Dacko S.G. The Advanced Dictionary of Marketing Putting Theory to Use
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antimarketing 30
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Chen, S. S., Ho, K. W., and Ik, K. H. (2005). ‘The Wealth Effect of New Product
Introductions on Industry Rivals,’ Journal of Business, 78, 969–996.
Mishra, Debi Prasad, and Bhabra, Harjeet S. (2001). ‘Assessing the Economic Worth
of New Product Pre-Announcement Signals: Theory and Empirical Evidence,’
Journal of Product and Brand Management, 10(2), 75–93.
Rosenfeld, James D. (1984). ‘Additional Evidence on the Relation between Divesti-
ture Announcements and Shareholder Wealth,’ Journal of Finance, 39(5), Decem-
ber, 1437–1448.
DeFusco, Richard A., Johnson, Robert R., and Zorn, Thomas S. (1990). ‘The Effect
of Executive Stock Option Plans on Stockholders and Bondholders,’ Journal of
Finance, 45(2), June, 617–627.
BIBLIOGRAPHY
Waud, Roger N. (1970). ‘Public Interpretation of Federal Reserve Discount Rate
Changes: Evidence on the “Announcement Effect,” ’ Econometrica, 38(2), March,
231–250.
Thornton, Daniel L. (1994). The Information Content of Discount Rate Announcements:
What’s Behind the Announcement Effect? St Louis: Federal Reserve Bank of St Louis.
Demiralp, Selva, and Jordá, Oscar (2002). ‘The Announcement Effect: Evidence
from Open Market Desk Data,’ Economic Policy Review, Federal Reserve Bank of
New York, May, 29–48.
Palmer, Clephan M. (1996). ‘A Week that Shook the Meat Industry: The Effects on
the UK beef Industry of the BSE Crisis,’ British Food Journal, 98(11), 17–25.
Ansoff matrix see product-market investment strategies
antimarketing
DESCRIPTION
Behaviors or attitudes reflecting the view that a person or organization rejects
advocating or using any of an array of practices or principles perceived to be
part of marketing.
KEY INSIGHTS
Among the possible reasons for why some individuals and organizations
adopt an antimarketing view is that they are unable to see how a mar-
keting approach would be beneficial in helping them to achieve their
goals over the short or long term. Understanding how, why, and to what
extent such beliefs have been developed in individuals or organizations
is the first step in the development of strategies, programs, and practices
intended to facilitate individual or organizational recognition of the value
of marketing practices and principles in achieving both individual and
collective goals.
KEY WORDS Marketing rejection, attitudes, behavior
IMPLICATIONS
The belief that an apparently sound marketing approach has posi-
tive value should not be assumed by marketers when developing and
implementing organizational marketing strategies. More than just not
being enthusiastic about a marketing approach, some individuals and
31 approach–avoidance conflict
organizations may go so far as to display behaviors that communicate
a complete rejection of the view that a marketing approach can be
beneficial. Adopting an internal marketing approach is one way that
a marketer may attempt to influence internal organizational views of
particular marketing strategies or practices as well as encourage the
appreciation of the value of any particular marketing approach.
APPLICATION AREAS AND FURTHER READINGS
Services Marketing
Shontz, M. L., Parker, J. C., and Parker, R. (2004). ‘What Do Librarians Think about
Marketing? A Survey of Public Librarians’ Attitudes toward the Marketing of
Library Services,’ Library Quarterly, 74(1), 63–84.
Roberts, J., and Roberts, T. (1985). ‘Taking the Center to Market,’ Community Mental
Health Journal, 21, 264–281.
Marketing Strategy
Klein, Naomi (2000). No Logo. London: Harper Collins Publishers.
BIBLIOGRAPHY
Steiner, Robert L. (1976). ‘The Prejudice against Marketing,’ Journal of Marketing,
40(3), July, 2–9.
approach see selling process
approach–avoidance conflict
DESCRIPTION
A tension experienced by an individual who is simultaneously attracted to and
repulsed by the same goal.
