In the dynamic field of marketing, new terms, concepts and techniques are emerging everyday. Keeping track of
them is very difficult, if not impossible. This dictionary serves as a comprehensive guide to understanding
marketing, its lexicon and usage. Marketing is discussed in all its dimensions, going beyond just the meaning of
words to their etymology, nuances and current significance.
This invaluable reference tool covers more than 5,000 terms, concepts, theories, methods and techniques from the
fields of:
"General marketing
"Consumer behavior
"Advertising
"Sales promotion
"Sales management
"Retailing
"International marketing
"E-marketing
"Service marketing
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The Encyclopaedic Dictionary of Marketing
About the Book:
In the dynamic field of marketing, new terms, concepts and techniques are emerging everyday. Keeping track of
them is very difficult, if not impossible. This dictionary serves as a comprehensive guide to understanding
marketing, its lexicon and usage. Marketing is discussed in all its dimensions, going beyond just the meaning of
words to their etymology, nuances and current significance.
This invaluable reference tool covers more than 5,000 terms, concepts, theories, methods and techniques from the
fields of:
" General marketing
" Consumer behavior
" Advertising
" Sales promotion
" Sales management
" Retailing
" International marketing
" E-marketing
" Service marketing
Examples, illustrations, figures and charts have been provided in order to better explain some of the terms. Lucidly
written, this encyclopedic dictionary will serve as a source of ready reference for all those in the area of marketing
including students, research scholars, teachers, managers and marketing consultants.
Table of Contents:
" Preface
" Entries A through Z
" Resources
Entries Page no. Entries Page no.
A 03 N 349
B 38 O 364
C 66 P 382
D 145 Q 442
E 176 R 446
F 204 S 472
G 230 T 544
H 244 U 572
I 254 V 579
J 288 W 590
K 291 X 595
L 294 Y 595
M 308
En
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Z 596
Encyclopaedic Dictionary of Marketing
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A
A la carte agency: One of the types of advertising agencies which offers
creative services but does not plan or buy media and consequently
does not require recognition from the media, thus making small firms
to work independently and not dependent on volume of billings.
A posteriori contrasts: It is one of the types of contrasts used in analysis
of variance in examining the overall differences in means with
reference to the null hypothesis. These contrasts are made after the
analysis. These are generally multiple comparison tests. They enable
the researcher to construct generalized confidence intervals that can be
used to make pair wise comparisons of all treatment (independent)
means.
A priori contrasts: It is one of the types of contrasts used in analysis of
variance in examining the overall differences in means with reference
to the null hypothesis. These contrasts are determined before
conducting the analysis, based on the researcher’s theoretical
framework. Generally, a priory contrasts are used in lieu of the
ANNOVA F test. The contrasts selected are orthogonal (they are
independent in a statistical sense).
A priori determination: It is one of the procedures used in the factor
analysis to extract how many number of factors. Under this procedure,
because of prior knowledge, the researcher knows how many factors to
expect and thus can specify the number of factors to be extracted
beforehand. The extraction of factors ceases when the desired numbers
of factors have been extracted. Most computer programs allow user to
specify the number of factors, allowing for an easy implementation of
this approach.
A priori knowledge: One of the guidelines suggested for determining the
number of dimensions in carrying out multidimensional scaling and
conjoint analysis. A priori knowledge is the theory or past research
may suggest a particular number of dimensions to be studied because
in multidimensional scaling the objective is to obtain a spatial map that
best fits the input data in the smallest number of dimensions.
A/B split method: It is a kind of split run media testing method. Here, a
control and a test advertisement, appear in different editions of the
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same journal on the same day and in same position to measure viewer
response. In the context of electronic media, different advertisements
can be tested on different radio or TV stations at the same time.
Abandonment (product): In the context of marketing, this refers to
discontinuance of a marketed product. Sometimes it is also called
product deletion or product elimination. Abandonment may occur at
any time from shortly after launch (a new product failure) or after
many years (in maturity or decline stage of PLC).
ABC (Audit Bureau of Circulations): An independent organization,
which is responsible for verifying the circulation figures of periodicals
and newspapers. ABC usually sets certain criteria, which are used for
verifying the circulation figures. Media owners fix advertising rates on
the basis of audited circulation figures, which are certified by ABC. In
most of the countries of the world, including India, ABC certified
figures are considered to be authentic and reliable by media owners.
ABC model of attitudes: A multidimensional perspective, used in the
context of consumer behaviour, stating that attitudes are jointly
defined by affect, behavior and cognition.
Above market pricing: A pricing method used when marketers/retailers
want to convey a prestige image of certain product(s) or brand(s) and
set price above the normal market price. This type of pricing is used
when little or no competition is at hand.
Above-the-line advertising: An alternative term used sometimes for
general media advertising. This includes Press, TV, Radio, Cinema
and Outdoor, which traditionally pay recognized agency commission
on the purchase of media time and space.
