What do we mean by brand, product, generic, and total budget competitors?
Brand Competitors: Markets products with similar features and benefits to the same customers at similar prices.
Product Competitors: Compete in the same product class, but with products that are different in features, benefits, and price.
Generic Competitors: Market very different products that solve the same problem or satisfy the same basic customer need.
Total Budget Competitors: Compete for the limited financial resources of the same customers.