Glossary
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. Administered VMS A vertical marketing system that coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties. Adoption process The mental process through which an individual passes from first hearing about an innovation to final adoption. Advertising Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. Advertising agency A marketing-services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs. Advertising objective A specific communication task to be accomplished with a specific target audience during a specific period of time. Affordable method Setting the promotion budget at the level management thinks the company can afford. Age and life-cycle segmentation Dividing a market into different age and life-cycle groups. Agent A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods. Allowance Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer’s products in some way. Approach The step in the selling process in which the salesperson meets the customer for the first time. B2B (business-to-business) e-commerce Using B2B trading networks, auction sites, spot exchanges, online product catalogs, barter sites, and other online resources to reach new customers, serve current customers more effectively, and obtain buying efficiencies and better prices. B2C (business-to-consumer) e-commerce The online selling of goods and services to final consumers. Baby boomers The 78 million people born