E

Early adopters
customers who are willing to buy a new product quite soon after launch

E-commerce
the use of technologies such as the Internet, electronic data interchange, e-mail and electronic payment systems to streamline business transactions

E-commerce marketing mix
the extension of the traditional marketing mix to include the opportunities afforded by the new electronic media such as the intranet

Economic order quantity
the quantity of stock to be ordered where total costs are at the lowest

EDI
electronic data interchange, electronic links between suppliers and retailers allowing purchase orders, packing lists, delivery notices, invoices and remittance advices, as well as self-billing by retailers

Effectiveness
doing the right thing, making the correct strategic choice.

Efficiency
a way of managing business processes to a high standard, usually concerned with cost reduction; also called ‘doing things right’

Electronic data interchange
a pre-Internet technology which was developed to permit organizations to use linked computers to exchange information rapidly

Encirclement attack
attacking the defender from all sides, i.e. every market segment is hit with every combination of product features

Enquirers
people who have contacted the organization and shown interest in one or more products but, as yet, have not bought

Entry barriers
barriers which act to prevent new firms from entering a market, e.g. the high level of investment required

Entry into new markets (diversification)
the entry into new markets by new products

Environmental scanning
the process of mon-itoring and analysing the marketing environment of a company

Equity joint venture
two or more companies form a partnership which involves the creation of a new company

Ethics
the moral principles and values that govern the actions and decisions of an individual or group

Event sponsorship
sponsorship of a sporting or other event

Everyday low prices
a retailers’ policy of keeping prices low every day rather than through sales promotions

Evoked set
the set of brands that the consumer seriously evaluates before making a purchase

Exaggerated promises barrier
a barrier to the matching of expected and perceived service levels caused by the unwarranted building up of expectations by exaggerated promises

Exhibition
an event which bring buyers and sellers together in a commercial setting

Exit barrier
the barriers to leaving an industry, e.g. the cost of closing down plant

Experience curve
the combined effect of economies of scale and learning as cumulative output increases

Experimental research
research undertaken in order to establish cause and effect

Experimentation
the application of stimuli (e.g. two price levels) to different matched groups under controlled conditions for the purpose of measuring their effect on a variable (e.g. sales)

Expert power
power which derives from an individual’s expertise

Exploratory research
the preliminary exploration of a research area prior to the main data collection stage

Export merchant
an organization which takes title to products and sells them abroad

Extended problem-solving
a high degree of information search, close examination of alternative solutions using many choice criteria

Extranet
a website where access is restricted to approved users