Dacko S.G. The Advanced Dictionary of Marketing Putting Theory to Use
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viral marketing 560
Brynjolfsson, E., Hu, Y., and Smith, M. D. (2003). ‘Consumer Surplus in the Digital
Economy: Estimating the Value of Increased Product Variety at Online Book-
sellers,’ Management Science, 49(11), 1580–1596.
BIBLIOGRAPHY
Dhar, T., and Foltz, J. D. (2005). ‘Milk by Any Other Name . . . Consumer Benefits
from Labeled Milk,’ American Journal of Agricultural Economics, 87(1), 214–228.
variety-seeking buying behavior see consumer buyer behavior
Veblen effect see goods
Veblen goods see goods
vertical integration see product-market investment strategies; inte-
gration
vertical marketing system see channel arrangement
viral marketing
(also called electronic word-of-mouth marketing, or word-of-mouse mar-
keting)
DESCRIPTION
An approach involving the dissemination of marketing messages or brand
information via online channels that develop through social networks.
KEY INSIGHTS
Viral marketing relies on a strategy that encourages individuals to pass
on marketing messages in a form that multiplies with a virus-spreading
effect. Its use can involve any number of internet marketing or stealth
marketing approaches (see online marketing; stealth marketing)to
have a network effect that reaches a large base of consumers. Off
the internet, it can have a buzz effect that is more closely associated
with word-of-mouth marketing (see word-of-mouth marketing). Because
recipients of the message are the ones who take action to pass on the
message to friends, family, and/or colleagues, viral marketing tends to
avoid problems associated with spam marketing,orjunk e-mail marketing,
which involves indiscriminately sending unsolicited and unwanted e-
mails in mass quantities in the hope that at least some recipients will
respond favorably to the e-mail messages.
KEY WORDS Social networks
IMPLICATIONS
Viral marketing has several possible benefits including relative ease of
implementation, potential for broad reach, and low cost. To the extent
that marketers using viral marketing target the proper audience with a
salient message, the marketer’s message can potentially ‘explode’ with
exponential growth to reach thousands of interested people.
561 von Restorff effect
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Wilson, R. F. (2000) ‘The Six Principles of Viral Marketing,’ Web Marketing Today,
70(2), 16–20.
Online Marketing
Helm, S. (2000). ‘Viral Marketing: Establishing Customer Relationships by “Word-
of-mouse,” ’ Electronic Markets, 10(3), 158–161.
Consumer Behavior
Phelps, Joseph E., Lewis, Regina, Mobilio, Lynne, Perry, David, and Raman, Niran-
jan (2004). ‘Viral Marketing or Electronic Word-of-Mouth Advertising: Examin-
ing Consumer Responses and Motivations to Pass along Email,’ Journal of Advertis-
ing Research, 44, 333–348.
BIBLIOGRAPHY
Goldenberg, J., Libai, B., and Muller, E. (2001). ‘Talk of the Network: A Complex
Systems Look at the Underlying Process of Word-of-Mouth,’ Marketing Letters (New
York), 12(3), 211–224.
virtual marketing see online marketing
VMS see channel arrangement
voice mail marketing see direct marketing
volume effect see loyalty effect
voluntary sector marketing see non-profit marketing
von Restorff effect
(also called distinctiveness effect, Restorff effect, isolation effect)
DESCRIPTION
The tendency for individuals to have superior recall for items having a high
degree of salience.
KEY INSIGHTS
Named after Hedwig von Restorff, a pioneer of research on the phenom-
enon (von Restorff 1933), the von Restorff effect finds that items such as
words to be learned are more likely to be remembered when such items
are salient in some way. The salience may be a result of the words being
in a different color ink or any other way in which the items are distinctive
in relation to other items to be learned.
Note: While the von Restorff effect is also called the isolation effect,
the description and discussion of the effect present here should not be
confused with that for another, more common meaning of the isolation
effect term. See isolation effect.
KEY WORDS Memory, recall, salience, distinctiveness
IMPLICATIONS
Marketers concerned with facilitating superior recall of a message or
information associated with a marketer’s offerings may benefit from
von Restorff effect 562
making such information distinctive or salient in some way from the
perspective of the consumer. Marketers can employ a variety of means
to make such information stand out, which may include placement of
an item where it is unexpected or making such information unique
to surrounding or previously encountered messages through the use of
distinctive language or graphic design.
