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V

Valid Objection
Truthful objection raised by a prospective buyer to a good or service offered by a salesperson; some valid objections are answerable, while others (no money, no need for the product) are not. See Objections; Hidden Objection; Invalid Objection.

Validity
The extent to which a research project actually measures
what it is intended, or purports to measure; see also: measurement validity.

Value
An underlying cultural expectation, usually directs an
individual's beliefs.

Value Pricing
A pricing approach in which the selling price of a good or service is based on the company's assessment of the highest value of the product to the consumer; that is, on what the consumer is willing to pay for it.

Value-Added Consumer Orientation
a recognition by the company that the price consumers are prepared to pay for its product will depend on the benefits received and not just on the physical product itself.

Value-Added Tax
a tax based on the amount by which value has been added to a product at each stage of production

Value-Added Wholesaling
providing more wholesaler services and lowering the cost of these services to retailers to improve productivity and profitability.

Values
enduring moral beliefs shared by members of a society and contributing to its culture

Values and Lifestyle System (VALS)
a technique, developed in the U.S. by SRI International, in which individuals are classified into groups on the basis of attitudes and demographic characteristics

Values and lifestyles (VALS) research
A research method which psychologically groups consumers based on certain characteristics such as their values, lifestyles, and demographics.

Van Distributor
a specialty wholesaler making frequent and regular deliveries of fast-moving consumer goods, mainly cigarettes and foodstuffs, to retailers

Variance (s2)
A descriptive statistic of central tendency that measures the extent to which individual scores in a data set differ from each other; the sum of the squared standard
deviations from the mean (s).

Vending Machine
a coin-operated device which can be used to dispense a variety of consumer products (food, cigarettes, etc) and services (automatic teller machines at banks)

Vending Machine
a coin-operated device which can be used to dispense a variety of consumer products (food, cigarettes, etc) and services (automatic teller machines at banks)

Vendor
a seller or supplier

Vendor Loyalty
the allegiance a firm gives to a supplier; straight rebuys usually reflect vendor loyalty but they are sometimes due to inertia.

Vendor Selection Strategy
the decision-making that occurs when a firm selects a supplier in order to minimise the risk of choosing the wrong one. Strategies used include the rating of vendors on a scale; the practice of choosing vendors from an approved list; multiple sourcing; and choosing the lowest priced vendor to minimise the potential for financial loss

Venture Team
key people from various departments of an organisation given responsibility for the development of a new product from concept to commercialisation

Verbatim
A transcript of the actual comments participants make in a
focus group or individuals. Many researchers include verbatims in their final reports to support their interpretation of the finding; s. data which may be used in content analysis; see also: interview schedule, semi-structured interview, structured interview, content analysis.

Vertical Integration
a strategy for growth in which a company adds new facilities to existing manufacturing or distribution facilities; vertical integration can be either forward or backward

Vertical Marketing System
an organised, structured and unified distribution channel system in which producer and intermediaries or middlemen (wholesalers and retailers) work closely together to facilitate the smooth flow of goods and services from producer to end-user

Vertical Price Fixing
agreement between producers and retailers to maintain the producers' recommended retail price; vertical price fixing is resale price maintenance, a practice now illegal in Australia

Videotex
a home shopping technology; an interactive system allowing subscribers to the system to access information about products on their normal TV screens by means of a small computer terminal, and to order items directly.

Voice-pitch analysis (VOPAN)
An advertising research technique of analyzing a subject's voice during their responses, to test their feelings and attitudes about an ad.

Voiceover (VO)
The technique of using the voice of an unseen speaker during film, slides, or other voice material.

Volume Segmentation
the division of a market into segments on the basis of the varying volume of demand for the product by individuals, groups or types of customers; typically, the segments are ranked to denote heavy usage, medium usage or light usage