Across
- 1. A 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
- 4. The actions people take in buying and using goods and services
- 5. The process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations.
- 8. The 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.
- 9. Items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style.
- 15. The differentiation of markets through the use of categories such as age, education, gender, income, and household size
- 18. A new flavor, size, or model using an existing brand name in an existing category.
- 19. A marketing research method in which the investigator monitors respondents’ actions without interacting directly with the respondents; for example, by using cash registers with scanners.
- 21. The 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.
- 22. manager The person who develops and implements a complete strategy and marketing program for a specific product or brand.
- 24. Computerized file of customers’ and potential customers’ profiles and purchase patterns.
- 25. The 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.
- 26. The process of separating, identifying, and evaluating the layers of a market in order to identify a target market.
- 27. Formal and informal groups that influence buyer behavior.
- 28. The set of values, ideas, attitudes, and other symbols created to shape human behavior
- 34. The 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
- 38. The process in which two parties give something of value to each other to satisfy their respective needs.
- 39. A 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).
- 42. A 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
- 45. group A group of eight to 12 participants led by a moderator in an in-depth discussion on one particular topic or concept.
- 46. A 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.
- 49. Large data sets and systems and solutions developed to manage large accumulations of data
- 50. A way of organizing and grouping how an individual reacts to situations.
- 51. The 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).
- 52. The strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle.
- 53. The strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality.
- 54. The strategy of grouping two or more related products together and pricing them as a single product
- 55. The 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.
Down
- 2. Setting a price based upon the demand for and cost of a good or service.
- 3. A 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. Identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization.
- 6. The process of planning, collecting, and analyzing data relevant to a marketing decision.
- 7. Items for which consumers search long and hard and for which they refuse to accept substitutes.
- 10. The process of testing a new product among potential users.
- 11. Creating the means by which products flow from the producer to the consumer
- 12. A product priced below cost as part of a leader-pricing strategy.
- 13. The differentiation of markets based on what a product will do rather than on customer characteristics
- 14. A strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.
- 16. Creating a unique marketing mix for every customer.
- 17. Computer algorithms that allow for prices to change based on demand.
- 20. 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.
- 23. Large, expensive items with a long life span that are purchased by businesses for use in making other products or providing a service
- 29. The differentiation of markets by personality or lifestyle.
- 30. The customer’s feeling that a product has met or exceeded expectations
- 31. Relatively inexpensive items that require little shopping effort and are purchased routinely without planning
- 32. A firm’s ability to target and effectively serve a single segment of the market, often within a limited geographic area.
- 33. The differentiation of markets by region of the country, city or county size, market density, or climate.
- 35. The differentiation of markets based on the amount of the product purchased.
- 36. Taking the good or service and selecting a brand name, packaging, colors, a warranty, accessories, and a service program.
- 37. The process in which a firm continually collects and evaluates information about its external environment.
- 40. The strategy of increasing the price of a product so that consumers will perceive it as being of higher quality, status, or value.
- 41. The strategy of pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop.
- 43. The strategy of selling new products at low prices in the hope of achieving a large sales volume.
- 44. In marketing, a good, service or idea, along with its perceived attributes and benefits, that creates value for the customer.
- 47. A method of generating ideas in which group members suggest as many possibilities as they can without criticizing or evaluating any of the suggestions.
- 48. Items (purchased by businesses) that are smaller and less expensive than capital products and usually have a life span of less than one year.