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Is it ok to create a duplicate store with slightly changed content in order to achieve more sales? Customers should view both the stores as distinct companies and they should appear in Google search as distinct urls. Both stores would contain same products. It is just the pricing and description would be little different. And I plan to use different themes for both the stores so that they look different.

What is the right way to do this?

Create a different Magento instance with all new website (or) Create a store within the same instance? I am not too familiar with Magento multiple store setup.

Would anyone advise me on what is the correct approach to achieve my objective?

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Magento supports multiple ways to segment your stores, including Websites and Store Views. I would advise that you should set up multiple websites inside one Magento instance. The main reason for that being so that you can set different prices most easily.

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I Suggest you to go for Magento Store View, So you can easily set up multiple store view with different themes and also you can set up different prices descriptions and all.

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