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No, but Coke and Pepsi (practically) own the distribution channel to consumers: in supermarkets, vending machines, hotels, movie theaters. If you want to start a "water" company you can do it, but it's gonna be a tough slog.

Of course. I was referring to the product itself being undifferentiated. I don't think the Dasani and Aquafina brands sell water. But you're right - the distribution channel sells water. If I'm at a gas station and want to buy a bottle of water (rarely), I'll go for the cheapest sale not the brand. In contrast, if I want a soda I will buy a coca cola product even if the Pepsi is on sale.
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