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The term bear market is starting to get thrown around quite a bit, but that doesn't do any more good than saying we're in a bull market when times are good, Jim Cramer told his Mad Money viewers on Wednesday. 

The important thing is to know what to do when you see a bear, Cramer said. 

He recounted a mountain-climbing trip years ago, when he and his friends discovered a bear ransacking their camp. While the others took off, Cramer said, he stood his ground, and even went so far as to outsmart the bear by tricking it into eating a bowl of M&M candies covered in hot sauce. True story. The bear took off, and, Cramer said, he went the other direction.

Cramer said he's not saying you can outrun a bear, because you can't. Also, you can't let it eat all your food and then hope it doesn't turn on you. You need to stay calm and use your head.

So after another painful, bearish day in the stock market, investors are growing worried. But Cramer said they need to not panic and instead look for smart opportunities. In fact, he's got three sure-fire ways to outsmart the bears... er, sellers.

First, look for companies that are doing great. Certain sectors and indices may be suffering, but that can create short-term opportunities in great long-term stocks.

Take Home Depot (HD) - Get Home Depot, Inc. Report for instance, which has a great business and a strong balance sheet. It's levered to home remodeling and repair, not new-home building, the latter which is suffering as interest rates rise. If this stock were still north of $200, investors could justify selling. But below $180 after a great quarter like that? Not so much.

Second, Cramer said, this selling pressure is from two man-made catalysts: President Trump's tariffs and the Federal Reserve's interest rate hikes. Do your best to avoid stocks that suffer a direct negative impact from these issues.

Finally, look for stocks that pay high dividend yields, but only do so because they have been unfairly punished. They need to have great balance sheets too, Cramer added.

Cramer and the AAP team are scaling into their position in CVS Health (CVS) - Get CVS Health Corporation Report . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: SVMK

In an "Executive Decision" segment, Cramer sat down with Zander Lurie, CEO of SVMK Inc. (SVMK) - Get SVMK, Inc. Report , the parent company of SurveyMonkey.

When the company first went public at $12 a share and quickly climbed to $16, Cramer deemed it too expensive. But after falling close to $10 in October and reporting a great earnings earlier this week, he wanted to talk to management.

Cramer wanted to know: Did the IPO give SVMK more publicity?

The IPO was a great opportunity to introduce the enterprise platform to companies, Lurie said. He explained that companies use SurveyMonkey to not only get feedback from their customers, but also from their employees. Things like, whether they like the workplace, is it inclusive? Those are important questions to ask, particularly in a tight labor market like this.

The company is also teaming up with Salesforce (CRM) - Get, inc. Report , working with them on product development and marketing initiatives for its customer base.

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As for the lack of profitability, Lurie said SVMK is an incredible generator of cash. With this "super sticky customer base," he reasoned that 90% of the company's revenue is subscription-based, while roughly three-quarters of next year's revenue will be booked or renewable by the end of the year.

This generates a lot of cash and eventually profits will follow, Lurie said.

Over on Real Money, Cramer says to watch out for retailers who are in denial or overly confident about the impact of tariffs. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Six Flags

For his second "Executive Decision" segment, Cramer sat down with Jim Reid-Anderson, chairman, president and CEO of Six Flags Entertainment (SIX) - Get Six Flags Entertainment Corporation Report , to get some insight on why the stock fell 16% after the company reported third-quarter earnings.

Reid-Anderson said that weather was a big reason for the company's disappointing results, in which earnings, revenue and attendance missed expectations. It didn't help that Six Flags reported results at a time when the market was getting pummeled.

However, Reid-Anderson pointed out that the company is on track for another year of record earnings and revenue, and still pays out a 5.5% dividend yield. Cash flow is good, international growth remains a strong driver and there are multiple opportunities in the U.S. to improve operations.

Yet investors sell the stock down, seemingly every year around this time. Each time though, the stock goes on to make new record highs. What causes this seasonality, Reid-Anderson isn't sure, but he thinks it's a good buying opportunity.

He didn't comment on reports of an acquisition or deal involving SeaWorld Entertainment (SEAS) - Get SeaWorld Entertainment, Inc. Report .

Executive Decision: Cisco Systems

Shares of Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report may be down over the past few trading sessions, but shares were trading higher by nearly 5% on Wednesday after the close. The company beat on earnings per share and revenue expectations, and Cramer said this stock still has more upside.

That's why he spoke with Chuck Robbins, chairman and CEO of Cisco, following the report.

Customers are having to make big technological transitions but many did not anticipate how complicated it was going to be, Robbins said. Cisco is doing well right now as it transitions its customers to the cloud by offering hardware, software and cybersecurity solutions.

Five years ago, critics said the cloud would be a headwind for Cisco. Now though, it's proving to be a growth driver, Robbins explained. Of course, it helps when you partner with companies like Alphabet (GOOGL) - Get Alphabet Inc. Class A Report , Amazon's (AMZN) - Get, Inc. Report Web Services and Microsoft (MSFT) - Get Microsoft Corporation Report .

Robbins said DRAM prices will be a headwind for another quarter, but strength in other areas allowed the company to provide strong guidance. Regarding the trade war, he's optimistic the U.S. can start working toward some agreements now that the midterms are over and he hopes we can avoid the 25% import tariffs that are set to start in January. 

No-Huddle Offense: Twilio

During his "No-Huddle Offense," Cramer took a closer look at Twilio (TWLO) - Get Twilio, Inc. Class A Report . While still up big, Cramer believes the stock's recent pullback from $98 to $84 represents a possible buying opportunity.

Shares soared 35% earlier this month after the company delivered a much better-than-expected earnings result and strong guidance.

The company helps developers and app companies -- think Uber and Airbnb -- use cloud-based push technology to connect with their customers. Some 90% of this customer contact is still done on premise and not the cloud, paving an incredibly long runway for Twilio.

In other words, Cramer, said we're still in the early stages for this company, which just accelerated revenue growth to 68% year-over-year last quarter. The recent drop makes it feel "like a real bargain," he added. 

Lightning Round

In the Lightning Round, Cramer was bullish on Blackstone (BX) - Get Blackstone Inc. Report , Cheniere Energy Partners (CQP) - Get Cheniere Energy Partners, L.P. Report and Clean Harbors (CLH) - Get Clean Harbors, Inc. Report .

He was bearish on Microchip Technology (MCHP) - Get Microchip Technology Incorporated Report , First Data (FDC) - Get First Data Corporation Class A Report and Tellurian (TELL) - Get Tellurian Inc. Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in CVS, CRM, CSCO, GOOGLE, MSFT, AMZN.