Suppose three companies, Optimax, Megachug, and Thirstoid, dominate the sports drink market. Optimax has the largest market share. In order to capture market share from Optimax and Megachug, Thirstoid redesigns its label and hires additional sports celebrities to endorse its sports drink. This is an example of:

a. A price war
b. Price leadership
c. Product differentiation

Product differentiation

Explanation:

Product differentiation is when a company tries to make its product different from that of its competitors. This is done to make the product more attractive.

Price war is when firms reduce the price of their goods or services in order to attract more customers and increase market share.

Price leadership is when a firm set the price and other firms in the industry follows the price that has been set.

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