Common Language Marketing Dictionary

September 5, 2018

By Bill Duggan

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The Common Language Marketing Dictionary managed by MASB (the Marketing Accountability Standards Board) is a terrific resource for defining marketing terms. Just as generations have gone to Merriam-Webster and Oxford — and more recently Dictionary.com — to help define words, marketers have this resource from MASB to define marketing terms.

The Common Language Marketing Dictionary now defines some 1800 terms, generating 11,000 uses per month. Examples of terms include:

 
  • Brand Preference: One of the indicators of the strength of a brand in the hearts and minds of customers, brand preference or brand choice represents which brands are preferred under assumptions of equality in price and availability.
  • Customer Lifetime Value: Customer lifetime value, lifetime customer value, or user lifetime value is the dollar value of a customer relationship, based on the present value of the projected future cash flows from the customer relationship.
  • Screenagers: People in their teens or early twenties who have an aptitude for digital devices and spend a substantial amount of their time on the internet and interacting with social media.
  • Willingness to Recommend: Willingness to recommend is a metric related to customer satisfaction. When a customer is satisfied with a product, he or she might recommend it to friends, relatives, and colleagues. This willingness to recommend can be a powerful marketing advantage. In a survey of nearly 200 senior marketing managers, 57 percent responded that they found the "willingness to recommend" metric very useful.

I recently had the pleasure of attending the MASB Summer Summit where it was announced that the Common Language Marketing Dictionary is in the process of being upgraded, with a relaunch slated for early September. This relaunch will enhance ease of use and have special features including listings of Marketing Institutions and Organizations, Marketing Acronyms, Marketing Acts, Regulations, and Standards, and an archive of the Marketing Term of the Week.

The ANA is proud to be a co-sponsor of the Common Language Marketing Dictionary along with the Marketing Accountability Standards Board, Marketing Science Institute, Interactive Advertising Bureau, and the American Marketing Association. Visit marketing-dictionary.org. MASB welcomes suggestion for new terms and comment on existing terms at registrar@themasb.org.

 

Bill Duggan is a group EVP at the ANA.


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