KEY INSIGHTS
Approach–avoidance, a form of conflict initially examined in research
by Lewin (1931), involves ambivalence toward a goal as a result of the
goal containing both positive and negative elements. In such situations,
an individual may exhibit vacillating behavior as he/she nears the goal,
where approach behaviors predominate far from the goal but where
avoidance behaviors predominate close to the goal.
A particular type of approach–avoidance conflict is known as the Rosen-
crantz and Guildenstern effect, which is a form of entrapment where a person
is kept waiting while attempting to achieve a particular goal. Individuals
in such situations experience increasing conflict with the passage of time
since time is both an investment that increases the chance that a goal will
be attained as well as an expense that may lead the individual to fail to
attain the goal. An example is when an individual who waits at a town’s
empty taxi stand for a taxi to arrive to take him to his nearby destination
faces a choice of waiting or walking to his destination but increasingly
feels compelled to wait because of the increasing likelihood that a taxi
will arrive.
KEY WORDS Goal conflict, tension
arbitrage pricing theory 32
IMPLICATIONS
Marketers must consider how consumers attracted to particular goals
associated with the marketer’s offerings (e.g. the satisfaction of driving
a luxury car) may simultaneously be repelled by the negative elements
of goal achievement (e.g. anxiety over insurance costs, possible theft, the
threat of not being able to make repayments, etc.) and as a result exhibit
vacillating behaviors. Marketers must seek to identify such approach–
avoidance conflicts facing particular consumers and facilitate in their
resolution through appropriate marketing communications in order to
achieve satisfaction in both the consumer decision-making process as
well as the consumer’s buying decision.
APPLICATION AREAS AND FURTHER READINGS
Consumer Behavior
Ridgway, Nancy M., Dawson, Scott A., and Bloch, Peter H. (1990). ‘Pleasure and
Arousal in the Marketplace: Interpersonal Differences in Approach–Avoidance
Responses,’ Marketing Letters, 1(2), June, 139–147.
Moye, L. N., and Giddings, V. L. (2002). ‘An Examination of the Retail Approach–
Avoidance Behavior of Older Apparel Consumers,’ Journal of Fashion Marketing and
Management, 6(3), 259–276.
Marketing Management
Rubin, J. Z., and Brockner, J. (1975). ‘Factors Affecting Entrapment in Waiting
Situations: The Rosencrantz and Guildenstern Effect,’ Journal of Personality and
Social Psychology, 31, 1054–1063.
Sweeney, J. C., and Wyber, F. (2002). ‘The Role of Cognitions and Emotions in the
Music-Approach-Avoidance Behavior Relationship,’ Journal of Services Marketing,
16(1), 51–69.
Marketing Strategy
Lant, T. K., and Hurley, A. E. (1999). ‘A Contingency Model of Response to Per-
formance Feedback: Escalation of Commitment and Incremental Adaptation in
Resource Investment Decisions,’ Group and Organization Management, 24(4), 421–
437.
BIBLIOGRAPHY
Lewin, Kurt (1931). ‘The Conflict between Aristotelian and Galilean Modes of
Thought in Contemporary Psychology,’ Journal of General Psychology, 5, 141–177.
arbitrage pricing theory
DESCRIPTION
A theory holding that expected returns, and hence prices, for financial assets
can be modeled as linear functions of multiple, generally macroeconomic
factors.
KEY INSIGHTS
In contrast to a modeling approach involving a single systematic risk
factor (i.e. the capital asset pricing model), the arbitrage pricing theory-
based approach to modeling financial asset returns incorporates sensi-
tivity to changes in multiple factors and, as such, incorporates multiple
systematic risk factors. For example, risks related to inflation, interest
rates, and industrial output may be appropriate for inclusion in a model
of the expected return for a particular financial asset.
