GENERIC MARKET Meaning and
Definition
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A generic market is a concept used in marketing and economics to describe a market where products or services are similar or nearly identical in terms of function, features, quality, and price. In a generic market, multiple companies offer interchangeable products that fulfill the same basic consumer needs. This market structure allows consumers to make purchasing decisions primarily based on price and convenience, rather than differentiation or brand loyalty.
The term "generic" in this context refers to the lack of proprietary characteristics or distinct brand attributes associated with the products offered in the market. Instead, the products are considered generic because they are essentially the same or very similar across various brands or companies. For instance, generic drugs are non-branded versions of pharmaceuticals that contain the same active ingredients as their branded counterparts but are typically priced lower.
In a generic market, competition is generally intense as companies strive to gain a competitive advantage by offering their products at more attractive prices or by providing better customer service. Due to the lack of product differentiation, marketing efforts in a generic market often focus on price promotions, distribution strategies, and building strong relationships with retailers or distributors. Companies may also invest in packaging and labeling to differentiate their products visually, but the core functionality and features remain similar across competitors.
Overall, a generic market provides consumers with an extensive range of options at competitive prices, emphasizing the importance of price sensitivity and convenience in decision-making.
Common Misspellings for GENERIC MARKET
- feneric market
- veneric market
- beneric market
- heneric market
- yeneric market
- teneric market
- gwneric market
- gsneric market
- gdneric market
- grneric market
- g4neric market
- g3neric market
- geberic market
- gemeric market
- gejeric market
- geheric market
- genwric market
- gensric market
- gendric market
- genrric market
Etymology of GENERIC MARKET
The term "generic market" does not have a specific etymology as it is a combination of two words that have their own individual origins.
1. Generic: The word "generic" comes from the Latin term "genericus", which is derived from the Latin word "genus" meaning "kind" or "type". Over time, "genericus" evolved into the Old French word "generique", and later into the Middle English word "generik" or "generike". It eventually took on the meaning of "general" or "common".
2. Market: The word "market" has its roots in the Latin term "mercatus", which means "trade" or "buying and selling". In Old English, it transformed into "mearcet", which referred to a place where goods were bought and sold.
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