Definition : Generic market

A generic market refers to a broad and diverse market that encompasses a wide range of products or services that are similar in nature and function. This type of market is characterized by a lack of brand differentiation, with multiple companies offering comparable products at competitive prices. The term ‘generic’ in this context does not refer to a specific brand or product, but rather to the overall category or type of product. In a generic market, consumers have a multitude of options to choose from, making it a highly competitive and constantly evolving landscape. This type of market is often driven by consumer demand and trends, rather than individual brands or companies.

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