5) A generic market A) may include sellers who compete in different product-markets. B) would probably be broader than the firm's target market. C) might be composed of several different product-markets. D) has sellers offering a more diverse set of products. E) All these answers are correct.

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Giovani Lane

Business

12 October, 07:36

5) A generic market A) may include sellers who compete in different product-markets. B) would probably be broader than the firm's target market. C) might be composed of several different product-markets. D) has sellers offering a more diverse set of products. E) All these answers are correct.

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Coffey · Answer 1

E) All these answers are correct

Explanation:

Generic markets are characterized by common buyer needs which are satisfied by sellers, by providing diverse products and services. Herein, the ways or means by which those common needs can be satisfied are diverse i. e by different variety of products.

In such a market form, the buyers share similar needs which can only be satisfied by a large variety of products and services. The means of satisfaction of such needs is considered secondary with respect to the need itself, which is foremost.

For example, in summers, to counter the heat, customers may prefer access to swimming pools, buying ice creams or air conditioners. Thus, here the satisfaction of need is more important than the means.