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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 EncyclopaedicDictionaryofMarketing Z 596 Encyclopaedic Dictionary of Marketing Page 3 of 597 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 Encyclopaedic Dictionary of Marketing Page 4 of 597 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 Encyclopaedic Dictionary of Marketing Page 5 of 597 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) Encyclopaedic Dictionary of Marketing Page 6 of 597 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. Encyclopaedic Dictionary of Marketing Page 7 of 597 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. Encyclopaedic Dictionary of Marketing Page 8 of 597 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. Encyclopaedic Dictionary of Marketing Page 9 of 597 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. Encyclopaedic Dictionary of Marketing Page 10 of 597 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. Actualizers: One of the four groups that have emerged in the VALS system of classification of consumer psychographics. Actualizers are those consumers who are successful, sophisticated, and active and have dominant characteristics. Their purchases often reflect cultivated tastes for relatively upscale, niche-oriented products. Ad banking: A practice followed by some magazines, which involves clustering of ads at the front and back of their publications. Ad click rate: This is also referred to as “click-through” which means the percentage of ads used that result in ad click. Ad click: An advertisement impression (banner) a user has clicked on for the advertisement in question. This is considered to be an important parameter of ad effectiveness in the context of Internet advertising. Ad execution-related thoughts: In the context of advertising it refers to a type of thought or cognitive response elicited in a message recipient concerning factors related to the execution of the ad such as creativity, [...]... advertising campaigns regularly because they feel that consumers will get used to their advertisements (print and TV) and, therefore, do not pay attention to them Adapted marketing mix: An international marketing strategy for adjusting the marketing mix elements to each international target market, bearing more costs but hoping for a larger market share and return Here the marketers because of widely varying... the future Page 11 of 597 Encyclopaedic Dictionary of Marketing challenger as many Japanese firms have done after adapting and improving products developed elsewhere Adaptive product: Also called adapted product, this market entry strategy, in the context of international marketing, acquires its uniqueness by incorporating variations in any of the marketing mix elements in the original product to suit... the additional independent variables do not make much contribution Administered Vertical Marketing System (VMS): A type of vertical marketing system that coordinates successive stages of production and distribution, not through common ownership or contractual ties but Page 12 of 597 Encyclopaedic Dictionary of Marketing through the size and power of one of the parties For example, HLL, GE or P&G can... them somehow appear alive The concept of Page 23 of 597 Encyclopaedic Dictionary of Marketing animism is used sometimes in the creation and communication of distinctive brand personality to the consumers Annual plan control: One of the four types of marketing control system, needed by the companies to evaluate their marketing effort Its aim is to ensure that the company achieves the sales, profit and... is used in telemarketing Audit (research): In a research audit the researcher collects data by examining physical records or performing inventory analysis Research oriented audits have two distinguishing features First, the researcher collects the data personally Second, the data are based Page 33 of 597 Encyclopaedic Dictionary of Marketing upon counts, usually of physical objects Marketing research... subsequently their attention and retention declines Advertising: One of the major components of integrated marketing communication It is defined as “any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.” Page 15 of 597 Encyclopaedic Dictionary of Marketing Advertorial: Lengthy print advertisements that are laid out to resemble editorial material,... promotion activities Affinitization: A development in which groups organize around special interests such as immigration policy, the environment, or religious education Affinity group marketing: A type of cause related marketing targeted to members of a specific group or organization Affinity: In the context of retail business, an affinity is found to exist when the stores at a given location complement,... and the rate of use After sale tracking is a particularly important procedure with new customers Page 17 of 597 Encyclopaedic Dictionary of Marketing After-only experimental design (after-only with control group): One of the forms of true experimental design used in marketing research Here the researcher manipulates the independent variable and then it is followed by a post measurement Two groups are... Agglomerative clustering: It is one of the hierarchical clustering procedures used in cluster analysis technique in marketing research This procedure starts with each object in a separate cluster Then the clusters are formed by grouping objects into bigger and bigger Page 18 of 597 Encyclopaedic Dictionary of Marketing clusters This process is continued until all objects are members of a single cluster Aggregate-of-sales-representatives... campaign, for example, press advertising, TV commercials or exhibitions (2) The breaking down of homogeneous supplies into a smaller lot size as needed by members of the marketing channel Allowable error: This term is used in the context of marketing research It refers to the amount of sampling error in the estimate (of the parameter) that is acceptable to the researcher Allowance: The promotional money . Encyclopaedic Dictionary of Marketing Page 9 of 597 Action plan: One of the components of the marketing plan, which specifies the actual marketing programs, derived from the marketing strategy to. " General marketing " Consumer behavior " Advertising " Sales promotion " Sales management " Retailing " International marketing " E -marketing. and TV) and, therefore, do not pay attention to them. Adapted marketing mix: An international marketing strategy for adjusting the marketing mix elements to each international target market,