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Compiled by : Prof. Mahesh Soni

A
ABC Method ATTENTION, BENEFIT, CLOSE sales method, where the customer's Attention is attracted, the salesman then shows the Benefits of the product to the customer, and finally Closes the deal. Account Executive Employee usually in a service industry or an advertising company who looks after certain customers/clients or who is a liaison between important/key customers and the company. AIDA ATTENTION, INTEREST, DESIRE, ACTION. This model shows stages of consumer attention towards an ad/product. Ad Click Rate Sometimes referred to as "click-through," this is the percentage of ad views (see definition) that resulted in an ad click. Adoption This is the mental stage through which an individual consumer passes from first hearing about an innovation to final trial or consumption. Ad spend The money spent on an advertisement or an ad campaign. Advertainment Create content that is centered on customer preferences and is entertaining. Then leverage the content, using a soft-sell technique to push products and services. Identifying your market and establishing a meaningful relationship using relevant and entertaining content is a compelling tactic for creating loyal customers. Advertising Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. Advertising page exposure A measure of the opportunity for readers to see a particular print advertisement. Advertising Plan An explicit outline of the goals of the ad campaign; programme and methods to achieve, and measures to evaluate the success. Advertorial A print advertisement which is styled to resemble the editorial format and typeface of the publication in which it runs. Similar to infomercial. Agent A wholesaler who represents manufacturers or end-consumers on a relatively permanent basis, performs only a few functions, and does not take title to the goods. Aisle Passageway between the shelves of products on display in a supermarket. Ala Carte Services This is used in Agency slang, wherein other than providing all advertising services for one price, a client can choose which exclusive service he wants from the agency.

All-You-Can-Afford Method A promotional budgeting technique in which a marketer first allots funds for each element of the marketing strategy mix except promotion. Whatever funds are left over are placed in a promotional budget. Ambient Media The media choice for advertisers and their agencies, that was once dominated by the "big five" (television, press, posters, cinema and radio), is now being supplemented by a fledgling group of 'non-traditional out of home' media known collectively as ambient media. Ambush Marketing Linking a promotion campaign to an event (such as a sporting contest which is sponsored by another marketer or manufacturer, sometimes even a competitor) without paying a fee. Gaining from another's ad spend. Armchair Research Searching for information that has already been compiled and published in reference books such as directories. Also known as Desk Research. Artificial Obsolescence Deliberately making old models seem out of date by bringing out new ones with changes and additional features, which will attract the customer. E.g. Gillette and Sony practice artificial obsolescence by introducing new models and variants making the old ones look obsolete. [Gillette Sensor Excel was the old one while Mach III is new] Assortment Range of goods sold. Assortments could be at any intermediation level, like from the factory end by the manufacturer or in the retail store by the marketer. Assortment Display An interior display in which a retailer exhibits a wide range of merchandise for the customer. It may be open or closed. Asynchronous Communications Messages that can be sent and received at any time, without any direct connection between the sender and the recipient. Atmospherics Creating an overall image of a company through the design of its premises and products. E.g. Every McDonalds' outlet is renowned for its pleasing atmospherics. ATR AWARENESS, TRIAL, REPEAT. Model showing stages in the effects of advertising on the consumer, where the customer becomes aware of the product, buys it once to try it and then buys it again when he finds it is satisfactory. Attitude Attitude is a learned predisposition to behave in a consistently favourable or unfavourable way with respect to a given object. Audit Bureau of Circulations (ABC) A company that audits the circulation of print publications, to insure that reported circulation figures is accurate. Automatic Markdown Plan Controls the amount and timing of markdowns on the basis of the length of time merchandise remains in stock.

Automatic Reordering System Orders merchandise when stock-on-hand reaches a pre-determined reorder point. An automatic reorder can be generated by a computer on the basis of a perpetual inventory system and reorder point calculations.

B
Baby Boom The major increase in the annual birth rate in the U.S.A following World War II and lasting until the 1960s. The Baby Boomers, born between 1946 and 1964, now moving into middle age are a prime target for marketers. Backlit It describes an out-of-home display where the advertising message is printed on translucent plastic and backlit with fluorescent bulbs. Bait and Switch A strategy in which products are sold or advertised, priced at a loss, to attract traffic or customers into the store, so that they switch to the other profitable brands or products. Behavioural Segmentation Dividing a. market into groups based on consumer knowledge, attitude, or response to a product. Benefit Associations A direct link to the benefits of the product. For instance, the benefits of using the body -building equipment should influence attitudes towards extension. Benefit Segmentation Dividing the market into groups according to different benefits that consumers seek from the product. Bifurcated Retailing Denotes the decline of middle-of-the-market retailing due to the popularity of both mass merchandising and positioned retailing. Billings Total amount charged to clients, including the agency commission, media costs, production costs, etc Brand A name, term, sign, symbol, jingle, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Brand Alignment A four-step process developed by Enterprise IG, which provides a methodology by which organisations can ensure that all their actions are in tune - or 'aligned' - with their brand. It fills the missing link between bold and brave brand promises and real business actions. Brand Architecture Brand architecture provides the blueprint for marketing decisions. Brand Architecture is the pictorial depiction of each relationship within and across the family of brands. Five dimensions define it - the brand portfolio, the roles of the

portfolio brands, product-market context roles, the structure of the portfolio and portfolio graphics. Brand Associations The feelings, beliefs and knowledge that consumers (customers) have about brands. These associations are derived as a result of experiences and must be consistent with the brand positioning and the basis of differentiation. Brand Audit A specific examination of all aspects of the firm's brand. Brand Dynamics Brand Dynamics correlates the relationship of the individual with the brand at its core, taking into account Pareto's principle that few customers contribute to a large part of the sales. Brand Equity The value of a brand based on the extent to which it has high consumer loyalty, name awareness, perceived quality, strong brand associations, and other assets such as patents, trademarks and channel relationships. Brand Extension Using a successful brand name to launch new or modified product in new category. E.g. Bic introducing disposable razors under the same popular brand name Bic for disposable ball-pens. Brand Identity The outward expression of the brand, including its name and visual appearance. The brand's identity is its fundamental means of consumer recognition and symbolises the brand's differentiation from competitors. Brand Image A set of values and beliefs that consumers possess about a particular brand. Brand Personality The attribution of human personality traits (seriousness, warmth, imagination, etc.) to a brand as a way to achieve differentiation. Usually done through long-term above-the-line advertising and appropriate packaging and graphics. These traits inform brand behaviour through both prepared communication/packaging, etc., and through the people who represent the brand - its employees. Brand Position The entire collection of thoughts a client has in his or her mind about a professional services firm, service or product learned through contact, experience and communication. This includes the distinguishing "human" characteristics of a brand personality (e.g., engaging and friendly, big and dependable). It is a comparative concept as to how one brand is perceived relative to others that may be considered. Brand Positioning The distinctive position that a brand adopts in its competitive environment to ensure that individuals in its target market can tell the brand apart from others. Positioning involves the careful manipulation of every element of the marketing mix. Brand Promise The spoken or unspoken expression of the continuing, important and specific benefits clients connect with a firm, service or product.

