What is defined as a group of companies offering similar products or services?

The correct answer is the term "Industry," which refers to a group of companies that produce or offer similar products or services. An industry encompasses the overall economic activity related to a specific product or service category, allowing for the classification of companies based on what they produce and share in terms of market space.

Understanding an industry is crucial for strategic management as it provides insights into competitive forces, consumer behavior, and market trends. Companies within the same industry often face similar challenges and opportunities, which helps in formulating strategic plans and understanding competitive dynamics.

The other terms like "Strategic group," "Business sector," and "Market league" have different connotations. A strategic group refers to a set of companies within an industry that follow similar strategies and are positioned similarly in the market, while a business sector is broader and may encompass multiple industries. "Market league" does not have a widely recognized definition in this context, making "Industry" the most accurate choice for this specific question.