APPLICATION AREAS AND FURTHER READINGS
Consumer Behavior
Lynch, John G., Jr., and Srull, Thomas K. (1982). ‘Memory and Attentional Factors in
Consumer Choice: Concepts and Research Methods,’ Journal of Consumer Research,
9(1), June, 18–37.
Janiszewski, C., Noel, H., and Sawyer, A. G. (2003). ‘A Meta-analysis of the Spacing
Effect in Verbal Learning: Implications for Research on Advertising Repetition
and Consumer Memory,’ Journal of Consumer Research, 30(1), 138–149.
BIBLIOGRAPHY
von Restorff, H. (1933). ‘Über die Wirkung von Bereichsbildungen im Spurenfeld’
(The Effects of Field Formation in the Trace Field), Psychologie Forschung, 18, 299–
342.
Hunt, R. R. (1995). ‘The Subtlety of Distinctiveness: What von Restorff Really Did,’
Psychonomic Bulletin and Review, 2, 105–112.
W
waiting line theory see queuing theory
Wal-Mart effect
DESCRIPTION
Any of a range of effects stemming from Wal-Mart’s way of doing business
and its large market share.
KEY INSIGHTS
Wal-Mart, a large US and international retailer with annual sales that
consistently put it in the top rankings of retailers in the USA and the
world, is credited with having an influence on business as well as local
and national economies. Wage rates, prices, pricing practices, and sup-
plier relations are just some of the areas influenced. The Wal-Mart effect
also includes an economy-wide effect of lower inflation and increased
productivity that have resulted from the operating practices of Wal-Mart
that have been replicated by the retailer on a large scale. On a local level,
the Wal-Mart effect includes a tendency for communities with Wal-Marts
to have faster per-capita retail sales and tax increases than communi-
ties without Wal-Marts, and where non-competing businesses in Wal-
Mart communities experienced significant benefits while competing busi-
nesses experienced substantial revenue losses. On an industry level, Wal-
Mart’s use of information and communication technologies, combined
with automation and centralization of warehousing as well as the scale
of their retailing operations, has resulted in industry changes that have
made many previous industry operations obsolete or unrecognizable.
KEY WORDS Retailing, operational innovation, economic impact
IMPLICATIONS
Marketers should not underestimate the significance of the array of Wal-
Mart effects on firm and industry practices (particularly in the retail
industry), as well as local and national economies. The success of the
innovations introduced by Wal-Mart, combined with the scale of their
operations, continues to put considerable pressure on firms to find ways
to reduce their costs and to meet customer expectations of a firm pro-
viding offerings at prices that move continually lower. While Wal-Mart
effects to particular firms depend on the extent that firms are or are not
direct competitors with Wal-Mart, marketers should seek to understand
Walras’ law 564
and anticipate such effects in preparation for future competitive moves
(operationally or geographically) by the firm.
APPLICATION AREAS AND FURTHER READINGS
Retail Marketing
McGee, J. (1995). ‘Local Merchants’ Response to Wal-Mart,’ Proceedings of the National
Small Business Institute Directors’ Association.
McGee, J. E., and Peterson, M. (2000). ‘Surviving “W-Day”: An Assessment of the
Impact of Wal-Mart’s Invasion of Small Town Retailing Communities,’ Proceedings
of the USASBE/SBIDA National Conference, 131–135.
BIBLIOGRAPHY
Fishman, Charles (2006). ‘The Wal-Mart Effect and a Decent Society: Who Knew
Shopping Was So Important?’ Academy of Management Perspectives, 20(3), 6–25.
Fishman, Charles (2006). The Wal-Mart Effect: How the World’s Most Powerful Company
Really Works—and How it’s Transforming the American Economy. London: The Penguin
Press.
Walras’ law
DESCRIPTION
An economic principle of general equilibrium that states that, for a given
number of markets, if all but one are observed to be in equilibrium, then the
last one must also be in equilibrium because there cannot be a net excess of
supply or demand for the goods, including money.
KEY INSIGHTS
Developed by Leon Walras in the late 1800s, Walras’ law says that markets
cannot be in a one-sided disequilibrium (with disequibrium being where
the quantity demanded is not equal to the quantity supplied at the going
price). Thus, the law asserts that if there is disequilibrium in a market
such as the labor market, there must also be disequilbrium in another
market such as in the market demand for goods.