Brand Reinforcement The goal of brand reinforcement is to enhance the organisation's image in customers' minds. The organisation uses the Internet to add value to the information it provides about itself, and to build a good relationship with customers. Brand Switchers Refers to consumers who shift brands, due to difference in price or value-added services provided by competition. Branded Experience Branded Experience involves brands that go beyond being just a product or a service. Walt Disney adds to the involvement consumers have with it, both on functional and emotional platforms. Business Portfolio The collection of businesses and products that make up the company. Buyer Decision Process The stages a buyer goes through in trying to satisfy a need. The series of logical stages that a prospective buyer goes through when faced with a purchasing decision. These normally differ for individuals and organisations.

C
Canvass sampling Teams travel outdoors in a specific geographical area handing samples to consumers. Cash Cows These are low-growth, relatively high-market share businesses or products. These require less investment to hold their market share. They also have substantial cash inflows. Cash Discount A price reduction to buyers who pay their bills promptly. Catalogue Marketing Direct marketing through catalogues that display pictures of available products. These are mailed to a select list of customers or made available in stores. Category Killer Giant specialty stores that carry a narrow but very deep assortment of a particular line, at low prices, with little to moderate customer service and is staffed by knowledgeable employees. Category Killers Speciality stores are retail stores, which carry a deep assortment of a particular product line and usually operate on a large scale. Knowledgeable sales personnel usually man these stores. Chain stores Retail stores (usually dispersed over geographic locations) that have common management, which own and control them. They usually display similar store layouts, operate in same product categories and have centralized procurement and inventory management policies.

Chameleon Brands Chameleon brands are multi-faceted, have a consistent core, vary and adapt to different media and situations, and are complex in nature. Channel The various methods of marketing and selling a company's offerings. Examples include indirect channels (e.g., value added resellers, retailers), e-commerce, and direct sales. Integrated multi-channel strategies that leverage the strengths of each channel are crucial to achieve speed-to-market advantages. Channel Conflict It is disagreement among marketing channel members, or intermediaries on goals and roles - who should do what, and for what rewards. Channel Coverage Map This is the method by which a manufacturer markets its goods. Channel partners are typically used to provide wider market coverage in a cost effective fashion. The channel map lays out the markets, products and which partner sells in each cross section of the market. Channel Productivity By increasing the efficiency of a partner's business, their productivity rises and the total costs associated with sales activity drop to benefit the vendor, partner and customers. Circulation The number of copies of a print advertising medium that are distributed. Cognitive Dissonance Buyer discomfort caused by post-purchase conflict. Cohort Branding Branding a product and positioning it, keeping in focus the common characteristics of the product cohort, or the set of consumers of similar products. Collaborative Commerce Collaborative commerce attempts to bring together employees, customers, and business partners in order to improve trust, share information, and eliminate any friction associated with business transactions. Commercialisation Introducing a new product into the market. Competitive Advantage An advantage a company possesses over its competitors, gained by offering consumers greater value that is distinct -and superior- from the competitor's offering. Competitive Marketing Strategies Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage. Complex Buying Behaviour The behaviour demonstrated by a consumer in situations where he relies on information search as well as on his gut feeling to make his purchase decision of a brand from an array of "me-too" brands. Concentrated Marketing A type of marketing strategy where a firm chooses to focus all its marketing efforts on one particular market segment.

Concept Marketing Marketing of an idea where either there has been no precedent of the product/service earlier, or the tangible benefit cannot be viewed currently. Consultative selling It is all about being both a marketing advisor and a solution provider. It is the attitude or frame of mind towards the entire selling process. It is all about knowing the products you sell; your competitor and the market, thereby making suggestions that are in the customer's best interests. Consumer Behaviour The process and activities that people engage in when searching for, selecting, purchasing, using, evaluating, and disposing of products and services so as to satisfy their needs and desires. Consumer Goods Goods bought by final customers for personal consumption. Consumer Involvement It is a function of urgency of the need, and risk perceived in the purchase and consumption of the product. The higher the need and the perceived risk, the more the involvement in that purchase decision, and hence the higher the information search, and longer the time to decide. Consumer Market A market representing all the individuals and households that buy products and services for their personal consumption. Consumer orientation Business Philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them. Consumer-oriented Marketing A company that believes that all its strategies should be viewed and organized from the consumer's point of view. Consumerism An organized movement of citizens and government agencies to improve the rights and powers of buyers in relation to sellers. Contextual Marketing Contextual marketing is based on the fact that if a message is delivered in the context of the consumer's current situation, he will be more favourably tuned to it. Therefore it is the practice of customising marketing initiatives to increase the relevance to the customer's context. Cooperative sampling Several samples are packaged and distributed together and their manufacturers share all costs. Core Brand Values Core Brand Values are values that consumers or people external to the organisation associate with the brand, which forms a crucial base for fostering brand equity. Core Competence Core Competence can be defined as "the singular competence among a portfolio of capabilities that can lend the company a distinctive and sustainable advantage. A core competence is something a company does especially well in comparison to its competitors.

Country of Origin The country from which a given product comes. Customers' attitudes to a product and their willingness to buy it tend to be heavily influenced by what they associate with the place where it was designed and manufactured. Cross-Sell A term used in personal selling that refers to the sale of other or additional products and/or services to the same customer. Culture The complexity of learned meanings, values, norms, and customs shared by members of a society. Customer Lifetime Value The total revenue that can be generated from a customer over his lifetime or that of a product lifespan, whichever is shorter, less the cost of acquisition and maintenance of such customers. This revenue may be either directly from him or from those sales he has influenced. Companies of late have understood the importance of Customer lifetime value and are building relationships with customers. Customer Satisfaction A state where the expectations of the buyer meets the product's performance. If the product's performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or delighted. Customer Satisfaction Measurement (CSM) program A set of ongoing procedures for measuring customer feedback against customer satisfaction goals and developing an action plan for improvement. Customer Service The way in which the brand meets its customers' needs via its various different channels (for example, over the telephone or Internet in the case of remote banking, or in person in the case of retail or entertainment). Customer Value The difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Value= Total Benefits-Total Costs Customer Value Proposition CVP implies: Offering the right product to your target customers at a price that is acceptable to them Based on their perception of the value at a cost that allows you to be profitable. Customerisation Making the entire company (all its departments, people, and processes) totally customer-oriented. The focus is primarily toward ensuring that all the customers and the entire market of the company is satisfied. Customization Altering the product or service to suit the customer's needs. See also Mass Customization.

