Across
- 1. firm’s ability to provide a unique product or service with a set of features that the target market perceives as important and better than the competitor’s.
- 5. strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle.
- 8. differentiation of markets by personality or lifestyle.
- 10. set of values, ideas, attitudes, and other symbols created to shape human behavior.
- 11. Relatively inexpensive items that require little shopping effort and are purchased routinely without planning.
- 15. actions people take in buying and using goods and services.
- 20. process of testing a new product among potential users.
- 26. strategy of selling new products at low prices in the hope of achieving a large sales volume.
- 29. Items(purchased by businesses) that are smaller and less expensive than capital products and usually have a life span of less than one year.
- 34. differentiation of markets based on the amount of the product purchased.
- 36. Setting a price based upon the demand for and cost of a good or service.
- 37. strategy of increasing the price of a product so that consumers will perceive it as being of higher quality, status, or value.
- 41. differentiation of markets by region of the country, city or county size, market density, or climate.
- 44. Computerized file of customers’ and potential customers’ profiles and purchase patterns.
- 47. firm’s ability to produce a product or service at a lower cost than all other competitors in an industry while maintaining satisfactory profit margins.
- 48. product priced below cost as part of a leader-pricing strategy.
- 50. process in which a firm continually collects and evaluates information about its external environment.
- 51. marketing research method in which the investigator changes one or more variables—price, packaging, design, shelf space, advertising theme, or advertising expenditures—while observing the effects of these changes on another variable (usually sales).
- 52. Large data sets and systems and solutions developed to manage large accumulations of data.
- 53. Items for which consumers search long and hard and for which they refuse to accept substitutes.
- 54. method of generating ideas in which group members suggest as many possibilities as they can without criticizing or evaluating any of the suggestions.
- 55. strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.
Down
- 2. group of eight to 12 participants led by a moderator in an in-depth discussion on one particular topic or concept.
- 3. customer’s feeling that a product has met or exceeded expectations.
- 4. pattern of sales and profits over time for a product or product category; consists of an introductory stage, growth stage, maturity, and decline (and death).
- 6. process of separating, identifying, and evaluating the layers of a market in order to identify a target market.
- 7. marketing research method in which data is gathered from respondents, either in person, by telephone, by mail, at a mall, or through the internet to obtain facts, opinions, and attitudes.
- 9. firm’s ability to target and effectively serve a single segment of the market, often within a limited geographic area.
- 12. person who develops and implements a complete strategy and marketing program for a specific product or brand.
- 13. blend of product offering, pricing, promotional methods, distribution system, and strategies for utilizing people that creates an offering that brings a specific group of consumers superior value.
- 14. Computer algorithms that allow for prices to change based on demand.
- 16. process of planning, collecting, and analyzing data relevant to a marketing decision.
- 17. Identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization.
- 18. unique combination of personal selling, traditional advertising, publicity, sales promotion, social media, and e-commerce to stimulate the target market to buy a product. Sometimes referred to as the promotion mix.
- 19. Items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style.
- 21. process in which two parties give something of value to each other to satisfy their respective needs.
- 22. marketing research method in which the investigator monitors respondents’ actions without interacting directly with the respondents; for example, by using cash registers with scanners.
- 23. new flavor, size, or model using an existing brand name in an existing category.
- 24. strategy of pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop.
- 25. set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition; also called differential advantage.
- 27. strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality.
- 28. Creating the means by which products flow from the producer to the consumer.
- 30. Taking the good or service and selecting a brand name, packaging, colors, a warranty, accessories, and a service program.
- 31. differentiation of markets through the use of categories such as age, education, gender, income, and household size.
- 32. traditional 4Ps of marketing: product, price, promotion, place (distribution), now with people added as a key marketing component, which together make up the marketing mix.
- 33. a good, service or idea, along with its perceived attributes and benefits, that creates value for the customer.
- 35. strategy of grouping two or more related products together and pricing them as a single product.
- 38. Creating a unique marketing mix for every customer.
- 39. The differentiation of markets based on what a product will do rather than on customer characteristics.
- 40. Formal and informal groups that influence buyer behavior.
- 42. specific group of consumers toward which a firm could direct its marketing efforts. It is often divided into segments so that marketing strategies can be directed to a more specific target.
- 43. Large, expensive items with a long life span that are purchased by businesses for use in making other products or providing a service.
- 45. Products that either are not planned as a purchase by a potential buyer or are known but the buyer does not actively seek them, such as funeral services.
- 46. way of organizing and grouping how an individual reacts to situations.
- 47. ratio of benefits to the sacrifice necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to actually buy a product.
- 49. process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations.