This exercise will give you some practice in naming product‑markets and generic markets. It will also require you to be creative and apply your marketing intuition.Listed below are several generic markets and brand‑name products. Using the 3 and 4 part definitions of generic markets and product‑markets, suggest possible market names in the blanks. Note: There are no “right answers,” but they should be logical and consistent. Generic markets should not include any product‑related terms. A generic market can have several related product‑markets. And a product is offered to a product‑market that is a part of a larger generic market. Question 1 is answered to help you get started.1. Generic market: Security for families in the worlda) Product‑market: Homeowner’s insurance for financial security for home‑owning familiesin the United States.b) Product‑market: Guards for physical security for wealthy families in the worldc) Product‑market: Smoke alarms for mental security for families in the developed countries.2. Generic market: Summer educational (learning) opportunities for preteen kids in large cities like Chicagoa) Product‑market: __________________________________________________________b) Product‑market: __________________________________________________________c) Product‑market: __________________________________________________________3. Product: Sony Handycam digital video camera‑recordera) Product‑market: __________________________________________________________b) Generic market: __________________________________________________________
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