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"Leader pricing is 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. A line extension is a new flavor, size, or model using an existing brand name in an existing category. A loss leader is a product priced below cost as part of a leader-pricing strategy. Market segmentation is the process of separating, identifying, and evaluating the layers of a market in order to identify a target market. Marketing is 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. The marketing concept involves identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization. A marketing database is a computerized file of customers’ and potential customers’ profiles and purchase patterns. The marketing mix is 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. Marketing research is the process of planning, collecting, and analyzing data relevant to a marketing decision. A niche competitive advantage is a firm’s ability to target and effectively serve a single segment of the market, often within a limited geographic area. Observation research is 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. Odd-even, or psychological, pricing is the strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality. One-to-one marketing involves creating a unique marketing mix for every customer. Penetration pricing is the strategy of selling new products at low prices in the hope of achieving a large sales volume. Personality is a way of organizing and grouping how an individual reacts to situations. Prestige pricing is the strategy of increasing the price of a product so that consumers will perceive it as being of higher quality, status, or value. Price skimming is 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. A pricing strategy sets a price based upon the demand for and cost of a good or service."