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Dividing sales territories is considered an anti-competitive agreement because it involves competitors coordinating their business activities in a way that restricts competition. When businesses agree to allocate specific geographic areas or customer segments among themselves, they effectively limit the ability of competitors to compete for those markets. This practice can lead to higher prices, reduced choices for consumers, and overall decreased market efficiency, as it undermines the competitive process that is crucial for innovation and consumer welfare.

In contrast, investing in product research fosters competition by enhancing product quality and variety. Offering loyalty discounts can incentivize customer retention but operates within competitive boundaries when done transparently. Conducting market surveys is generally aimed at understanding market dynamics and consumer preferences, which can benefit competition rather than reduce it. Therefore, dividing sales territories stands out as the clear example of an anti-competitive practice among the options provided.