1. The passage discusses the fast food industry in India and the trend of increasing variety and product differentiation. It notes how consumer tastes have become more cosmopolitan and the wide range of fast food options now available.
2. Product differentiation is an important strategy in the fast food industry given that it is easy for new competitors to enter the market. Companies differentiate their products in terms of preparation, presentation, restaurant ambiance, location, and other factors to attract different customer segments.
3. Continuous product innovation and differentiation is necessary for existing fast food companies to remain competitive in the long run as new entrants constantly challenge the market.