Marketing dictionary-V
Valid Objection
a truthful objection raised by a prospective buyer to a good or service offered by a salesperson; some valid objections are answerable, while others (no money, no need for the product) are not. See Objections; Hidden Objection; Invalid Objection.
Validity
in marketing research, the obtaining of the right information for the purposes of the study.
VALS
abbrev. Values and Lifestyle System.
Value Added
Value Added Tax
Value Analysis
the rating by a buying organisation of slightly different product offerings for the same task on a scale to select the most appropriate.
Value and Life Style System (VALS)
a system developed at Stanford Research Institute for classifying the American adult population into nine distinct groups on the basis of their values and lifestyles.
Value Chain
Value Pricing
a pricing approach in which the selling price of a good or service is based on the company's assessment of the highest value of the product to the consumer; that is, on what the consumer is willing to pay for it. See Competition-Oriented Pricing; Cost-Plus Pricing; Target Return Pricing.
Value Proposition
a clear statement of who the target market for a particular product is, of what key benefits the product will deliver, and of the price that will be charged.
Value Retailing
positioning a retail store as one in which consumers receive greater overall value-to-cost benefits (if not necessarily lower prices) than in competitors' stores.
Value-Added Consumer Orientation
a recognition by the company that the price consumers are prepared to pay for its product will depend on the benefits received and not just on the physical product itself.
Value-Added Wholesaling
providing more wholesaler services and lowering the cost of these services to retailers to improve productivity and profitability.
Value-Added Tax
a tax based on the amount by which value has been added to a product at each stage of production.
Values
enduring moral beliefs shared by members of a society and contributing to its culture.
Values and Lifestyle System (VALS)
a technique, developed in the U.S. by SRI International, in which individuals are classified into groups on the basis of attitudes and demographic characteristics.
Vampiring
a colloquial term used in reference to a situation in which a celebrity (from the media, arts, sporting world, etc) is so dominant in an advertisement or advertising campaign that the advertiser's message tends to be diminished.
Van Distributor
a specialty wholesaler making frequent and regular deliveries of fast-moving consumer goods, mainly cigarettes and foodstuffs, to retailers.
Variability
one of the four characteristics (with inseparability, intangibility and perishability) which distinguish a service; variability expresses the notion that a service may vary in standard or quality from one provider to the next or from occasion to the next. Also referred to as Heterogeneity. See Services Marketing; Inseparability; Intangibility; Perishability.
Variable Costs
costs that vary directly with the volume or quantity produced; variable costs plus fixed costs equal total costs. See Fixed Costs; Total Costs.
Variable Pricing
see Flexible Pricing.
Variety Seeking Decisions
purchase decisions made by consumers who are willing to try a diversity of brands for variety and to avoid boredom; variety seeking decisions occur when the degree of involvement with a product is low. See Boredom Avoidance; Low-Involvement Products.
Variety Store
VAT
abbrev. Value Added Tax.
Vending Machine
a coin-operated device which can be used to dispense a variety of consumer products (food, cigarettes, etc) and services (automatic teller machines at banks).
Vendor
a seller or supplier.
Vendor Analysis
the rating by a buying organisation of all possible suppliers of a product on a scale to select the most appropriate; also referred to as Vendor Rating. See Value Analysis.
Vendor Loyalty
the allegiance a firm gives to a supplier; straight rebuys usually reflect vendor loyalty but they are sometimes due to inertia.
Vendor Rating
see Vendor Analysis.
Vendor Selection Strategy
the decision-making that occurs when a firm selects a supplier in order to minimise the risk of choosing the wrong one. Strategies used include the rating of vendors on a scale; the practice of choosing vendors from an approved list; multiple sourcing; and choosing the lowest priced vendor to minimise the potential for financial loss.
Venture Team
key people from various departments of an organisation given responsibility for the development of a new product from concept to commercialisation.
Vertical Channel Conflict
discord among members at different levels of a marketing channel, for example manufacturer-wholesaler or wholesaler-retailer discord. See Channel Conflict; Inter-Type Channel Conflict; Horizontal Channel Conflict.
Vertical Co-operative Advertising
shared advertising by two or more members at different levels of a channel of distribution, each paying part of the total cost. See Co-operative Advertising; Horizontal Co-operative Advertising.