33 Asch phenomenon
KEY WORDS Financial assets, returns, risk
IMPLICATIONS
While acceptance of the arbitrage pricing theory approach to finan-
cial asset return modeling is not completely without controversy in
the domain of financial economics, the approach can nevertheless be
insightful as a result of increased acknowledgment and incorporation of
multiple factors of risk. Thus, whether marketing actions are funded by
financial asset returns, or whether financial assets themselves are the
subject of a firm’s marketing efforts, giving modeling consideration to an
arbitrage pricing theory-based approach provides an opportunity for an
extensive, focused managerial and marketing understanding of multiple
risk factors in the macroeconomic environment relative to any of an array
of financial assets of importance to a firm.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Jagpal, Sharan (1999). Marketing Strategy and Uncertainty. New York: Oxford
University Press.
Devinney, Timothy M., and Stewart, David W. (1988). ‘Rethinking the Product Port-
folio: A Generalized Investment Model,’ Management Science, 34(9), September,
1080–1095.
BIBLIOGRAPHY
Luttmer, Erzo G. J. (1996). ‘Asset Pricing in Economies with Frictions,’ Econometrica,
64(6), November, 1439–1467.
Allen, Franklin, and Gale, Douglas (1991). ‘Arbitrage, Short Sales, and Financial
Innovation,’ Econometrica, 59(4), July, 1041–1068.
Asch phenomenon
DESCRIPTION
The tendency for individual decisions to be influenced by social pressures and
forces of conformity stemming from reference groups and group norms.
KEY INSIGHTS
Named after psychologist S. E. Asch who pioneered work on under-
standing and explaining the phenomenon (Asch 1955), the phenomenon
presents a view suggesting that individual decisions are, or can be, influ-
enced by reference group or other group effects to a greater extent than
individuals may actually be aware.
KEY WORDS Decision making, social pressure, conformity
IMPLICATIONS
Marketers aiming to understand and/or influence individual decision
processes should acknowledge the Asch phenomenon as a relatively
broad human decision-making tendency which may help to explain how,
why, and to what extent individuals are, or can be, influenced by group
actions, opinions, and norms. An individual’s purchase decisions, for
example, may be influenced by one of his or her reference groups to a
large extent, suggesting a benefit to assessing the feasibility of marketing
assimilation–contrast theory 34
activities focused on particular reference groups which may ultimately
hold influence over individual consumers.
APPLICATION AREAS AND FURTHER READINGS
Marketing Management
Laverty, Kevin J. (1996). ‘Economic “Short-Termism”: The Debate, the Unresolved
Issues, and the Implications for Management Practice and Research,’ Academy of
Management Review, 21(3), July, 825–860.
BIBLIOGRAPHY
Asch, Solomon E. (1955). ‘Opinions and Social Pressure,’ Scientific American, 193(5),
31–35.
asset see strategic asset
assimilation–contrast theory
DESCRIPTION
A theory of judgments and attitudes holding that persuasion-related efforts
to change judgments or attitudes involve an individual’s initial reference point
or anchor position and where new positions close to the reference point are
assimilated by the individual and positions discrepant from the reference point
are contrasted or rejected by the individual.
KEY INSIGHTS
Based on pioneering research by Sherif and Hovland (1961), the theory
offers an explanation for why particular items of information of per-
suasive communication are either accepted by individuals, rejected, or
similarly result in minimal change. The researchers relate information
not discrepant from an individual’s anchor or reference position to falling
within a latitude of acceptance and leading to assimilation, whereas
information highly discrepant from the reference position falls within
either a latitude of neutrality (leading to minimal change) or a latitude
of rejection (leading to contrast with the individual’s reference position).
Furthermore, the theory suggests that the level of ego involvement of
the individual is associated with the relative widths of the individual’s
latitudes of acceptance and rejection where, more specifically, low ego
involvement is associated with wide latitudes of acceptance and narrow
latitudes of rejection and where high ego involvement is associated with
the opposite conditions.
KEY WORDS Persuasion, message acceptance, message rejection
IMPLICATIONS
Marketers involved in efforts to persuade or communicate with current
or potential customers should understand how marketing messages and
related elements of marketing communication aimed at changing atti-
tudes or judgments may lead to acceptance, rejection, or little change
by individuals depending on the message position’s distance or degree of
discrepancy from an individual’s anchor positions or points of reference.
Particularly when individuals have a high degree of ego involvement,
35 attitudes, functional theory of
marketers should be aware of the additional challenge of persuading
such individuals to adopt positions which are highly discrepant from
their initial positions of attitude or judgment. In contrast, it will be far
easier for marketers to persuade individuals under conditions of low ego
involvement to accept marketing messages which are less discrepant
from individuals’ initial points of reference. Evaluating how marketing
messages are likely to be received in accordance with assimilation–
contrast theory may therefore be a prudent task for marketers prior to
implementing particular marketing communications.
APPLICATION AREAS AND FURTHER READINGS
Consumer Behavior
Anderson, Rolph E. (1973). ‘Consumer Dissatisfaction: The Effect of Disconfirmed
Expectancy on Perceived Product Performance,’ Journal of Marketing Research,
10(1), February, 38–44.
Olshavsky, Richard W., and Miller, John A. (1972). ‘Consumer Expectations, Product
Performance, and Perceived Product Quality,’ Journal of Marketing Research, 9(1),
February, 19–21.
Pricing
Kalyanaram, Gurumurthy, and Winer, Russell S. (1995). ‘Empirical Generalizations
from Reference Price Research,’ Marketing Science, 14(3), Part 2 of 2: Special Issue
on Empirical Generalizations in Marketing, G161–G169.
Kalyanaram, Gurumurthy, and Little, John D. C. (1994). ‘An Empirical Analysis of
Latitude of Price Acceptance in Consumer Package Goods,’ Journal of Consumer
Research, 21(3), December, 408–418.
BIBLIOGRAPHY
Sherif, Muzafer, and Hovland, Carl Iver (1961). Social Judgment: Assimilation and
Contrast Effects in Communication and Attitude Change. New Haven: Yale University
Press.
attention see buyer influence/readiness
attitudes, functional theory of
DESCRIPTION
A theoretical perspective holding that individual attitudes are developed to
satisfy various functional needs or goals of the individual.
KEY INSIGHTS
According to the functional theory of attitudes, the attitudes of individ-
uals are reflections of their underlying motivations. Such a motivational
approach to attitudes provides focus on identifying, understanding, and
explaining the way in which an individual’s attitude helps the individual
to satisfy certain individual needs or goals.
KEY WORDS Attitudes, goals, need(s)
IMPLICATIONS
The functional theory of attitudes can provide marketers with potential
insights into how and why consumers may develop and maintain various
attitudes, such as consumers’ developing positive or negative attitudes
toward the category of luxury goods, for example. Such a perspective
attribution theory 36
may assist marketers in inferring links between individuals’ attitudes
and their motivations or needs, such as a desire to either acquire or
shun luxury goods. As such, marketers can understand the potential
consequences, benefits, and limitations of marketing efforts occurring
at the time individual attitudes are developing.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Keller, Kevin Lane (1993). ‘Conceptualizing, Measuring, and Managing Customer-
Based Brand Equity,’ Journal of Marketing, 57(1), January, 1–22.
Retail Marketing
Schlosser, A. E. (1998). ‘Applying the Functional Theory of Attitudes to Understand-
ing the Influence of Store Atmosphere on Store Inferences,’ Journal of Consumer
Psychology, 7(4), 345–370.
BIBLIOGRAPHY
Shavitt, Sharon (1989). ‘Operationalizing Functional Theories of Attitude,’ in
Anthony R. Pratkanis, Steven J. Breckler, and Anthony G. Greenwald (eds.),
Attitude Structure and Function, Hillsdale, NJ: Lawrence Erlbaum Associates, 311–
337.
Locander, William B., and Spivey, W. Austin (1978). ‘A Functional Approach to
Attitude Measurement,’ Journal of Marketing Research, 15(4), November, 576–587.
attribution theory
DESCRIPTION
Theory or theories concerned with explaining and predicting the ways in which
individuals explain or attribute their own behavior and the behaviors of others,
where attributions include both personality-related and situational variables.
