Final answer:
Co-opetition is a collaboration between competitors to achieve mutually beneficial goals, blurring the lines between competition and cooperation. It is a strategic partnership that helps companies face increased global competition and rapid technological advances. The correct option is a) Co-opetition
Step-by-step explanation:
Partnering with a competitor in today's technology-based environment is described as co-opetition. This term is used to denote a strategic partnership where competitors collaborate to achieve a goal that is mutually beneficial, balancing the dynamics of competition and cooperation. Co-opetition can happen in various forms including joint ventures, strategic alliances, or collaborations on research and development. It is distinct from collusion, where firms might work together illegally to set prices and reduce competition.
In contrast to collusive behavior like forming a cartel, co-opetition does not necessarily aim to reduce competition in the market. Instead, it may help participating businesses to leverage their combined resources, knowledge, or market position to compete more effectively against other competitors or to innovate. Such partnerships can be seen as a response to globalization and rapidly advancing communications and information technology, which have increased competition globally.
The correct option is a) Co-opetition