Meaning of “product parity” in the English Dictionary

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"product parity" in Business English

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product paritynoun [ U ]

uk us MARKETING, COMMERCE

similarity between products of the same type:

We live in an age of product parity, when most offerings are essentially "good."
The market share of top brands has dropped because of perceived product parity – most consumers don't see a difference between brands.

(Definition of “product parity” from the Cambridge Business English Dictionary © Cambridge University Press)