DAGMAR An acronym for Defining Advertising Goals for Measured Advertising Results. This is an approach to set advertising goals and objectives. Database marketing Companies use a variety of tools to develop databases of consumer purchasing patterns and demographics. These databases are then utilised to develop focused marketing programmes. De Facto Brand De Facto Brand refers to the pioneer in a new category (Xerox in Photocopying Industry) trying to get the brand through by being synonymously identified to the categorys main benefit. Demarketing Marketing to reduce demand temporarily or permanently- the aim is not to destroy demand, but only to reduce or shift it. Demographic Segmentation Dividing the market into groups based on demographic variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race, and nationality. Desk Research A study based on information that has already been compiled or published. Differential Product Advantage A feature of a product that is valuable to customers and is not found in other products of the same category. Differentiated Marketing A strategy in which a company targets several market segments and devises separate offers or market mixes for each. Differentiators Those aspects of a brand - usually deliberately communicated - that distinguish it from competing brands Direct Marketing A form of non-store retailing that uses advertising to contact customers, who in turn purchase products without going to retail stores. Direct-Mail Marketing Direct marketing through single mailings that include letters, ads, samples, foldouts, etc. sent to prospects on mailing lists. Also known as salespeople with wings. Direct-Response Television Marketing Direct marketing via television, including direct-response television advertising or infomercials and home shopping channels, like Asian Sky Shop. Dissonance-Reducing Buying Behaviour Consumer buying behaviour in situations that are characterised by high involvement for products that have few perceived differences among brands. Dumping The controversial trade practice of selling a product in a foreign market at a lower price than it commands in the producer's domestic market.

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E
Electronic Article Surveillance (Retail) Involves attaching specially designed tags or labels to products. Emotional capital It has been defined as the feelings and beliefs that motivate people to take action. Also described as brand value and goodwill. Emotive Value Certain words elicit strong cultural or psychological reactions. Names with "American", "mother" or "family" in them not only evoke positive psychological responses but can also have warm emotional effects on the hearer. Employee Star pattern Employee Star pattern occurs in businesses where employee opinion of the brand is paramount. For instance, in confectionery and distilleries, the taste test given to employees and their resultant suggestions would contribute to brand building. Therefore employees understanding of the brand becomes imperative. Engels Laws Differences noted by a Prussian statistician and researcher, Ernst Engel, in how people shift their spending across food, housing, transportation, health care and other goods and services categories as family income rises. Enlightened Marketing A marketing philosophy holding that a companys marketing should support the long-run performance of the system; its five principles include consumer-oriented marketing, innovative marketing, value marketing, sense-of-mission marketing, and societal marketing. Ethnographic Research A technique borrowed from cultural Anthropology, in which researchers place themselves in the society under study, in an effort to understand the meaning of various cultural practices. Evaluation The consumer considers whether trying the product makes sense. This consideration depends on factors as price, income, standard of living, etc. Evaluative Criteria The dimensions or attributes of a product or service that are used to compare different alternatives. Event sampling Samples are given to consumers during an event such as a concert or sporting event. Evoked Set The various brands identified by a consumer as purchase options or alternatives, which are actively considered during the pre-purchase evaluation process. Exclusive Distribution Giving a limited number of dealers the exclusive right to distribute the companys products in their territories. Experience Curve/Learning Curve Over time, there is a drop in the average per unit production cost. This is a result of accumulated production experience, learning and use of the cost-saving methods of production, and increased skill and competence at carrying out the task.

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Extender A tray-like extension that projects outward from a retail store shelf, used for special displays, or as a means of increasing the regular shelf display. Also known as shelf extender. Eye tracking A method for following the movement of a persons eyes as he or she views an ad or commercial. Eye tracking is used for determining which portions or sections of an ad attract a viewers attention and/or interest.

F
Facings Depth of rows of a product on a retail display shelf. Factoring Converting accounts receivable to cash on hand is quickly becoming one of the preferred ways to provide immediate cash flow for businesses. This process is referred to as factoring. A company sells accounts receivables to a 'Factor', who provides cash immediately. The factor collects payment on the invoices owed to you. When you factor, you retain complete control and ownership of the company, yet get the cash you need immediately. Factory Outlet A store that is owned and operated by a manufacturer and that normally carries the manufacturers surplus, discontinued, or irregular goods. This could be located even at the factory gate. Fad A product or a style that becomes popular suddenly and becomes a craze, but is short-lived and fades away overnight. Fair-trade law A statute (enacted in most states) that permits manufacturers to stipulate minimum retail prices for their products. Family Branding A strategy of using the company name or one flagship product brand name for branding other products. An example of this is Ponds, which uses its name on various products: Ponds face wash, Ponds Dreamflower talc, Ponds cold cream, etc. FMCGs These include all consumer non-durable goods that are used and purchased frequently. Such products include detergents, toilet soaps, toothpaste, shampoos, creams, powders, food products, confectionery, beverages and cigarettes. These are also known as PMCGs, (Packaged Mass Consumer Goods). Focus Group Interviewing It is a survey method in which around 6 to 8 people are invited to talk in depth with a trained interviewer about a product, service, or organization. The interviewer focuses the group discussion on important issues. Forward Buying Super Shoppe, a regional supermarket chain made bulk purchases of products during the trade promotion period but did not pass the discount onto consumers.

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Subsequently, after the expiry of the promotion period, the Shoppe sold products at the regular price. Known as forward buying, such transactions are commonplace in regions where the manufacturer has just a handful of retailers. Fourth Party Logistics (4PL) Fourth Party Logistics is the shared sourcing of supply chain processes with a client and a teaming partner. Under the direction of an integrator, fourth party logistics combines resources, capabilities, and technology within its own organisation with those that complement it, thereby delivering a comprehensive chain solution. Franchise A contract between a manufacturer or marketer (franchiser), and an independent retailer (franchisee) that buys the right to own and operate the business unit and also gets managerial assistance in return for some consideration. Freestanding Brand A brand name and identity used for a single product or service in a portfolio, which is unrelated to the names and identities of other products in the company's portfolio. Freight Absorption A pricing system that incorporates transportation costs by allowing a buyer to deduct shipping expenses from the price paid for the goods. Full Service Agency An advertising agency that offers clients a full range of marketing and communications services including the planning, creating, producing, and placing of advertising messages and other forms of promotion. Functional Discount A discount offered by the seller to specific channel members who perform certain functions such as selling, storing, and record keeping.

G
Gatekeepers People in the organisations buying centre who control the flow of information to others. Marketing Generics Former brand name now shifted to the product category. Its brand equity is lost. E.g. Xerox. Geographic Specialisation One method of organising selling activities, in which each salesperson is assigned a specific geographic area, called a territory, in which to sell. Global Brand Management It implies crafting a global brand strategy, by a firm by deciding whether it needs to develop a distinct strategy for international markets or develop one, which is in tune with the organisational structure and ethos. It also decides about the issue of balance between regional local and global brands, simultaneously maintaining consistency across markets without diluting the brand. Global Marketing This involves marketing on a worldwide scale, with a centrally coordinated marketing strategy that targets broad consumer groups globally.

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Going Rate Pricing Here pricing of a product is done according to the price that is prevalent in the market (going rate). Price is fixed according to the price offered by the competitor, irrespective of the cost of production. Global Sourcing Contracting to purchase goods and services from suppliers worldwide. Good Value Strategy This is a method of pricing products, which directly hits at premium pricing by providing quality products at lower prices. Greening the supply chain When companies use life cycle analysis of their products and processes in order to reduce adverse environmental impact on the supply chain. Even the suppliers are chosen based on whether they are certified as environment friendly or not. Gross Rating Points (GRP) The sum of the ratings of a media schedule. Growth Stage The second stage of the PLC or product life cycle, where the sales of a product category rise, and competition is fierce, resulting in maybe higher expenses and therefore even lower margins. Growth-Share Matrix Model For marketing strategy with various categories of product-based present performance and industry growth rates. SBUs (Strategic Business Units) are classified as stars, cash cows, question marks, or dogs.

