A generic market
A) related to a consumer's functional need is smaller than a related product-market.
B) might involve competition among skis, roller blades, bicycles, and ice skates.
C) might logically include rubber cement, a lamp, and a CD player.
D) is usually narrower than the firm's target market.
E) All of the above are correct.

Question

Quizplus · Accepted Answer

A generic market refers to a broader market category that includes various products that satisfy a similar need or want. Option A is incorrect because a related product-market is narrower than the generic market as it refers to products that are similar in nature and compete with each other. Option C is incorrect because the products mentioned do not satisfy the same need and cannot be grouped in the same generic market. Option D is incorrect because a firm's target market is a subset of its generic market, which is much broader. Option B is correct because skis, roller blades, bicycles, and ice skates satisfy the need for sports and recreation, and they can be grouped under a generic market of recreational devices.

A Generic Market