KEY INSIGHTS
Based on pioneering and early research in social psychology by individ-
uals such as Fritz Heider (1958), Harold Kelley (1967, 1972), Edward E.
Jones (Jones and Harris 1967), and Lee Ross (1977), collective research
in the area of attribution theory suggests that individuals attempt to
logically explain causality in their environment, where inferences are
made which may or may not be entirely accurate or without bias as a
result of individual perspective and other factors including the extent to
which events tend to vary across individuals, situations, and time. While
the theoretical area is very broad and continues to encompass much
social psychological research, insights from attribution theory include
the views that individuals have a tendency to attribute the causes of
other peoples’ negative or undesirable behaviors relatively more to their
personality than situational characteristics, whereas individuals tend to
attribute similar behaviors for themselves relatively more to situational
characteristics.
KEY WORDS Causality, personality, behavioral explanations
IMPLICATIONS
Implications of attribution theory include those associated with the
actor–observer difference phenomenon (see actor–observer difference)
37 audience effect
yet also extend beyond such specific implications since attribution theory
encompasses an even broader body of knowledge. For example, certain
attributional biases are observed through cross-cultural research to be
more pervasive in individualistic cultures (e.g. northern European) than
in collectivistic cultures. As such, international marketers should be
sensitized to how and to what extent current and potential customers
in different cultures may be likely to attribute the apparent causes of
unexpected and/or undesirable service outcomes.
APPLICATION AREAS AND FURTHER READINGS
Consumer Behavior
Robertson, Thomas S., and Rossiter, John R. (1974). ‘Children and Commercial
Persuasion: An Attribution Theory Analysis,’ Journal of Consumer Research, 1(1),
June, 13–20.
Services Marketing
Bitner, Mary Jo, Booms, Bernard H., and Mohr, Lois A. (1994). ‘Critical Service
Encounters: The Employee’s Viewpoint,’ Journal of Marketing, 58(4), October, 95–
106.
Bitner, Mary Jo (1990). ‘Evaluating Service Encounters: The Effects of Physical
Surroundings and Employee Responses,’ Journal of Marketing, 54(2), April, 69–82.
BIBLIOGRAPHY
Heider, Fritz (1958). The Psychology of Interpersonal Relations. New York: John Wiley &
Sons.
Kelley, Harold H. (1967). ‘Attribution in Social Psychology,’ in D. Levine (ed.),
Nebraska Symposium on Motivation, vol. xv. Lincoln: University of Nebraska Press.
Kelley, Harold (1972). Causal Schemata and the Attribution Process. Morristown, NJ:
General Learning Press.
Jones, E. E., and Harris, V. A. (1967). ‘The Attribution of Attitudes,’ Journal of
Experimental Social Psychology, 3, 1–24.
Ross, Lee (1977). ‘The Intuitive Psychologist and his Shortcomings: Distortions
in the Attribution Process,’ in L. Berkowitz (ed.), Advances in Experimental Social
Psychology, vol. x. New York: Academic Press, 173–220.
audience effect
DESCRIPTION
Any effect of an audience on the behaviors or performance of an individual or
individuals being observed.
KEY INSIGHTS
In the context of individual(s) engaged in tasks where performance
is evaluated, the effect of an audience on task performance may be
enhanced or diminished depending on the nature of the task and char-
acteristics of the audience and individual(s) engaged in the task. For
example, while live spectator audiences are clearly a motivator to pro-
fessional sports team play and thus highly encouraged by marketers, an
audience of onlookers may diminish the performance of a golfer used
to secluded play at an exclusive course. More often than not, however,
the audience effect is viewed as a form of social facilitation, whereby
the mere presence of others in various capacities (e.g. active or passive,
remote or co-located) can act to enhance the performance of individual(s)
averages, law of 38
who are the subject(s) of the audience as a result of the subject(s) feeling
motivated to perform better given a desire to stand up to the greater
scrutiny of an audience relative to the conditions of no scrutiny or lack
of immediate observation.
