A generic market is one in which
A) products from different industries compete for customers by trying to satisfy the same basic need.
B) no firm can establish a competitive advantage.
C) a number of firms are all offering new or improved products in an effort to increase sales.
D) one seller has a patent for a superior product and other competitors imitate the leader with inferior products.
E) None of these alternatives is true.

Question

Quizplus · Accepted Answer

A generic market is characterized by products from different industries competing for customers by trying to satisfy the same basic need. This means that there are multiple firms offering similar products, and customers can choose from among them based on their preferences and needs. In such a market, firms may differentiate themselves through branding, marketing, and pricing strategies, but it is difficult for any single firm to establish a dominant market position or competitive advantage, as there are many viable alternatives available to customers.

A Generic Market Is One in Which