Smidlap Co. refines petroleum into lubricants used to manage friction in factory machine equipment. Jones. Co., a startup business, has just developed a new water-soluble and non-carbon spray that permanently adheres to machine parts and eliminates the need for lubricants like Smidlaps. As to Smidlap Co., Jones Co.s new spray coating is which one of the following?

Select one:

a. Threat of new entrant

b. Threat of substitute product

c. Differentiation strategy

d. Opportunity