Product variety refers to the range of different products offered by a company within a specific category. This can include variations in size, color, features, and styles. For example, a brand like Nike may offer various types of running shoes designed for different activities, such as trail running or road running, catering to diverse customer preferences. Having a wide product variety allows businesses to meet the needs of different consumer segments and can enhance customer satisfaction. It also helps companies differentiate themselves from competitors. For instance, a grocery store may stock multiple brands of cereal to appeal to various tastes and dietary requirements.