Across
- 5. identifying, anticipating and meeting the needs and wants of customers and society. It is about more than just a brand or logo, and includes the way an organization communicates the value it can bring to its target audience.
- 7. is the process of dividing a broad market group into various segments (age, interests, special needs, location, and so on). It allows companies to shape their marketing approaches in ways that will better allow them to meet the interests of particular segments.
- 8. is a small part of a larger market. In niche markets, customers have very specialized needs or wants that are different from those of the larger market. Often, products sold in niche markets are more expensive than in mass markets, precisely because products for niche markets are not suitable for mass production and sale.
- 10. refers to the percentage of a given market that is controlled by a particular company or product. Market share can be calculated based upon either total sales value or, with high-cost items such as automobiles, by volume (in terms of total units).
- 12. is an approach by companies that focuses attention and resources on the product that they produce, typically by making the product as high quality or as special as possible. Product-oriented companies are generally not concerned about the quantity of sales, but concentrate on offering the highest quality or the most special product for its target market.
Down
- 1. is an approach by companies that seeks to determine first what customers need and want, and then to make, design and deliver products or services based upon the customers’ needs and wants.
- 2. is the increase in the number of consumers who buy a product or service. It also refers to an increase in the number of products sold.
- 3. is when a business seeks to identify its brand within a certain part of the market.
- 4. is a market for goods that are produced in very large quantities. Because of economies of scale, products sold in mass markets are less expensive than goods produced for niche or highly specialized markets.
- 6. is any aspect of the organization, brand or product that enables differentiation from competitors in consumers’ minds.
- 9. is a particular group of customers or potential customers that a company is trying to reach. Clarity about which target market a company wants to reach provides opportunities to shape marketing strategies.
- 11. refers to the seven Ps of marketing: product, price, promotion, place, people, process and physical evidence. In some cases this can be shortened to the first four Ps.