Final answer:
The term for an organization doing something better than its competitors is competitive advantage. Product differentiation is related but specifically refers to making products seem different to consumers. Monopolistic competition involves many firms selling differentiated products to achieve their competitive advantage.
Step-by-step explanation:
The term that refers to something an organization can do better than its competitors is b) Competitive advantage. While product differentiation refers to any action that firms do to make consumers think their products are different from their competitors', it is through successful product differentiation that a company may achieve a competitive advantage. Monopolistic competition is a market structure where many firms sell differentiated products and gain competitive advantage through various means such as the physical aspects of the product, location from which it is sold, intangible aspects of the product, and perceptions of the product. A brand name that is well-respected and has been built up over years can also contribute to a firm's competitive advantage.