H
Habitual Buying Behaviour This Occurs when there is low consumer involvement and little or no brand difference. For instance, salt, where there is low involvement in the product category and all brands of salts appear the same, as they provide nothing new. Handled risk Handled risk is the amount of conflict a product or retailer causes when the consumer selects a brand/store in a particular buying situation. Hard Sell Aggressive selling of the products/services by the salesperson. The salesperson pushes the product in this type of selling. Harvest Strategy According to the General Electric business screen, a strategy of restraining new expenditures on a strategic business unit that lacks an attractive market and a strong business image. Heterogeneity A characteristic of service that indicates that each unit of a service is different from other units. Hierarchy of Effects The stages a buyer goes through while purchasing a product are awareness, knowledge, liking, preference, conviction and purchase (resembles the AIDA model, - Awareness, Interest, Desire and Action).

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High Voltage Brand A High Voltage Brand is defined as one, which has the immense capacity to benefit from its own actions in the marketplace. A high voltage brand has the power of sustainability and can therefore resist competitive reactionary strategies. HIPS (High Involvement Products and Services) Those products and services whose purchases are complex and risky. Consumers of these products and services engage in an extensive information search prior to making a decision. Examples are automobiles, mutual funds, and shares. Home Shopping Channels This is a form of direct response advertising whereby television channels are dedicated to sell goods and services. For instance: Asian Sky Shop, and TSN in India. Horizontal Conflict A channel conflict occurring among middlemen at the same level of distribution. For instance, conflict amongst retailers Horizontal Marketing System An arrangement in which two or more companies at one level join together to explore a new marketing opportunity. This system is very advantageous as both companies can make use of each others resources. The proposed alliance between P& G and Godrej was to use horizontal marketing system, to mutual advantage. Hub and Spoke A distribution system where products are shipped from one central warehouse or plant to many different locations. Hybrid Marketing Channel Multi-channel distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments. These channels could be even combinations of different levels. Hypermarket An exceedingly large-scale retail institution that has a very broad product assortment, across all categories, low prices and customer services.

I
Idea Generation A systematic search for new product ideas. A company has to generate many new ideas to either keep up with competition, or have a stock of ideas ready when the need arises. The search for new ideas can be from within the company or from outside sources. Gillette is one company that constantly motivates its employees to come up with new ideas. Impulse Buying A low involvement decision-making purchase made with little or no advance planning. E.g. Chocolates, and ice creams are usually purchased on an impulse. Incremental Profit During a promotion campaign, the mark-up on each unit, multiplied into the additional number of units the company expects to sell as a result of the promotion. Independent Off-price Retailers

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Independent Off-price Retailers are owned and run by entrepreneurs or is a division of a larger retail corporation. Example: Crossword owned by India Book House. Indifference Zone The difference between the customers desired price and the acceptable one (which could be a noticeably higher price) is the zone of indifference. Within its area, customers are indifferent to any price change. Influencers They are participants in the business buying decision process, who help in providing information regarding purchase and evaluating alternatives available. Infomediaries Players who specialise in collecting consumer information and add value to the transactions between consumers and vendors. Infomercials Thirty-minute commercials that appear to an average consumer as documentaries and thus command more active and attentive viewing than obvious commercials would receive. Generally for products, where the perceived risk associated with the product is high, or for highly technical products like PCs, and Servers. Information Search The stage in the buyer decision process, when the buyer is motivated to search for more information actively The extent to which a buyer searches for information will depend on the intensity of need, the ease of obtaining information, the value he places on additional information, and the satisfaction derived. Informative Advertising Informative Advertising is used to create awareness for a new product. Most companies follow this method during their launch of new products. Inherent risk Inherent risk is the latent risk that a product or a retailer holds for a consumer. Innovation A new product, new service, new idea or a new practice, which has an effect on consumers established usage patterns. While an invention is a new technological advancement, an innovation is a commercially viable invention. Consumers are willing to pay for the utility of this product. Innovative Marketing A principle of enlightened marketing, which requires the company to constantly seek real product and marketing improvements, to sustain itself. Inseparability A major characteristic of services the service consumption cannot be separated from the service providers. Insertion Order The form or document sent to a publication that contains information relating to an ad's placement--i.e. its size, rate, frequency, date, etc. Instant Branding Instant branding both puts into question and calls on the advertising business's ability to manage brands urgently, cleverly, spontaneously, and within a flexible strategy. There may only be hours to control a brand's destiny. Institutional Advertising

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Advertising that tries to create a favourable impression and build goodwill about the organisation. For instance, Tatas employees ad. Intangibility A major characteristic of services services cannot be seen, felt, heard or smelled before purchase. Integrated Direct Marketing Direct marketing campaigns that make use of multiple vehicles and stages to improve consumer response rates. Integrated Logistics Management The logistics concept that emphasises teamwork, both inside the company and among all the marketing channel organisations, to maximise the performance of the entire distribution system Integrated Marketing Communications (IMC) Usage of various communication channels to convey a clear, concise, and crisp message to the target audience. For instance, using advertising, sales promotion, personal selling and direct marketing collectively to deliver a message. Intensity of Distribution The number of middlemen used by a manufacturer at a particular level. Intensive Distribution A strategy in which a producer sells its product through every available retail outlet in a market, wherever a consumer might look for it. For instance, soaps are now available everywhere right from chemists to supermarkets to departmental stores to malls. Interactive Marketing In simple terms, it means that the quality of service provided, is dependent on the interaction between the buyer and the seller. Intermarket Segmentation Developing segments of consumers who have similar needs and wants, who follow the same buying behaviour, but are located in different countries. For instance, buying habits do not differ much from India to Sri Lanka. Internal Marketing Treating the employees within the company as employees, leading toward satisfaction and delight of the external customer. Such honing of internal processes, trains them to focus towards customer-oriented and satisfaction systems. International Marketing The activities of an organisation to market its product in one or more countries. e.g. MNCs. Marketing Involvement It is a function of risk perceived in the purchase and consumption of the product. The higher the risk perceived, the more the involvement in that purchase decision, and hence the higher the information search. Involvement Levels The amount of time and effort the consumer spends while purchasing a product/service.

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J
J.N.D. (Just Noticeable Difference) The minimal difference that can be detected between two stimuli. J.N.N.D. (Just Not Noticeable Difference) The maximal difference that cannot be detected between two stimuli. Joint Venture A partnership arrangement in which a foreign operation is owned in part, by a domestic company and in part by a foreign company.

