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Marketing CH4 - BUSI406Chapter4 17:26 Market a group of...

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BUSI 406 Chapter 4 17:26 Market : a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services—that is, ways of satisfying those needs. Generic Market : a market with broadly similar needs—and sellers offering various, often diverse, ways of satisfying those needs. In generic market, quite different product types may compete with each other. If customers see all these products as substitute—as competitors in the same generic market—then marketers must deal with this complication Product Market : a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. Product Market and Generic Market: competitor might have only a tiny market share in the generic market but a large share in its product-market. A basic difference between a generic market and a product market is how similar the competing sellers’ products are A complete product-market definition includes a four-part description What: 1. Product type To meet what: 2. Customer needs For Whom: 3. Customer types Where: 4. Geographic area The relevant market for finding opportunities
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