1. Discuss the 4 levels of Competition and give an example.

Desire competitor, generic competitor, formal rival, and brand competitor

are the four stages of competition, in that order. A customer's desires or
wishes that need to be fulfilled right now make up a want competitor. If the
request has already been granted, the formal and general competitors will
show up. There are a wide variety of available goods. Generic rival refers to
the kind of product you are looking for to match your demands, whereas
formal competitor refers to the precise model of product that does so. The
problem of brand competition must also be taken into account. After
selecting what he or she wants to accomplish, what product they like, or
which version best suits their tastes, the consumer will now choose whatever
brand of goods they feel will provide them with the happiness they desire. In
truth, many businesses provide identical or very related goods, which is why
branding was developed: to set one company's product apart from another.
My favorite illustration to use when I'm thirsty and want to drink is this. My
genetic rival is milk tea, which I prefer to yogurt, soda, and iced tea. My
formal adversary, matcha milk tea, is something I like. It was acquired from
my brand's rival, Macao Imperial Tea.