Question: 1 Distinguish between a generic market and a product market
1. Distinguish between a generic market and a product market. Illustrate your answer.
Answer to relevant QuestionsExplain what market segmentation is. Identify the determining dimension or dimensions that explain why you bought the specific brand you did in your most recent purchase of a (a) soft drink, (b) shampoo, (c) shirt or blouse, and (d) larger, more expensive item, ...Give an example of a recent purchase in which you used extensive problem solving. What sources of information did you use in making the decision? Explain psychographics and lifestyle analysis. Explain how they might be useful for planning marketing strategies to reach college students, as opposed to average consumers. Considering the nature of retail buying, outline the basic ingredients of promotion to retail buyers. Does it make any difference what kinds of products are involved? Are any other factors relevant?
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