Marketing Definitions (W-X-Y-Z)
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Wants - the form, shaped by culture and individual personality, in which basic human needs are given expression. For example, the need to satisfy hunger might be expressed as a want of meat by one person, and as a want of fruit by another. See Needs.

Warranty - a guarantee by a manufacturer that a product will be repaired or replaced or the purchase price refunded if it is found to be defective within a specified period, if it does not perform the task for which it was intended or if it does not meet the purchaser's reasonable expectations. 

Wastage - in advertising, that part of the audience or readership of a media vehicle which is "wasted" because it is not part of the target market.

Watch-and-Win Sweepstake - a sales promotion in which consumers must watch a particular TV program to hear contest-winning numbers, etc announced in spots during the program. -

Weighting - a method of rating the degree of importance of a factor or variable.

What if...Method - a closing technique in which the salesperson attempts to isolate the last remaining objection or obstacle to the sale and closes it contingent upon being able to remove the obstacle; also called the Contingent Method.

Whitegoods - a classification of consumer durables which includes refrigerators, dishwashers, clothes dryers, washing machines, etc.

Wholesaler - a marketing intermediary engaged in buying from manufacturers in bulk to resell to retailers or industrial buyers in smaller quantities.

Wholesaler-Sponsored Voluntary Chains - groups of retailers formed by a wholesaler into a coordinated marketing system to achieve economies of scale and to lessen conflict.

Wholesaling - the activity of selling to buyers for resale or to further their own business operations.

Wildcat - a business with a high level of opportunity and a high level of threat.

With-Pack Premium - a type of consumer sales promotion in which a free or low-cost gift is offered to purchases of a particular product; the gift is either inside the package of the product or fixed to the outside of it. 

Workplace-Selling Program - a direct-selling strategy in which manufacturers sell their products to consumers at their place of work.

World Brand - a global brand; a brand that sells in many different countries. For example, Coca-Cola, McDonald's. 

Worldwide Adaptation - a strategy used in global marketing in which slightly different variations of a product are sold in each country, using promotion and distribution strategies which have also been modified to suit the particular needs of each country.

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Young Marrieds - an early stage in the family life cycle; the "young marrieds" group is often targeted by marketers as it is financially well-off and keen to spend, especially on durables. 

Yuppie - commonly used term to describe a lifestyle-based market segment consisting of "young, urban professionals". 

 

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Zero Based Budgeting - a method of budgeting in which past sales and previous expenditure levels are ignored; the company formulates its profit goals, determines the actions that will be required to achieve its goals, and estimates the expenditures that will be necessary to carry out the actions.

Zone Pricing - a pricing method in which all customers within a defined zone or region are charged the same price; more distant customers pay a higher price than those closer to the company's despatch point.

 

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Last modified: November 21, 2007