K
Key Account A key account is a customer who contributes significantly to the companys business, and requires the special attention and focus of an experienced salesman. Key accounts constitute 20% of customers who contribute to over 80% of a companys revenue. Kinked Demand A condition in which total revenue of the firm moves sharply in inverse direction to a products price, in relation to the prevailing market price. Kiosk Small wooden or iron shelter, for selling goods out of doors: newspaper kiosk, telephone kiosk, cigarette and paan kiosks, etc. Kiosk Marketing Kiosks are one-stop booths, (which may or may not be mechanised) where you can get all the information about the various products of the company. For example, Hallmark uses kiosks to create personalised cards.

L
Label Labels are identification tools. These are simple tags of information, sometimes with graphics, attached to a product, that form a part of the packaging. E.g. the label on the Milkmaid tin carries critical deciding information about the company. Laggards They are the fifth and last, among the market segments in the social diffusion process to take up the product. They tend to resist change, are risk-averse, and cling hardest to tradition. Late Majority A group of sceptical consumers who are slow in adopting an innovation but eventually do so, either to save money or due to peer pressure. They are the fourth among the market segments in the social diffusion process to adopt the product. Lead Time The amount of time between the start of making a TV/radio buy and the on-air date Licensing An arrangement in which one firm sells to another the rights to use its brand name, equity, trademark and patent in return for a fee or royalty. Limited Service Retailers

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When compared to other retailers, they provide more sales assistance since they carry more shopping goods about which customers need information. Examples are Lifestyle or Shoppers Stop. Linchpin Brand A brand that holds the entire organisation together. It is a number one brand that indirectly influences a business area providing a strong base for customer loyalty. Cadburys Dairy Milk is a linchpin brand for Cadburys as it controls a critical segment in the confectionary industry. Line Extension A successful brand that increases the types or levels of its portfolio in a specific product line to take advantage of the existing equity. Example: Gillette has successfully managed to use line extension for its shavers. Lineage A term expressive of advertising volume or content. LIPS (Low Involvement Products and Services) Those products and services whose purchases are routine and unimportant in nature. Consumers of these products and services engage in little information search prior to making a decision. For example, stationery items like pens, pencils, etc. List of Values (LOV) Research at the Survey Research Centre at the University of Michigan has identified nine basic values that could motivate consumption and are hence related to purchase behaviour. They are: Self Respect; Self Fulfillment; Security; Sense of Belonging; Excitement; Sense of Accomplishment; Fun and Enjoyment in life; Well Respected; Warm relationships. Living the brand The company must focus, align and motivate the entire organisation to embrace a set of contemporary beliefs that support brand values. Living the brand requires the organisation to keep stretching for more, to create internal brand loyalty. Location Pricing A company using location pricing, charges different prices in different areas. E.g. Theatre groups change their prices depending on the location. Loss Leaders A few lead items, offered by a store at extremely low prices, to stimulate interest on the part of bargain-hunters. Logistics Marketing logistics involves planning, implementing, and controlling the physical flow of materials and final goods from points of origin to meet customer requirements at a profit. Loss-Leader Pricing A pricing and promotional strategy in which temporary price cuts are made on a few items to attract traffic (customers) into the store. The objective is bait-and switch, to increase the overall spend of these customers within the store by spending on volumes or on other higher-priced products. Low Involvement A purchase decision, which is so quick, that it ignores the other stages and jumps directly from need to purchase. This generally happens when there is low risk

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perception, and hence hardly any information search or comparative shopping required before the purchase. Low Voltage Brand A Low Voltage Brand would be one whose market share is declining and will have to put in tremendous effort to stand the same level as competition.

M
Markdown price A reduction in the original or previous maximum retail price of the goods/merchandise. Usually used as a component of Every Day Low Pricing programme. Market Challenger A runner-up firm that is fighting hard to increase its market share in the industry. Market Follower A runner-up firm that wants to hold its share without upsetting competition in the industry. Market Leader The firm with the largest market share in the industry. Market Mavens Individuals whose influence stems from a general knowledge or market expertise that leads to an early awareness of new products and services. Market Penetration Pricing Setting a low price for a new product in order to attract a large number of buyers and a large market share. Britannias Chekkers followed this strategy. Market Positioning Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumers. The process of formulating competitive positioning for a product using a detailed marketing mix. Market Skimming Pricing Setting a high price for a new product to skim maximum revenues, layer by layer from the segments that are willing to pay the high price; the company makes fewer but more profitable sales. Market Targeting The process of evaluating each market segments attractiveness and selecting one or more segments to enter. Marketing Audit A comprehensive, systematic, independent, and periodic examination of a companys environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the companys marketing performance. Marketing Communications Mix (Promotion Mix) The specific mix of advertising, personal selling, sales promotion, and public relations that a company uses to pursue its advertising and marketing objectives.

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Marketing Concept The marketing management philosophy that holds that achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors. Marketing Intelligence Everyday information about developments in the marketing environment that helps managers prepares and adjusts marketing plans. Marketing Intermediaries Firms that help the company to promote, sell, and distribute its goods to final buyers; they include resellers, physical distribution firms, market service agencies, and financial intermediaries. Marketing Mix (The 4 Ps) The set of controllable tactical marketing tools - product, place, price, and promotion - that the firm blends to produce the response it wants in the target market. Marketing Website The Websites used to engage consumers in an interaction that makes the consumers come closer to purchasing. Markups The difference between the final cost of the product and the selling price. Alternatively, it can also be referred to as the amount added to the cost of product. Mass Customisation The cost-efficient mass production of goods and services in lot sizes of just a few at a time. Mass customisation is not the same as customisation. Customisation involves the production of a product from scratch to a customized specification, whereas mass customisation is the assembly of a product or the rendering of a service from pre-configured modules or components. Master Franchiser The master franchiser acts as a mediator between the franchiser and the franchisee in the foreign market. Media integration Media integration is advertising that delivers a similar message with the same look and feel, and aims to a build a brand over the long term across both online and offline media. Media Scheduling Planning all the details of advertising and promotion to be used in a campaign, like timing, and positioning of ads. Merchandising Organising the inventory, display and promotion of goods in retail outlets. Micro-marketing The practice of tailoring products and marketing programmes to suit the tastes of specific individuals and locations - includes local marketing and individual marketing. Modified Rebuy It is a situation where the buyer wants to modify the product specifications, prices, terms, or suppliers.

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N
Need states Need states can be defined as those triggers rational, emotional and subconscious that compel consumers to make a product choice. To put it elaborately, need-states work on the principle that everything is dynamic. The product choice made by the consumer depends upon the situation in which he finds himself, his mood, the time, his attitude, and the environment. New Product Development The development of new products, product improvements, modifications and new brands through the R&D process. Non-personal Communication Channels Media that carry messages without personal contact or feedback, including major media, atmospheres, and events. North American Free-Trade Agreement (NAFTA) An accord to remove trade barriers among Canada, Mexico, and the United States.

O
Observational Research It is the gathering of primary data by observing relevant people, actions, and situations. Occasion Segmentation The division of market into groups according to occasions when buyers get the idea to buy, make their purchase, or use the purchased item. Online Ads It is the way of sending ads on-line while customers are surfing the net, which include banners, pop-up windows, tickers, and road blocks. Online Databases The collection of data and information available from on-line commercial sources or Internet. Online Marketing The marketing of goods/services through interactive on-line computer systems or Internet. Online Marketing Research The collection of relevant information through on-line surveys. Opinion Leader Any person who can exert influence on others because of his special skills, knowledge, personality, or other characteristics. OTS (Opportunity To See) A term used indicating the amount of "frequency" a media audience receives in a media schedule.

