]Identify and explain There are many firms producing soaps in India → Identification of Concept :
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firms producing soaps in India. Companies covered:
Colgate Palmolive (India) Ltd.
Godrej Consumer Products Ltd.
Hindustan Unilever Ltd. . ITC Ltd.
Jyothy Laboratories Ltd.
Wipro Ltd.
Cholayil Pvt. Ltd. Karnataka Soaps and Detergents Ltd.
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- This is an example of a market structure where there are a large number of firms producing similar goods but are slightly differentiated from one another.
- Such type of competition is called a monopolistic competition for a competitive market.
- There are a lot of products in the market within which the consumer can choose the right product for himself according to his own needs and preference.
- For example Dove or Lux all the soup companies whose target consumers are women or young girls.
- Similarly Cynthol produced soaps for men and young boys.
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