KEY WORDS Economics, general equilibrium
IMPLICATIONS
Marketers seeking to create advanced economic models of markets may
benefit from a greater understanding of the principles and concepts
associated with Walras’ law. Whether modeling markets where there is
a single good or multiple goods, the market equilibrium implications of
Walras’ law may provide the modeler with an important basis for subse-
quent model development that may ultimately assist decision makers in
evaluating policies and practices influencing both markets and industries.
APPLICATION AREAS AND FURTHER READINGS
Marketing Modeling
Berkovec, James (1985). ‘New Car Sales and Used Car Stocks: A Model of the
Automobile Market,’ RAND Journal of Economics, 16(2), Summer, 195–214.
Antras, P. (2005). ‘Incomplete Contracts and the Product Cycle,’ American Economic
Review, 95, 1054–1073.
Chambers, Robert G., and Pick, Daniel H. (1994). ‘Marketing Orders as Nontariff
Trade Barriers,’ American Journal of Agricultural Economics, 76(1), February, 47–54.
565 want
BIBLIOGRAPHY
Pingle, Mark (1994). Walras’ Law, Pareto Efficiency, and Intermediation in Overlapping
Generations’ Economies. Ames, Ia.: Dept. of Economics, Iowa State University.
want
DESCRIPTION
A personal feeling of desire for something.
KEY INSIGHTS
Beyond the many needs of individuals (see need), individuals also have
many wants, which may include, for example, favorite foods, stylish
clothes, and internet connectivity. While the nature and scope of wants
clearly varies from individual to individual, it can also be said that most
individuals have an insatiable appetite for wants. Because most individ-
uals are restricted in their ability to obtain their wants as a result of
personal resource limitations, individuals must ultimately prioritize their
wants. That which a consumer wants may, of course, be influenced by
any number of factors, including the values, attitudes, and behaviors
of family, friends, and individuals in broader society. As such, much
of marketing is aimed at understanding the various factors influencing
the strength of consumer wants and developing appropriate marketing
approaches in response.
KEY WORD Desire
IMPLICATIONS
A significant part of marketing involves the identification of consumer
wants and the factors that influence such wants. Building on such know-
ledge is often considered to be essential in developing effective marketing
strategies and tactics for the provision of any offering that is to be the
focus of an individual’s desire.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Firat, A. F., and Shultz, C. J. (1997). ‘From Segmentation to Fragmentation: Markets
and Marketing Strategy in the Postmodern Era II,’ European Journal of Marketing,
31(3–4), 183–207.
Services Marketing
Pieters, R., Bottschen, G., and Thelen, E. (1998). ‘Customer Desire Expectations
about Service Employees: An Analysis of Hierarchical Relations,’ Psychology and
Marketing, 15(8), 755–774.
Consumer Behavior
Cross, G. (2002). ‘Valves of Desire: A Historian’s Perspective on Parents, Children,
and Marketing,’ Journal of Consumer Research, 29, December, 441–447.
Social Marketing
O’Shaughnessy, J., and O’Shaughnessy, N. J. (2002). ‘Marketing, the Consumer
Society and Hedonism,’ European Journal of Marketing, 36(5–6), 524–547.
BIBLIOGRAPHY
Gagnier, Regenia (2000). The Insatiability of Human Wants: Economics and Aesthetics in
Market Society. Chicago: University of Chicago Press.
warm/cold effect 566
warm/cold effect
DESCRIPTION
The tendency for the perception of a warm/cold personality trait of an
individual to have an overwhelming effect on the formation of an impression
of the individual’s personality and expectations for associated behaviors.
KEY INSIGHTS
Pioneering research on the warm/cold effect by Asch (1946) and Kelley
(1950) has determined that individuals’ impressions of the personality
of another individual can be significantly altered merely by describing
the individual as either ‘warm’ or ‘cold’ when the warm/cold trait is
included with other personality trait descriptions such as intelligent,
industrious, and skilful. The broader term for the phenomenon is trait
centrality, where such traits are observed to have a profound effect on
impression formation in comparison to the contributing effects of other
personality trait descriptions. In particular, observed traits descriptions
that individuals associate with the ‘warm’ trait include popular, socia-
ble, humorous, and happy. On the other hand, the ‘cold’ trait descrip-
tion is associated with a lack of such traits and, instead, associations
with traits including restrained, persistent, and serious. The effect is
explained in terms of the trait’s centrality, where such traits possess
the property of centrality as a result of being highly correlated with
other personality traits in individual evaluators’ implicit theories of
personality.