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P
Packaging An integral part of the branding process, which involves the design and production of the container, package or wrapping of a product. Paretos Principle (80-20 rule) This states that a small percentage of customers may account for a large percentage of value of a companys sales or of a companys profit (80% of the profit comes from only 20% of the customers). Patent Its an official right showing that a person has the exclusive right to make and sell an invention. Perceived Pricing A consumer perceives a price as high, low or fair, in relation to the perceived or experienced value of the product. Perception The process by which people select, organise and interpret information to form an understandable and meaningful picture of the world. Perceptual Mapping Graphic Analysis and presentation of where actual and potential customers place a product or supplier in relation to other products and suppliers. Most perceptual maps show only two dimensions at a time, for example price on one axis and quality on the other. Perfect Market It is a perfectly competitive market is one in which there is a large number of firms, each with a very small share of the market, producing a homogeneous product, with firms and consumers possessing perfect information, and with free entry to and exit from the industry. Peripheral Brand Associations The logo, colour and packaging are the peripheral associations. These bring about a surface level of similarity between the parent brand and the extended one. Perishability A characteristic of services and some products. It means that the product or service cannot be stored for later sale or consumption. Personal Communication Channels The medium through which people communicate with each other, including face-toface, person-to-audience, over the telephone, or through the mail. Personal Selling It is the form of presentation by the firms sales force for the purpose of making sales and building customer relationships. Persuasive Advertising The form of advertising used to build a selective demand for a particular product/service by persuading the consumer that it offers the best quality for their money.

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PEST Factors Any firms strategy formulation is preceded by environmental analyses. Under macro-environment analysis, companies need to identify and understand the impact of Political, Economic, Social and Technological factors. These are known as PEST factors. Planogramming Planogramming produces a stocking plan such that merchandise fits on the shelves and in the fixtures when it arrives at the store; this reduces stocking labour. Planogramming with intelligence is space management, which requires direct integration of merchandise and sales data using technology that makes it possible to minimise the inventory needed to achieve high in-stock levels. That increases sales, improves inventory turns, and boosts gross margin return on investment (GMROI). Pleasing Products The products that fetch immediate satisfaction but may disappoint consumers in the long run. PMCG (Packaged Mass Consumer Goods) These include all consumer non-durable goods that are used and purchased frequently. Such products include detergents, toilet soaps, toothpaste, shampoos, creams, powders, food products, confectionery, beverages and cigarettes. These are also known as Fast Moving Consumer Goods (FMCGs). Point-of-Purchase (P.O.P.) The place or retail store where a product or service is bought by the customer. Point-of-Purchase (POP) promotion The display of ads or demonstration of products at the place of sale. Marketing Portfolio Analysis A tool by which management identifies and evaluates the various businesses that makes up the company. Marketing Post-purchase Behaviour The decision process a consumer adopts after a purchase based on his satisfaction or dissatisfaction. Marketing Pre-approach It is the learning process where a sales person learns about a prospect before making a sales call. Preferred Brand Values Preferred Brand Values refer to attributes that consumers regard as important for a brand in a given category. Premium The goods offered either free or at low cost as an incentive to buy a product. (See Self-Liquidators) Premium Pricing Producing a high-quality product, for the premium or higher income segments, and charging a high price. Prestige Value A commercial name should possess the power to command admiration. Products with French or Italian names often command such prestige. "Clinque" sounds more prestigious than "Clinic" and "pasta" is more sophisticated than "noodles". The selection of certain words or morphemes can contribute prestige value; that is why "Premier," "Super," and "Ultra" frequently appear in commercial names. Marketing

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Product Adaptation The adaptation of a product to meet local conditions, culture, or different wants in foreign markets. Product Bundle Pricing The way of bundling several combined products and offering them at a low cost. Marketing Product Life Cycle (PLC) The six stages through which a product goes. It includes product development, introduction, growth, maturity, saturation, and decline. Product Mix The set of all product lines and items that a particular seller offers for sale. Product Sale Joint Venture Method The emphasis is on the product, which the seller has to sell, but is done in such a fashion that it involves the customer's participation. There is an exchange of information regarding the customer's specific product needs and the unique strengths of your product. The focus is on the product itself; to figure out how the product can fit the client's stated needs. Product Sale Unilateral Way Here the seller tells everything he knows about the product to the customer. It is a one-sided conversation that is presented to the customer, consisting of all the features and functions of the product. Making a product sale in a unilateral way can help the customer create divergent thinking. Product/market Expansion Grid The portfolio-planning tool used to identify company growth opportunities through market penetration, market development, product development, or diversification. Prospecting It is the identification of potential customers by the salesperson. Psychographic Segmentation It is the division of markets based on psychographics, i.e. the market is divided into relevant groups based on lifestyle, social class, and personality characteristics. Psychographics The study of lifestyles, social class, or personality characteristics. It also includes the dimensions of AIO (activities, interests, and opinions). Psychological Pricing A pricing technique based on the psychological aspects of pricing and not on economics. Pull Strategy A promotional strategy used to intensify the sales by advertising heavily. The strategy leads to the consumers asking retailers for the product, in turn the retailers order from the wholesalers and the wholesalers demand from the producers. Push Strategy A promotion strategy used to increase the sales through sales force and trade promotion that pushes the product through the distribution channel. The producers push the product to wholesalers, the wholesalers to retailers, and retailers to consumers.

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Q
Question Marks These are low-share businesses and products in high-growth markets. These require a lot of investment just to hold their market share.

R
Reference Prices The price used as a comparative index, when a buyer purchases any product/service. Reinforcement Reduction in drive that results from an appropriate consumer response. Relationship Marketing A marketing concept focusing on value-laden delivery, to enhance a long-term relationship with the customers. Research design Series of decisions that, taken together, comprise a master plan for conducting marketing research. Retail concept The complex mix of products, merchandising, store format, ambience, service and the brand image that differentiate a retail store. This is unique from store to store. Retail ecosystems An ecosystem can be described as a community of organisms and its environment functioning as an ecological unit. In the context of retailing, an ecosystem caters to the interrelated customer requirements. On offer is a wide array of products and services to customer segments based on their common situation. Retail EST Model The Retail EST and has been devised by the J.C. Williams Group, which states that to win, a retailer has to be the best at what he promises. For instance, the Biggest when it comes to Toys is Toys R Us, the cheapest is WalMart, the quickest is Shoppers Drug Mart, the easiest, the slowest, so on and so forth. Retail Promotions Any communication by a retailer that informs, persuades, and/or reminds the target market about any aspect of that firm. Retail Reductions Represent the difference between beginning inventory plus purchases during the period and sales plus ending inventory. They should encompass anticipated markdowns, employee and other discounts, and stock shortages. Retail Renewal It involves a shift in the concept to address the emerging consumer needs. In some cases, it even leads to changes in assets modifying, acquiring or even discarding.

