Posted in Marketing and Strategy Terms, Total Reads: 869
Definition: Generic Need
Generic market generally contains the group of consumers that share a broad need that a wide variety of products and services can meet. For example: everyone needs food and that is available in almost any grocery stores or restaurants.
Sometimes satisfying the generic needs offers less value to business. This is because of the heterogeneous nature of the market which makes it very difficult to engage in effective marketing campaigns.
Maslow’s Hierarchy of needs as shown in the next page gives a structured flow of the category of needs. These are basically termed as the generic needs which a marketer must satisfy in order to attract customers. These theories and various findings can be integrated together in the formulation of a generic choice prediction of the end consumer.