Final answer:
The Orange Prize, renamed the Women's Prize for Fiction, is awarded to women for their achievements in literature, as a response to perceived sexism in major literary awards, such as the Booker Prize.
Step-by-step explanation:
The Orange Prize, now known as the Women's Prize for Fiction, was established as a reaction to the perceived sexism in major literary awards such as the Booker Prize. This award is given to women for their achievements in literature. It was created to celebrate and promote fiction written by women from all over the world.
The initiative was, in part, inspired by observations such as those made by Virginia Woolf in her extended essay 'A Room of One's Own,' which points out the historical lack of educational opportunities, funding, and space for women to write. The Women's Prize for Fiction aims to counteract the historical marginalization of women's literary works.