived future environment is crucial for success.
An organization's competitive strategy describes how it intends to compete with these resources. It involves analyzing the competitive forces in the market, identifying the organization's strengths and weaknesses, and determining how to differentiate from competitors.
For example, a company may choose to compete based on cost leadership, offering products at a lower price than competitors. Alternatively, it may focus on product differentiation, offering unique features or superior quality to attract customers.