What does the term 'rivalry' refer to in a business context?

In a business context, 'rivalry' specifically refers to the level of competition among companies within the same industry or market. This competition can manifest in various ways, such as through pricing strategies, product differentiation, marketing efforts, and attempts to gain a larger market share. High levels of rivalry can drive businesses to innovate and improve their offerings, ultimately benefiting consumers through better products and services. Understanding this concept is crucial for businesses as it can influence strategic decisions regarding market entry, competitive positioning, and resource allocation. The other options focus on different dynamics within business environments, such as cooperation or alliances, but they do not capture the essence of what rivalry entails.