Question

what is stiff competition explain it

Answer 1

Fierce \stiff competition :they were faced
With Fierce competition. Competition between \ among \ amongst :intense competition between the financial institutions.

Answer 2

fierce/ stiff competition: They were faced with fierce competition. competitionbetween/among/amongst: intense competition between the financial institutions.

A fierce competitor is a very determined competitor meaning they will keep trying to defeat their opponent even if it becomes very difficult. Ferocious and fierce are shown as synonyms in the dictionary, but ferocious has more of the violent meaning.