KEY WORDS Personality, impression formation, trait centrality
IMPLICATIONS
Research on the warm/cold effect and trait centrality suggests that it
is important for marketers to recognize that impressions of person-
ality along the lines of a single trait such as warm/cold can have
a significant effect on customer expectations and satisfaction with a
service. For example, research by Widmeyer and Loy (1988) demon-
strates how teaching effectiveness perceptions and expectations can be
influenced by perceptions of the warm/cold personality trait among
teachers. As such, any marketer involved in the development, deliv-
ery, and evaluation of a service offering where individual personality
has a prominent role in the service should seek to understand better
how customer perceptions of the service provider’s personality may
ultimately influence consumer expectations and satisfaction with the
service.
APPLICATION AREAS AND FURTHER READINGS
Marketing Education
Widmeyer, W. Neil, and Loy, John W. (1988). ‘When You’re Hot, You’re Hot! Warm–
Cold Effects in First-Impressions of Persons and Teaching Effectiveness,’ Journal
of Educational Psychology, 80(1), 118–121.
Babad, Elisha, Kaplowitz, Henry, and Darley, John (1999). ‘A “Classic” Revisited:
Students’ Immediate and Delayed Evaluations of a Warm/Cold Instructor,’ Social
Psychology of Education, 3(1–2), March, 81–102.
567 Web marketing
BIBLIOGRAPHY
Asch, S. E. (1946). ‘Forming Impressions of Personality,’ Journal of Abnormal and Social
Psychology, 41, 258–290.
Kelley, H. H. (1950). ‘The Warm–Cold Variable in First Impressions of Persons,’
Journal of Personality, 18, 431–439.
Web marketing
(also called cybermarketing, cyberspace marketing, interactive market-
ing, internet marketing, internet-centric marketing, new economy mar-
keting, online marketing, Web-based marketing, Web-centric marketing,
World Wide Web marketing, or WWW marketing)
DESCRIPTION
Marketing focusing on the use of a large-scale, hypermedia-based computer
network of internet sites enabling functionality including text, hypertext links,
graphics, sound, and animation.
KEY INSIGHTS
Developed in 1989 at the CERN research institute in Switzerland, the
World Wide Web (or Web or WWW) is a hypertext-based distributed
information system that has subsequently been widely adopted by count-
less marketers and consumers worldwide. As such, the World Wide Web
is a vast collection of interconnected documents and other resources
that is accessible via the internet, which is itself a collection of inter-
connected computer networks. Approaches to marketing via the web are
wide-ranging and may consist of simple text-based informational adver-
tising to highly sophisticated, interactive, multi-media marketing aimed
at encouraging frequent and regular customer participation. Web-based
marketing is characterized by its potential for considerable audience
reach as well as richness of content.
Marketing strategies and tactics for use of the Web continue to develop
at a rapid pace. For example, many firms find it highly beneficial for
their business to be found readily when searched for using any number
of online search engines. Such a concern has led to developments in
search engine marketing, which is a marketing approach involving the use
of search engine capabilities to reach prospective customers, where the
aim is to appear as high as possible on the list of a search engine’s
search results (e.g. on the first page) when consumers use any number of
relevant key words related to the firm or its offerings. Search engine mar-
keting may also involve initiatives by the firm to appear in ‘sponsored’
search results as a result of payment to search engine organizations.
While the terms internet marketing, online marketing, and Web mar-
keting are often used interchangeably in marketing practice, online mar-
keting may be viewed as the broadest term in terms of its scope, as it can
be viewed as encompassing marketing via stand-alone computer connec-
tions to marketing via the internet to that which emphasizes the use of
the many advanced features of the World Wide Web. As internet market-
ing as a term is used far more often in practice than Web marketing to
Weber–Fechner law 568
convey any of a range of online marketing approaches, internet market-
ing has become synonymous with online marketing despite differences
in any strict definitions. (See online Marketing.)
KEY WORDS Online marketing, hypermedia computer network
IMPLICATIONS
Increasingly, marketing via the Web is an imperative for firms competing
in most markets today. Such a strategic approach, whether used alone
or in combination with other forms of marketing, can enable the firm
to remain accessible to current and potential customers around the
clock and to individuals and organizations increasingly independent of
geography—assuming, of course, that such individuals and organizations
have access to and are able to use it. Customers flying on EasyJet, for
example, have to find a computer to access the company’s website in
order to rebook an Easyjet flight that is cancelled—even though they are
still at the airport and within easy reach of the company’s personnel.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Sharma, A., and Sheth, J. (2004). ‘Web-Based Marketing: The Coming Revolution in
Marketing Thought and Strategy,’ Journal of Business Research, 57, 696–702.
