Author Topic: Marketing Definitions & Glossary (Part-2)  (Read 144 times)

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Marketing Definitions & Glossary (Part-2)
« on: August 30, 2015, 12:17:20 PM »
after-market
    - The potential future sales generated by owners of equipment for repair and replacement parts.
agency theory
    - A theory of the firm that seeks to explain corporate activities as arising out of the natural conflicts between the principals (stockholders) and agents (managers) of a firm.
antitrust laws
    - Federal antitrust policy is set forth in four laws: the Sherman Antitrust Act, the Clayton Act, the Federal Trade Commission Act, and the Robinson-Patman Act. These laws are negative in character and outlaw restraints of trade, monopolizing, attempting to monopolize, unfair methods of competition, and, where they may substantially lessen competition or tend to create a monopoly, price discrimination, exclusive dealing, and mergers.
area of dominant influence (ADI)
    - The geographic area surrounding a city in which the broadcasting stations based in that city account for a greater share of the listening or viewing households than do broadcasting stations based in other nearby cities.
assortment
    - 1. (retailing definition) The range of choice offered to the consumer within a particular classification of merchandise. In terms of men's shirts, for example, it is the range of prices, styles, colors, patterns, and materials that is available for customer selection. 2. (retailing definition) The range of choice among substitute characteristics of a given type of article. 3. (channels of distribution definition) A combination of similar and/or complementary products that, taken together, have some definite purpose for providing benefits to specific markets.
attraction model
    - A market share model that predicts a particular brand's market share as the quotient of that brand's "attraction" divided by the sum of the "attraction" level for all brands in the market. The attraction level for a brand is often in turn expressed as a function of customer characteristics, the marketing mix, and the competitive environment. Conditions under which an attraction model can be expected to hold have been described by Bell, Keeney, and Little (1975).
attribution theory
    - A theory, or group of several theories, stemming from Heider's (1958) belief in the importance of understanding individuals' "naive theories" of causality. Attribution theory assumes that individuals attempt to understand their environments in an analytical fashion, arriving at explanations of causality through a fairly logical process. Kelly (1967, 1972) provided an influential elaboration of the process by which individuals infer causality. Based on this, attribution theory suggests that individuals make inferences of causality based on the extent to which events co-vary across individuals, situations, and over time.
augmented product
    - This is the view of a product that includes not only its core benefit and its physical being, but adds other sources of benefits such as service, warranty, and image. The augmented aspects are added to the physical product by action of the seller, e.g., with company reputation or with service.
average cost per unit
    - Total cost, i.e., the sum of fixed costs and variable costs at a given level of output, divided by the number of units.
average-cost pricing
    - A practice of adding a "fair" or "reasonable" markup to the average cost of a product.