S
Sales Contest A competition open to a companys sales personnel or to prospects, structured to reward superior performance or unusually large purchases. See Sales Incentive. Sales Force Automation (SFA)

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Applications of computers and other technologies to improve the efficiency and competitiveness of the sales function. Sales Force Management The analysis, planning, implementation and control of sales activities. It includes setting and designing sales force strategy, recruiting, selecting, training, supervising, compensating, and evaluating the firms sales people. Sales Incentive A reward in excess of salary or commission provided to a salesperson in return for achieving or exceeding a stated sales goal. See Sales Contest. Sales office A manufacturer's facility that serves as a regional office for salespeople, but does not carry inventory. Sales orientation Business assumption that consumers will resist purchasing nonessential goods and services with the attitude toward marketing that only creative advertising and personal selling can overcome consumers' resistance and convince them to buy. Marketing Sales Promotion A variety of short-term incentives to induce trail or purchase of a particular product or service. Sales Promotion Trap A spiral that results when a number of competitors extensively use promotions. One firm uses sales promotions to differentiate its product or service and other competitors copy the strategy, resulting in no differential advantage and a loss of profit margins to all. Sales Quotas Standards set for salespeople, stating the amount they should sell and how sales should be divided among the companys product. Salesperson An individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing, and information gathering. Sample A segment of the population selected for marketing research to represent the population as a whole. Seasonal Discount A price reduction to buyers who purchase merchandise or services out of season. Seasonal Discounts Discounts offered on products, which display characteristics of seasonal/cyclical demands. Discounts are offered to induce purchases during off-season. Segment Marketing Isolating broad segments that make up a market and adapting the marketing strategy to match the needs of one or more segments. Segmentation The process of dividing the market into distinct subsets of consumers with common needs or characteristics, in order to target them with a distinct marketing mix. Segmented Pricing Selling a product or service at two or more prices, where the difference in prices is not based on the differences in cost.

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Selective Attention A heightened awareness of small stimuli/cues relevant to ones needs or interests. Also called Selective Perception. Selective Comprehension The perceptual process whereby consumers interpret information based on their own attitudes, beliefs, motives, and experiences. Selective Demand The demand for a particular brand of product or service. Selective Demand Advertising that focuses on stimulating demand for a specific manufacturers product or brand. Selective Distribution The use of some of the intermediaries who are willing to carry the companys products. Selective Exposure Conscious or subconscious exposure by the consumer to a certain media or message, and the subconscious or active avoidance of others. A process whereby consumers choose whether or not to make themselves available to media and message information. Selective Perception A state of heightened awareness of stimuli relevant to ones interests or needs. Self-managed team A group of employees who work with little or no supervision. Seller's market Marketplace characterized by a shortage of goods and/or services. Selling agent An agent-wholesaling intermediary responsible for the entire marketing program of another firm's product line. Selling Concept This concept states that if the customer is left alone, he/she may not buy enough of the companys product. Hence the company must have aggressive selling and promotional activities. Selling Process The steps that the salesperson follows when selling, which include prospecting and qualifying, pre-approach, approach, presentation and demonstration, handling objections, closing and follow-up. Selling up A retail sales technique that tries to convince a customer to buy a higher-priced item than he or she had originally intended. Service A service is any act or performance that one party offers to another that is experiential, and doesnt result in the ownership of anything. Services differ from goods on four counts: intangibility, inseparability, heterogeneity, and Perishability. Service encounter The actual interaction point between a customer and a service provider. Marketing Service Profit Chain The chain that links the profits of the service firm to employee and customer satisfaction. Share of Voice

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The media spending of a particular brand when compared to others in its category. Shelf Card A display card designed to be set up on a shelf in a retail store. Shelf Extender A tray-like extension that projects outward from a retail store shelf, used for special displays or as a means of increasing the regular shelf display. Also known as extender. Shelf Pack A container for retail items of sufficiently small size to permit the full amount to be placed on a shelf with ordinary clearance height. Shelf Space The amount of point-of-purchase space occupied by a type of merchandise in a retail store; measured in terms of square feet, linear feet, or number of facings. Marketing Shelf Talker A small promotional sign or card that sits on the shelf where a product is displayed. Shopping Centre A group of retail businesses planned, developed, owned and managed by a single unit. Shopping Goods These are less-frequently purchased consumer products and services. Customers generally compare carefully on suitability, quality, price and style before purchasing these products. Shopping Group Two or more people who shop together. Shopping Product Consumer good that the customer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price and style. Societal Marketing A revision of the traditional marketing concept that suggests that marketers adhere to principles of social responsibility in the marketing of their goods and services, that satisfy the needs and wants of their target markets in ways that preserve and enhance the well being of the consumer and the society. Socio-cultural Segmentation The division of a total potential market into smaller subgroups on the basis of sociological or cultural variables, such as social class, race, religion, nationality, beliefs, values or customs. Specialty Advertising An advertising, sales promotion, and motivational communications medium that employs useful articles of merchandise imprinted with an advertisers name, message, or logo. Specialty Product Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Marketing Specialty Store A retail store that carries a narrow product line with a deep assortment within that line.

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Spokesperson A celebrity or company executive who represents a product, brand, or company over an extended period of time, often in print, on television, and in personal appearances. Sponsorship When the advertiser assumes responsibility for the production, the content of the program as well as the advertising that appears within it. Spot Advertising Commercials shown on local television stations, with the negotiation and purchase of time being made directly from the individual stations. Store Image Consumers perception of the personality of a store and the products it carries. Stored-value card A stored-value card acts as a credit card, except that the card contains a prepaid amount and can be used to purchase products and services worth that amount. As the consumer keeps purchasing goods, the value of the card decreases. STP STP-segmentation, targeting, and positioning - is an organising framework for thinking about the process of formulating marketing strategy Strategic Agility Strategic Agility of company is a function of its response to the constantly changing environment, which enables it to stick true to the preconceived strategic Intent. Strategic Alliance A partnership between two or more companies/business units to achieve strategically significant objectives, which are mutually beneficial. Strategic Brand A brand that is projected to reap future sales and profits. It may be a laid-back brand that is headed towards becoming a major one. Leesures is a strategic brand for Lees as it lays the foundation for a position in casual wear in India. Strategic Business Unit (SBU) A unit of the company that has a separate mission and objectives and that can be planned independently from other businesses. An SBU can be a company division, a product line within a division, or sometimes a single product or brand. Strategic Intent Strategy intent is a statement or a series of statements, which outline what the organisation wants to achieve in a long term. This intent has to be simple enough to be communicated unambiguously. It is important to hold internal and external customers attention, and the consequences of failing is sufficiently compelling to mobilise huge effort. Strategic Marketing Plan The planning framework for specific marketing activities. Strategic Planning Determination of the steps required to achieve the optimum fit between the organizations goals and capabilities and the marketplace. Strategic rollup A process of acquiring small, owner-operated businesses to leverage the resulting economies of scale and the best practices across all functions.