KEY WORDS Performance, observation, audiences
IMPLICATIONS
Marketers can seek to harness the positive elements of the audience
effect by understanding through experience, observation, and knowledge
of communication-related theories when and how audiences, in various
capacities, can facilitate individual or group performance on a limited
or ongoing basis. As examples, enabling either the chefs in a restaurant
or a health club’s group fitness instructors to be observable behind glass
windows to customers or spectators may motivate those performing the
tasks to perform more professionally, energetically, and consistently than
when their performance is not subject to audiences of spectators or
observers.
APPLICATION AREAS AND FURTHER READINGS
Advertising
Webb, Peter H. (1979). ‘Consumer Initial Processing in a Difficult Media Environ-
ment,’ Journal of Consumer Research, 6(3), December, 225–236.
Business-to-Business Marketing
Levitt, Theodore (1965). Industrial Purchasing Behavior: A Study of Communications
Effects. Boston: Harvard University.
BIBLIOGRAPHY
Zajonc, R. B. (1965). ‘Social Facilitation,’ Science, 149, 269–274.
augmented product see product levels
averages, law of
DESCRIPTION
A term expressing the view that, over the long run, probabilities will ultimately
dictate and equalize the performance of repeated events.
KEY INSIGHTS
For events which are probabilistically determined, such as where the
chance that the flip of a one-cent coin by an indecisive customer will
be heads (to decide to buy product A) as opposed to tails (to decide to
buy product B) is 50%, there is also the chance of skewed outcomes when
events are repeated, such as in obtaining ten heads in ten flips of a similar
coin by ten indecisive customers. However, the law of averages view of
probabilistic outcomes holds that, in the long term, probabilities will
dictate and equalize long-run performance, so that in 1,000 coin flips by
1,000 indecisive customers, for example, the number of heads and tails
obtained will tend to equalize to a far greater extent in comparison to ten
coin flips.
KEY WORDS Probabilities, events, outcomes, performance
39 Averch–Johnson effect
IMPLICATIONS
Many areas of marketing are influenced directly or indirectly by the
law of averages, where consumer behavior and marketing research are
examples. When consumer behavior is dictated by probabilities, such as
in selecting from two equally unknown brands of identical products, or in
efforts to obtain equal marketing research samples of males and females,
knowledge of the law of averages can guide the actions and estimates
of marketers under conditions where events are repeated and long-run
performance is a concern.
APPLICATION AREAS AND FURTHER READINGS
Consumer Behavior
Krishna, Aradhna (1994). ‘The Effect of Deal Knowledge on Consumer Purchase
Behavior,’ Journal of Marketing Research, 31(1), February, 76–91.
Marketing Management
Alexander, Ralph S. (1965). ‘The Marketing Manager’s Dilemma,’ Journal of Market-
ing, 29(2), April, 18–21.
Held, Gilbert (1998). ‘Contract Renewal—Think Short Term,’ International Journal of
Network Management, 8(6), 323–324.
BIBLIOGRAPHY
Martin, Selden O. (1915). ‘The Scientific Study of Marketing,’ Annals of the American
Academy of Political and Social Science, 59, The American Industrial Opportunity,
May, 77–85.
Averch–Johnson effect
DESCRIPTION
Overcapitalization among regulated firms that results from their facing a given
rate of return on capital.
KEY INSIGHTS
Identified and examined in research by Averch and Johnson (1962) on reg-
ulated firms, the Averch–Johnson effect refers to the profit-maximizing
response of such firms to choose combinations of inputs that are more
capital intensive than would otherwise be employed by the firms in the
absence of an allowed rate of return on capital.
KEY WORDS Regulation, capital
IMPLICATIONS
Marketing strategists and public policy makers involved in firm regu-
lation must consider the Averch–Johnson effect as a profit-maximizing
response among regulated firms that can be anticipated and expected. To
the extent that overcapitalization is inefficient and economically detri-
mental, firms and public policy makers must address the challenge of
altering firm inputs in ways that lessen their capital intensivity.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Frank, Mark W. (2001). The Impact of Rate-of-Return Regulation on Technological Innova-
tion. Aldershot: Ashgate Publishing Limited.