Vertical Decisions
management decisions which coordinate the flow of goods and services, title, information, payment and promotion along the channels of distribution.
Vertical Diversification
see Vertical Integration.
Vertical Integration
a strategy for growth in which a company adds new facilities to existing manufacturing or distribution facilities; vertical integration can be either forward or backward. Also called Vertical Diversification. See Backward Integration; Forward Integration. See also Horizontal Integration.
Vertical Market
a market for a product that is used in one (or few) industries. See Horizontal Market.
Vertical Marketing System
an organised, structured and unified distribution channel system in which producer and intermediaries or middlemen (wholesalers and retailers) work closely together to facilitate the smooth flow of goods and services from producer to end-user. See Conventional Marketing System; Administered Vertical Marketing System; Contractual Vertical Marketing System; Corporate Vertical Marketing System.
Vertical Price Fixing
agreement between producers and retailers to maintain the producers' recommended retail price; vertical price fixing is resale price maintenance, a practice now illegal in Australia. See Price Fixing; Horizontal Price Fixing.
Videotex
a home shopping technology; an interactive system allowing subscribers to the system to access information about products on their normal TV screens by means of a small computer terminal, and to order items directly. See Home Shopping.
VMS
abbrev. Vertical Marketing System.
Voice-Over
a commentary heard on a TV advertisement, but spoken by an off-screen announcer.
Volume Analysis
a technique or method of marketing control in which sales volume in dollars or units or physical volume in units is measured over a given period in an attempt to identify underachieving salespeople, sales territories, etc.
Volume Discount
Volume Segmentation
the division of a market into segments on the basis of the varying volume of demand for the product by individuals, groups or types of customers; typically, the segments are ranked to denote heavy usage, medium usage or light usage.
Voluntary Chain
a group or chain of retailers working together on a non-contractual basis to achieve economies of scale in buying, advertising, etc.
Voluntary Group
see Voluntary Chain.
Voucher
a type of consumer sales promotion in which vouchers (or coupons) sent by mail or included in newspaper advertisements, etc. can be exchanged for merchandise to encourage trial of a new product.
a truthful objection raised by a prospective buyer to a good or service offered by a salesperson; some valid objections are answerable, while others (no money, no need for the product) are not. See Objections; Hidden Objection; Invalid Objection.
Validity
in marketing research, the obtaining of the right information for the purposes of the study.
VALS
abbrev. Values and Lifestyle System.
Value Added
Value Added Tax
Value Analysis
the rating by a buying organisation of slightly different product offerings for the same task on a scale to select the most appropriate.
Value and Life Style System (VALS)
a system developed at Stanford Research Institute for classifying the American adult population into nine distinct groups on the basis of their values and lifestyles.
Value Chain
Value Pricing
a pricing approach in which the selling price of a good or service is based on the company's assessment of the highest value of the product to the consumer; that is, on what the consumer is willing to pay for it. See Competition-Oriented Pricing; Cost-Plus Pricing; Target Return Pricing.
Value Proposition
a clear statement of who the target market for a particular product is, of what key benefits the product will deliver, and of the price that will be charged.
Value Retailing
positioning a retail store as one in which consumers receive greater overall value-to-cost benefits (if not necessarily lower prices) than in competitors' stores.
Value-Added Consumer Orientation
a recognition by the company that the price consumers are prepared to pay for its product will depend on the benefits received and not just on the physical product itself.
Value-Added Wholesaling
providing more wholesaler services and lowering the cost of these services to retailers to improve productivity and profitability.
Value-Added Tax
a tax based on the amount by which value has been added to a product at each stage of production.
Values
enduring moral beliefs shared by members of a society and contributing to its culture.
Values and Lifestyle System (VALS)
a technique, developed in the U.S. by SRI International, in which individuals are classified into groups on the basis of attitudes and demographic characteristics.
Vampiring
a colloquial term used in reference to a situation in which a celebrity (from the media, arts, sporting world, etc) is so dominant in an advertisement or advertising campaign that the advertiser's message tends to be diminished.
Van Distributor
a specialty wholesaler making frequent and regular deliveries of fast-moving consumer goods, mainly cigarettes and foodstuffs, to retailers.