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Strong Implicature A strong Implicature is the main or obvious meaning in a message. Such conclusions are "made so strongly manifest that the hearer can scarcely avoid recovering them. For example, the plane in the Star News ad may elicit the strong Implicature "news." Sub-brand A brand that resides beneath and acts subserviently to the masterbrand. Subculture A group of people with shared value systems based on common life experiences and situations. They form a distinct cultural group that exists as an identifiable segment within a larger, more complex society. Suggested list price A pricing policy where the manufacturer suggests a retail price to the retailers so that they receive their markups. Superimposition Process in TV production where an image, words, or phrases are placed over another image. Supermarket Large, low-cost, low margins, high volume, self-service store that carries a wide variety of food, laundry and household products. Superstore A store almost twice the size of a regular supermarket that carries a large assortment of routinely purchased food and non-food items and offers services such as drycleaning, post-office, photo-finishing, cheque encashing, bill paying, lunch counters, etc. Supplier Search The stage of the business buying process in which the buyer tries to find the best vendors. SWOT Analysis A SWOT analysis is a tool for gathering, analysing, and evaluating information and identifying strategic options facing an organisation at a given time. This serves a precursor to generating potential feasible strategies. Strength can be thought of as a particular skill or distinctive competence, which will aid the organisation in achieving its stated objectives. Weakness can be any aspect of the company that will hinder the achievement of specific objectives. Opportunity is any feature of the external environment, which fosters conditions that are advantageous to the firm in relation to stated objectives. Threat can be any environmental development that may hinder the achievement of organisational goals.

T
Tabloid A newspaper approximately half the size of a standard newspaper. Tag Line A line of copy used on an ad or in a commercial that captures the theme of the advertisement or broader campaign and is placed prominently within it. It usually

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conveys the most important product attribute or benefit that the advertiser wishes to convey. Target Audience A specified audience or demographic group for which an advertising message is designed. Target Market A group of individuals whom collectively, are intended focus of the marketing mix or strategy. Target Marketing The process of identifying the specific needs of segments, selecting one or more of these segments as a target (Market Targeting/ Targeting), and developing marketing programs directed to each. Target Rating Points The number of persons in the primary target audience that the media buy will reach and the number of times. Teaser Copy printed on the outside of a direct mail envelope to encourage the recipient to open, read and act on the piece. Teaser Advertising An ad designed to create curiosity and build excitement and interest in a product or brand, without actually showing the product. Test marketing The stage of new product development in which the product and the marketing programme are tested in much more realistic market settings. Tie-in Promotion A single promotion event intended to encourage the sale of more than one product or brand. Top-down Approach Budgeting approaches in which the appropriation amount is established at the executive level and monies are passed down to the various departments. Marketing Total Customer Cost The total of all the monetary, time, energy, and psychic costs associated with a marketing offer. Total Customer Value The total of all of the product, services, personnel, and image values that a buyer receives from a marketing offer. Total Market Demand The total volume of a product or service that would be bought by a defined consumer group, within a defined geographic area, in a defined time period, in a defined marketing environment, under a defined level and mix of industry marketing effort. Total Quality Management (TQM) Programmes designed to constantly improve the quality of products, services, and marketing processes. Tracking Studies Advertising effectiveness measures designed to assess the effects of advertising on awareness, recall, interest, and attitudes toward the ad as well as purchase intentions.

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Trade Advertising Advertising directed at distribution channels (wholesalers, distributors, sales representatives, affiliates, value-added resellers, retailers, etc.) rather than endconsumers. Trade Regulation Rules (TRR) Industry-wide rules that define unfair practices before they occur. Used by the Federal Trade Commission to regulate advertising and promotion. Trade Show A type of exhibition or forum where manufacturers can display their products to current as well as prospective buyers. Trademark An identifying name, symbol, icon, or other device that identifies a specific manufacturer, product or service. It gives a company the legal and exclusive rights to use. Trademark infringement It is the unauthorised use of name, symbol, logo, colour, design or combination thereof, which may lead to confusion of the origin of the good or service, which the mark is intended to designate. Transfer price A cost assessed for a product exchanged between profit centres within a single firm. Transformational Advertising An ad that associates the experience of using the advertised brand with a unique set of psychological characteristics that would not typically be associated with the brand experience to the same degree without exposure to the advertisement. Transit Advertising Advertising targeted to target audiences using transportation facilities, including buses, taxis, trains, elevators, trolleys, airplanes, and subways.

U
Unaided Recall The ability to recall information about an advertisement, product, service or brand without any prompting. The level of unaided recall in recipients of marketing communications is used as one measure of communication effectiveness. Undifferentiated Marketing A strategy in which market segment differences are ignored and one product or service is offered to the entire market, with the same marketing mix. Marketing Unduplicated Research to find out the number of persons reached once with a media exposure. Unfair Advertising Advertising in which the advertiser withholds information that could result in injuries to the consumers. Unique Selling Proposition (U.S.P.) An advertising strategy that focuses on a product or service attribute that is distinctive to a particular brand and offers an important benefit to the customer. Unsought products

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Consumer products that the consumer either does not know about or knows about but does not normally think of buying.

V
Value A relatively enduring belief that serves as a guide for what is considered appropriate behaviour and that is widely accepted by the members of a society. Value Analysis An approach to cost reduction, in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production. Value Marketing A principle of enlightened marketing that holds that a company should put most of its resources into marketing investments that build value. Value-added Increased worth of a good or service resulting from added features, lower price, enhanced customer service, a strengthened warranty, or other marketing mix improvements that increase customer satisfaction. Value-based Pricing/Value Pricing Setting the price based on buyers perception of value rather than on the sellers cost. Offering just the right combination of quality and good service at a fair price. Vehicle A specific channel or publication for carrying the advertising message to a target audience. For example, a medium would be magazines, while one vehicle would be Time magazine. Viral Marketing A marketing technique whereby Web site visitors or e-mail recipients are encouraged to pass along the companys marketing message to friends, colleagues and/or family, thereby creating exponential growth in the messages reach.

W
Warehouse Club Off-price retailer who sells a limited selection of brand name grocery items, appliances and a mix of other goods at deep discounts to members who pay annual membership fees. Wheel of Retailing A concept of retailing that states that new types of retailers usually begin as lowmargin, low-price, low-status operations but later evolve into higher-priced, higherservice operations, eventually becoming like the conventional retailers they replaced. Wholesaler A firm engaged primarily in wholesaling activity. Wholesaling All activities involved in selling goods and services to those who buy for resale or business use.

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Wireless advertising Wireless advertising is delivering ads to people on their pagers and wireless phones. However, how effectively advertisers make use of this medium is entirely up to them. Advertisers at times can either build long-lasting relationships with their users or plainly drive them away with cluttering of messages. Word-of-mouth Influence (W.O.M.) Personal communication about a product between target buyers and neighbours friends, family members, and associates. World Trade Organization (WTO) A 125-member organization that succeeds GATT in overseeing trade agreements, mediating disputes, and reducing trade barriers; unlike GATT provisions, WTO decisions are binding.

Y
Yellow Page Advertisements Advertisements that appear in various phone directories like the Yellow Pages.

Z
Zipping Fast-forwarding through commercials during the playback of a program previously recorded on a VCR.

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