Overlapping value proposition happens whenever more than 2 companies claiming the same thing in the same market and neutralizing their products in the market on their attribute.
Coca Cola and Pepsi are one of overlapping value proposition's examples that occur in soft drink market. Both of Coca Cola and Pepsi produce the similar product that have the same taste, look and price. Because of this, an important factor that can differentiate them separately is marketing such as product placement campaigns, branded entertainment, branded awareness; etc.
And this link shows the way how Coca Cola and Pepsi compete each other by using marketing;
http://abduzeedo.com/branding-slogan-wars-between-coke-and-pepsi
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