Variability
one of the four characteristics (with inseparability, intangibility and perishability) which distinguish a service; variability expresses the notion that a service may vary in standard or quality from one provider to the next or from occasion to the next. Also referred to as Heterogeneity. See Services Marketing; Inseparability; Intangibility; Perishability.
Variable Costs
costs that vary directly with the volume or quantity produced; variable costs plus fixed costs equal total costs. See Fixed Costs; Total Costs.
Variable Pricing
see Flexible Pricing.
Variety Seeking Decisions
purchase decisions made by consumers who are willing to try a diversity of brands for variety and to avoid boredom; variety seeking decisions occur when the degree of involvement with a product is low. See Boredom Avoidance; Low-Involvement Products.
Variety Store
VAT
abbrev. Value Added Tax.
Vending Machine
a coin-operated device which can be used to dispense a variety of consumer products (food, cigarettes, etc) and services (automatic teller machines at banks).
Vendor
a seller or supplier.
Vendor Analysis
the rating by a buying organisation of all possible suppliers of a product on a scale to select the most appropriate; also referred to as Vendor Rating. See Value Analysis.
Vendor Loyalty
the allegiance a firm gives to a supplier; straight rebuys usually reflect vendor loyalty but they are sometimes due to inertia.
Vendor Rating
see Vendor Analysis.
Vendor Selection Strategy
the decision-making that occurs when a firm selects a supplier in order to minimise the risk of choosing the wrong one. Strategies used include the rating of vendors on a scale; the practice of choosing vendors from an approved list; multiple sourcing; and choosing the lowest priced vendor to minimise the potential for financial loss.
Venture Team
key people from various departments of an organisation given responsibility for the development of a new product from concept to commercialisation.
Vertical Channel Conflict
discord among members at different levels of a marketing channel, for example manufacturer-wholesaler or wholesaler-retailer discord. See Channel Conflict; Inter-Type Channel Conflict; Horizontal Channel Conflict.
Vertical Co-operative Advertising
shared advertising by two or more members at different levels of a channel of distribution, each paying part of the total cost. See Co-operative Advertising; Horizontal Co-operative Advertising.
Vertical Decisions
management decisions which coordinate the flow of goods and services, title, information, payment and promotion along the channels of distribution.
Vertical Diversification
see Vertical Integration.
Vertical Integration
a strategy for growth in which a company adds new facilities to existing manufacturing or distribution facilities; vertical integration can be either forward or backward. Also called Vertical Diversification. See Backward Integration; Forward Integration. See also Horizontal Integration.
Vertical Market
a market for a product that is used in one (or few) industries. See Horizontal Market.
Vertical Marketing System
an organised, structured and unified distribution channel system in which producer and intermediaries or middlemen (wholesalers and retailers) work closely together to facilitate the smooth flow of goods and services from producer to end-user. See Conventional Marketing System; Administered Vertical Marketing System; Contractual Vertical Marketing System; Corporate Vertical Marketing System.
Vertical Price Fixing
agreement between producers and retailers to maintain the producers' recommended retail price; vertical price fixing is resale price maintenance, a practice now illegal in Australia. See Price Fixing; Horizontal Price Fixing.
Videotex
a home shopping technology; an interactive system allowing subscribers to the system to access information about products on their normal TV screens by means of a small computer terminal, and to order items directly. See Home Shopping.
VMS
abbrev. Vertical Marketing System.
Voice-Over
a commentary heard on a TV advertisement, but spoken by an off-screen announcer.
Volume Analysis
a technique or method of marketing control in which sales volume in dollars or units or physical volume in units is measured over a given period in an attempt to identify underachieving salespeople, sales territories, etc.
Volume Discount
Volume Segmentation
the division of a market into segments on the basis of the varying volume of demand for the product by individuals, groups or types of customers; typically, the segments are ranked to denote heavy usage, medium usage or light usage.
Voluntary Chain
a group or chain of retailers working together on a non-contractual basis to achieve economies of scale in buying, advertising, etc.
Voluntary Group
see Voluntary Chain.
Voucher
a type of consumer sales promotion in which vouchers (or coupons) sent by mail or included in newspaper advertisements, etc. can be exchanged for merchandise to encourage trial of a new product.
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