Abrasive advertising: A term used in the context of those advertisements
which created unpleasant memories but in the end made the name of
the brand remembered by the consumers for which the advertisement
appeared in a media vehicle. There is thinking in some advertising
circles that the memory of an unpleasant commercial that saturates the
media and antagonizes listeners or viewers may in the end dissipate,
leaving only the brand name and the persuasive message in the minds
of consumers.
Absolute advantage (theory): A theory first presented by Adam Smith,
which holds that because certain countries can produce some goods
more efficiently than other countries can, they should specialize in and
export those things they can produce more efficiently and trade for
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other things they need. In other words this is the ability to produce a
good or service more cheaply than it can be produced by competitors
elsewhere.
Absolute frequency: A measure of dispersion for nominal data, defined
as the number of total elements appearing in a given category. For
example, one may say that there are 98 females and 124 males out of
222 respondents.
Absolute product failure: In the context of new product development, it
refers to the failure of the new product when it is launched in the
market, the company loses money not only on its fixed costs but also is
not able to cover the variable costs.
Absolute threshold: This term is generally used in the context of
perception process. It refers to the lowest level at which an individual
can experience a sensation. While in the field of consumer behaviour it
denotes the lowest level of marketing stimuli, such as an
advertisement, which is noticed by a consumer.
Acceptable price range: The price range that the consumer views as
realistic. If the product is priced below this range, quality is perceived
to be low. If the product is priced above, the consumer may not buy
the product (brand) at all.
Acceptable quality level: A concept of quality control whereby managers
are willing to accept a certain level of production defects, which are
dealt with through repair facilities and service centers.
Access lags: Delay caused by limited data transmission speeds between
the user and the Internet.
Accessibility (market segment): One of the criteria for determining the
attractiveness of a market segment. It refers to the degree to which
segments can be reached, either through various advertising
communication programs or through various methods of selling.
Accommodative purchase decision: One of the types of purchase
decision process. In the case of household purchase decisions it refers
to situations where household members having different preferences
and/or priorities and cannot agree on a purchase that will satisfy the
minimum expectation of all involved. It is here that the use of
bargaining, coercion, compromise, and the wielding of power are
likely to be used to achieve agreement on what to buy or who gets to
use it. (See also consensual purchase decisions)
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Accommodators: Name given to one of the possible segments as revealed
by a research study in the US context. Accommodators are those TV
viewers who were predominantly women in the middle-income group
aged between forty-to-forty-nine and were holding managerial
positions.
Account executive/representative/supervisor: The person who
represents the advertising agency and keeps liaison with the client,
conveying client's instructions and requirements to agency team. He is
also responsible for managing all the services the agency provides to
the client and representing the agency’s point of view to the client.
Generally has all-round knowledge of advertising and will be
responsible for a number of accounts (clients).
Account load: This term is generally used in the context of sales
management. It refers to the number of actual and potential customers
assigned to a given salesperson.
Account planner: An outgrowth of British advertising agency structure
where a planner initiates and reviews research and participates in the
creative process. In some agencies, the planner is considered a
spokesperson for the consumer, works closely with account executive,
prepares the creative brief, and coordinates departmental work on a
campaign.
Account potential: Advertising agencies employ this term to denote the
share of an account’s/client’s business that the agency can reasonably
expect to attract.
Account specific marketing: It refers to the process of development of
customized promotional programs for individual retail accounts by the
marketers.
Account: In the context of advertising this refers to a client (advertiser) of
an advertising agency or public relations consultancy. (See also
account executive)
Accountable marketing: One of the ways in which a company may
practice customer relationship building process. The company
empowers the salesperson to periodically check from the customer
whether the product is meeting expectations or not. The salesperson
also empowered to suggest any improvements, which are required in
using the product.
Accounting: The process of identifying, recording, and interpreting
economic data in the context of business organizations.
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Accounts payable: The money owed to debtors by companies for the
purchase of goods and services on credit basis.
Acculturation: The process of learning a culture different from the one in
which a person was raised. In the context of consumer behaviour
acculturation occurs when a consumer from another country learns the
values of another culture (e.g., a businessman going abroad,
immigrants moving to another country, foreign students).
Accumulated production: It refers to the gain a company experiences in
producing a product over a period of time. Workers learn shortcuts,
materials flow more smoothly, and procurement costs fall. The result
is that average cost falls with accumulated production experience. This
decline in the average cost with accumulated production experience is
called the experience curve or learning curve.
Accuracy: Used in the marketing research context, this refers to the
criterion used to evaluate a research report according to whether the
reasoning in the report is logical and the information provided is
correct.
Achieved markup: Used in the context of sales, this refers to the
difference between the actual selling price realized from the customer
and cost of a product.
Achievement need: The need for personal accomplishment as an end in
itself. People with high need for achievement tend to be more self-
confident, enjoy taking calculated risks, actively research their
environment and are very interested in feedback. In marketing
individuals with high achievement needs were found to be good
prospects for new or innovative products.
