Across
- 5. a term that is used to characterize short-sighted marketing strategy. It refers to the tendency of some marketing managers to focus narrowly on the products they sell rather than the customers they serve. Businesses should focus more on the people they serve and what they need in order to market.
- 7. an enduring differential advantage held over competitors by offering buyers superior value either through lower prices or other elements of the marketing mix. Place or “location” is often an example. This is something a business exclusively has that their competitors cannot copy.
- 8. attempts to increase sales of the firm’s existing products to its current markets. Common examples of this include, price adjustments, increased promotion, and product improvements.
- 9. defines the way in which the marketing mix is used to satisfy the needs of the target and achieve organizational goals, focuses on achieving maximum product potential and getting the most profit.
Down
- 1. aims new products at new markets, provides opportunities to grow the business by increasing sales.
- 2. entails offering new products to the firm’s current markets, used when profit is stagnant or failing.
- 3. is made up of the unique qualities of a product that encourage customer purchase and loyalty. Refers to consumers’ ability to perceive differences among competing products. These are the things that make people choose it over something else.
- 4. attempts to increase sales by introducing existing products to new markets, targets non-buying customers in currently targeted segments, and new customers in new segments.
- 6. provide guidelines to assess the relative value of products and product opportunities, can be carried out for a company, product, place, industry, or person. AKA SWOT Matrix, and Boston Consulting Group Matrix.