D sellers offer very close substitute ways of satisfying potential customers

D sellers offer very close substitute ways of

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D.sellers offer very close substitute ways of satisfying potential customers' needs.E. sellers offer substitute products which are quite different physically or conceptually.A product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.AACSB: Reflective ThinkingBlooms: RememberLearning Objective: 04-01 Know about defining generic markets and product-markets.Level of Difficulty: 2 MediumPerreault - Chapter 04 #123Topic: Search for Opportunities Can Begin by Understanding Markets
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124.Which of the following is NOT true of a product-market? A. Competing suppliers offer close substitutes to satisfy needs.B. Customers in a product-market have very similar needs.C.Very different types of products may compete for consumer dollars.D. Naming product-markets includes consideration of where the customers are.E. None of these alternatives is true.A product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.AACSB: Reflective ThinkingBlooms: UnderstandLearning Objective: 04-01 Know about defining generic markets and product-markets.Level of Difficulty: 2 MediumPerreault - Chapter 04 #124Topic: Search for Opportunities Can Begin by Understanding Markets125.Which of the following is the best example of a "product-market?" A.The MP3 player marketB. The young adult exercise marketC. The software marketD. The convenience marketE. The status symbol marketA product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.AACSB: Reflective ThinkingBlooms: ApplyLearning Objective: 04-01 Know about defining generic markets and product-markets.Level of Difficulty: 2 MediumPerreault - Chapter 04 #125Topic: Search for Opportunities Can Begin by Understanding Markets126.When you are "in the market" for a new car, and are considering different brands to purchase, what type of market is involved? A.Product-marketB. Qualifying marketC. Generic marketD. Determining marketA product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. Many brands may compete with each other for the customer's dollars.AACSB: AnalyticBlooms: ApplyLearning Objective: 04-01 Know about defining generic markets and product-markets.Level of Difficulty: 2 MediumPerreault - Chapter 04 #126Topic: Search for Opportunities Can Begin by Understanding Markets
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127.A firm's "relevant market for finding opportunities" should: A. have no geographic boundaries.B.be bigger than the firm's present product-market—but not so big that the firm couldn't be an important competitor.C. be no larger than the firm's present product-market.
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