Achievers: This refers to one of the four groups that have emerged in the
VALS system of classification of consumer psychographics. Achievers
are those consumers who are successful, career and work oriented,
favour established prestige products that demonstrate success to their
peers.
Acquired advantage: A term used in the context of foreign trade which
refers to a form of trade advantage owing to technological superiority
rather than the availability of natural resources, climate etc.
Acquired group memberships: Affiliations not determined by birth, but
on the basis of religion, political affiliations, and professional and
other associations.
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Acquired needs: These are the needs that are learned in response to one’s
culture or environment (such as the need for esteem, prestige,
affection, or power). Because acquired needs are generally
psychological, they are considered secondary needs or motives.
Marketers of prestige and premium products often use themes based
on psychogenic needs in their advertising and promotional campaigns
to attract the attention of consumers. These are also known as
psychogenic needs.
Acquired source of data: In the context of marketing research while
using the secondary data the researcher should keep in mind whether
the required data are drawn from the original source, one that
generated the data, or an acquired source, one that procured the data
from the original source. For example, National Census of Population
is an original source, whereas an article published in a business journal
in which the census data were used is an acquired source. As a general
rule, secondary data should be secured from an original rather than an
acquired source because of two reasons. First, an original source is the
one that specifies the details of the data collection methodology.
Second, an original source is likely to be more accurate and complete
than an acquired source of secondary data.
Acquired source: In the context of marketing research, it refers to a
source that has obtained data from an original or primary source. For
example, a researcher may obtain data from a newspaper article, which
in turn had obtained it from original source such as a Census report.
Acquisition activities: This refers to all those activities and methods that
a business uses to acquire new customers.
Acquisition: The process that includes the purchase by one organization
of people, technology (process, facility, or material), product rights
(trademarks), or entire business from other organization(s).
Acquisition is a method of expanding one’s product offering by means
other than developing the new products internally.
Acquisition-development–retention (ADR) framework: The
measurement of a firm’s activities based on its impact on the
acquisition, development, and retention of customers. This framework
can be used both in the context of traditional as well as online
marketing.
Action close: One of the sales closing techniques that is suggestive of the
sales representative taking an action, which may lead to getting the
sales order from the prospective customer.
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Action plan: One of the components of the marketing plan, which
specifies the actual marketing programs, derived from the marketing
strategy to be used in achieving the business objectives.
Activation models of memory: Approaches to memory stressing different
levels of processing that occur and activate some aspects of memory
rather than others, depending on the nature of the processing task. This
concept can also be used in the context of consumer behaviour where
consumers differently process the product information, which they
obtain through marketing sources. The more effort the consumer takes
in processing information, the more likely it is that information may be
placed in his/her long-term memory.
Activation: This concept is used with respect to the information
processing aspect of consumer behaviour, generally in the context of
advertising. It refers to one of the three factors required for retrieval of
information from long-term memory. The other two factors are
transfer and placement.
Active exporting: On of the methods of entry into the international
markets. Active exporting takes place when the company makes a
commitment to expand into a particular international market on its
own initiatives. Here the company produces its products or services in
the home country and might or might not adapt them to the foreign
market.
Active information search: In the information search stage of the buying
decision process, a consumer is supposed to go for active information
search when s/he actively looks for information from various sources
such as reading relevant materials, talking to friends, and visiting retail
stores to learn about the product features and attributes before
evaluating and taking a final decision.
Active learning model: In reference to consumer involvement and
attitude formation, this model is based on traditional cognitive learning
theory, which says that consumers are active learners and engage in
extensive problem solving. They are highly involved with the potential
purchase and see the brand alternatives as quite different in their
benefits and ability to provide satisfaction. This model portrays
consumers as progressing through a three-stage hierarchy—from
awareness and knowledge to formation of attitudes, and then to
behaviour.
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Active moderator: Used in the context of Internet. This refers to an
individual who supervises e-groups, chat rooms and discussion threads
to maintain relevance and quality.
Activity based accounting: Process of developing costs and revenues
(and thus profit contributions) for separate activities. In the context of
marketing this may be used for new products development project and
its related activities.
Activity management: A sales management style that concentrates on the
behaviour of salespeople rather than on the outcomes of the behaviour.
Activity report: Used in the context of sales management where the
salespeople are required to fill up a record sheet listing a salesperson’s
calls and accomplishments over a specific period of time. The most
common time periods for reporting are a week and a month.
Activity, interest, opinion measures: This term is used interchangeably
with the term psychographics and refers to the statements that describe
the activities, interests, and opinions of consumers.
Actual self-image: One of the types of self-image that has been identified
in the consumer behaviour literature. This refers to the image that an
individual has of himself or herself as a certain kind of person, with
certain characteristic traits, habits, possessions, relationships, and
behaviour. Some researchers have shown that it influences the
purchasing patterns of certain products and services.