Question: A ____ is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services.

Answer: market

Question: In a generic market

Answer: sellers offer various, often diverse, ways of satisfying broadly similar needs.

Question: A ______________ market is a market with broadly similar needs and sellers offering various—and often diverse—ways of satisfying those needs.

Answer: generic

Question: The main difference between a generic market and a product-market is that:

Answer: a generic-market involves a less similar set of needs than does a product-market.

Question: A basic difference between a “generic market” and a “product-market” is:

Answer: how similar the competing sellers’ products are.

Question: A _____ is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.

Answer: product market

Question: A product-market is one

Answer: in which competing sellers offer physically or conceptually similar products

Question: A product-market definition should include:

Answer: A complete product-market definition includes a four-part description: Product type; Customer needs; Customer types; and Geographic area.

Question: A complete product-market definition includes a four-part description comprising all of the following except

Answer: marketing mix.

Question: A generic market definition includes

Answer: customer (user) needs, customer types, and geographic area.