Cannibalization is when a company has several products that compete with one another within the same market.
This is naturally seen as disadvantageous, as a company will not only eat away at its market share for its own products but also on the total resources it has available for each of those product teams.
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An advantage, however, can be to give the appearance of variety and choice in markets that are otherwise dominated by just a couple of companies. Some businesses also see it as an advantage to compete internally for the same customers, rather than with external competitors.