List and briefly describe the four different levels of competition

What will be an ideal response?

a. Product form/type – the narrowest definition of competition that results in the fewest competitors and includes only products or services of the same product type.
b. Product class/category – a broader definition than product form that results in a product segment of the industry.
c. Generic competition – incorporates the customer's notions about substitutability. At this level, competition is defined as the products or services that the customer views as fulfilling the same need.
d. Budget competition – it consists of products that are substitutable in the customer's budget.