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Common Language Initiative Aims to Eliminate Ambiguity in Marketing Terminology By Nancy Pekala How would you define “marketing research”? How about “brand”, “return on investment” or “customer satisfaction”? Chances are a roomful of marketing professionals would offer up a variety of definitions to describe the same terms. That’s why the Marketing Accountability Standards Board (MASB), in conjunction with the AMA, set out to develop a common marketing language through its new Common Language Project, headed by Dr. Paul Farris of the University of Virginia’s Darden School of Business. MASB is an independent, private sector, self-governing body where marketing and finance align on measurement for reporting, forecasting and improving financial returns from buyers. COMMON LANGUAGE TERMS Ad awareness Annual growth % Average price per unit Average unit price Awareness Brand Brand awareness Brand equity Brand loyalty Brand penetration Brand preference Copy testing Customer satisfaction Dollar market share Fixed cost Gross margin Gross sales Loyalty Margin (%) Market penetration Market share Marketing Marketing Accountability Standards Board (MASB) Marketing Metric Audit Protocol (MMAP) Market penetration Marketing research Marketing spending MMAP characteristics Net profit Operating margin Penetration Predictive validity Pre-testing Price per statistical unit Price per unit Price premium Profit-based sales targets Quality assurance Reliability Retention rate Return on investment (ROI) 1 Return on marketing investment (ROMI) Return on sales (ROS) Sales (accounting) Sales effectiveness Sales force effectiveness Sales forecasting Sales potential forecast Sales territory Sales total Target revenues Target volumes Top-of-mind awareness Total cost Unit margin Unit market share Unit price Validity Variable cost Volume projections Willingness to recommend One of the hurdles to effective marketing accountability is the lack of agreed upon definitions of marketing activities and associated metrics and measures for evaluating outcomes in the marketing industry. The objective of the Common Language Terms project is to eliminate ambiguity in marketing terminology and definitional differences between marketing and other functions within firms and across firms engaged in the practice of marketing. Farris noted that “To become more transparent and accountable, it is ever more important for marketing to add precision to its common language.” For more information about the Common Language Project, visit the MASB web site. The AMA's online dictionary also contains links to the Wikipedia entries. Nancy Pekala is the AMA’s Senior Director of Online Content. Continue the conversation about common marketing language terminology in the Marketing Academics group of AMAConnect, the AMA’s online community for marketing professionals. Follow us on Twitter @marketing_power. 2