For a fast food restaurant such as Subway, the second level of competition would be other fast food restaurants that serve other types of food such as hamburgers, chicken, and tacos.

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For a fast food restaurant such as Subway, the second level of competition would be other fast food restaurants that serve other types of food such as hamburgers, chicken, and tacos, i.e., offerings in the broader product category.

For a Fast Food Restaurant Such as Subway, the Second