Competitors and Competitor Categories
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When thinking about competitors, don't limit yourself to organisations that offer the same products and services as your organisation does. There may be none. Instead focus on all the businesses who solve the same problem your organisation solves for your target customers.
A competitor is an individual organisation, like ASDA or Tesco. A competitor category could be something like supermarkets or local restaurants. See also: How to link a Competitor to a Competitor Category.
Both Competitors and Competitor Categories have names and descriptions.
Competitors are a type of Organisation, whilst Competitor Categories are a type of Group. So for each of these two types of records, you can specify the type. Obviously, if you change these away from Competitor, or Competitor Category, then they become other types of Organisations or Groups.