Intra-industry competition refers to the rivalry among companies within the same industry. This competition can drive innovation, improve product quality, and lower prices for consumers. Companies often compete on various factors, including price, features, and customer service, which can lead to a dynamic market environment. This type of competition is common in industries like automobiles, technology, and retail, where multiple firms offer similar products or services. The presence of many competitors encourages businesses to differentiate themselves, ultimately benefiting consumers through a wider range of choices and better value.