Lederer, A. L., Mirchandani, D. A., and Sims, K. (2001). ‘The Search for Strategic
Advantage from the World Wide Web,’ International Journal of Electronic Commerce,
5(4), 117–134.
Lynn, G. S., Lipp, S. M., Akgun, A. E., and Cortez, A. (2002). ‘Factors Impacting
the Adoption and Effectiveness of the World Wide Web in Marketing,’ Industrial
Marketing Management, 31(1), January, 35–49.
BIBLIOGRAPHY
Shapiro, Carl, and Varian, Hal R. (1999). Information Rules. Boston: Harvard Business
School Press.
Turban, Ephraim (2006). Electronic Commerce: A Managerial Perspective. Upper Saddle
River, NJ: Pearson Prentice Hall.
Web-based marketing see online marketing; Web marketing
Web-centric marketing see online marketing; Web marketing
Weber’s law see Weber–Fechner law
Weber–Fechner law
(also called Weber–Fechner’s law, Fechner’s law, Weber’s law, or Weber–
Fechner theory)
DESCRIPTION
The thesis that a just noticeable difference in a stimulus is proportional to the
magnitude or intensity of the original stimulus.
KEY INSIGHTS
Based on pioneering research by Ernst Weber in 1834 on perceptions
of change in stimuli and subsequent development in collaboration
569 Weber–Fechner law
with Gustav Fechner (Fechner 1964), the relationship between physi-
cal magnitudes of stimuli and their perceived intensity was developed
and quantified. In studying such relationships, Fechner concluded, ‘In
order that the intensity of a sensation may increase in arithmetical
progression, the stimulus must increase in geometrical progression.’
Such a conclusion has since formed the basis of the Weber–Fechner
law.
Sensory perceptions of weight, vision (brightness), and sound, among
other areas, have since been the subject of considerable research exam-
ination, where the relationship between stimulus and perception is typ-
ically observed to be logarithmic. In particular, research on perception of
stimuli finds that the just noticeable difference (abbreviated JND), or differen-
tial threshold, which is the smallest detectable change or difference in a
sensory input that is perceivable by an individual, is a constant fraction
of the level of stimulation. Marketing researchers have subsequently
examined the law for its usefulness to understand pricing perception
for, among other topics, different magnitudes of pricing and price com-
parisons in relation to reference prices as well as consumer perceptions
of other sensory stimuli, and have found the law’s predicted relation-
ships to be consistent with research findings in many markting-related
areas.
KEY WORDS Stimuli, perception, detectable change
IMPLICATIONS
Marketers seeking to understand better how and to what extent con-
sumers may perceive pricing levels and pricing changes may benefit
from a greater knowledge of the relationships indicated by the Weber–
Fechner law. Ultimately, consumer responses to pricing strategies and
tactics may be a function of relationships between stimuli and percep-
tion that are predicted by the Weber–Fechner law. Similarly, consumer
responses to promotions and other marketing stimuli may also be poten-
tially understood better by examining such stimuli in terms of consumer
perceptions and the relationships expected given the Weber–Fechner
law and the just noticeable difference (JND) or differential threshold
concept.
APPLICATION AREAS AND FURTHER READINGS
Pricing
Miranda, M. J. (2001). ‘The Influence of Price Reductions on Shoppers’ Reference
Price and Reservation Price when Upgrading to Premium Brands,’ Journal of
Targeting Measurement and Analysis for Marketing, 10(1), 42–54.
Skouras, T., Avlonitis, G. J., and Indounas, K. A. (2005). ‘Economics and Marketing
on Pricing: How and Why do they Differ?’ Journal of Product and Brand Management,
14(6), 362–374.
Monroe, K. B., and Lee, A. Y. (1999). ‘Remembering Versus Knowing: Issues in
Buyers’ Processing of Price Information,’ Journal of the Academy of Marketing Science,
27(2), 207–225.
Monroe, Kent B. (1973). ‘Buyers’ Subjective Perceptions of Price,’ Journal of Marketing
Research, 10(1), February, 70–80.