Index technischer Begriffe in unseren Unterlagen

ABC Abkürzung für Audit Bureau of Circulation - ein englisches Institut, das die Verbreitung von Zeitschriften und Zeitungen feststellt. In Deutschland das IVW, in den USA das BPA

Above the line Das ist klassische Werbung in TV und Hörfunk, Zeitschriften und Zeitungen, im Kino und mit Plakatanschlag

Account Ein Account bezeichnet den Etat eines Kunden mit dessen geplanten Werbeausgaben. Synonym wird Account in Agenturen für Kunde verwendet.

Accruals Amounts owed for salary, taxes, and other items, but not yet paid.

Accrual basis accounting An accounting convention in which revenue and most costs are recognized when the sale of the good or service occurs, rather than when the cash is received or when expenses are paid. Accrual basis accounting relies on the matching and recognition principles.

Acquisition Rate Die Erfolgsrate in der Akquise von Kunden (Neukundengewinnung).

Across the Board Werbesendung, die an fünf aufeinander folgenden Tagen zur jeweils gleichen Zeit ausgestrahlt wird

Ad Click Zahl der Klicks auf einen Hyperlink, der zur Website eines Werbungstreibenden führt

Ad Abkürzung für engl. "Advertisement", also auf Deutsch Werbung. Im Internet sind damit oft Werbe-Banner und Werbe PopUps gemeint (= Web 1.0).

Add-a-Card-Anzeigen Anzeigen, bei denen eine Antwortkarte aufgeklebt ist

Ad Impressions Nach einer Empfehlung des Deutschen Direkt-Marketing Verbandes (dmmv) sind AdImpressions der messbare Werbemittelkontakt. Sie bezeichnen die Anzahl der von den Clients der Nutzer abgerufenen (requested) Werbemittel von einem Server des Werbeträgers. Die AdImpressions werden über Redirects (automatische Wiederaufrufe der Seite) erfasst. Als Werbemittel können Banner oder andere Werbeformen eingesetzt werden.

AdClick Anzahl der Klicks auf ein Werbebanner oder einen Hyperlink, der zum Angebot eines Werbungtreibenden führt. Wird als Mass für den Erfolg von Ad-Kampagnen verwendet. Die Adclick Rate ist das Verhältnis von AdClicks zu Page Impressions

Ad-Server Server, der Banner von Werbekunden verwaltet. Beim Aufruf einer Webseite durch einen Benutzer überträgt die Serversoftware automatisch die passenden Banner auf diese Seite. Für solche Banner-Kampagnen kann festgelegt werden, welche Banner welchen Benutzern wie lange gezeigt werden sollen (Targeting) - entsprechend sind dann die Kosten. Neben diesen Funktionen vereinfachen Adserver die Überwachung und Erfolgskontrolle von Bannerkampagnen. Der Adserver führt exakt Buch über die einzelnen Bannerschaltungen und liefert Statistiken über die (Page Views) und Bewegungen eines Besuchers (User Tracking).

Ad Targeting Das ist die gezielte Plazierung von Werbemassnahmen

Added value Zusatznutzen eines Produktes (u.a. Übertreffen von Erwartungen der Kunden)

Advantage Print ist ein standardisierter Pretest der GfK Marktforschung für Anzeigen

Advertising Effect Die Werbewirkung untersucht den Zusammenhang zwischen dem Werbe-Stimuli und deren Einfluss auf den Rezipienten. Die verschiedenen Stufenmodelle der Werbewirkung versuchen, Ursache / Wirkungszusammenhänge zu erkennen, sie zu analysieren und zu interpretieren.

Affiche ist ein Grossplakat in der Aussenwerbung

After Sales Marketing Bemühungen, einen Kunden nachträglich in seiner Kaufentscheidung zu bestätigen, zum Wiederholungskauf anzuregen, die Kundenzufriedenheit zu erhöhen und damit eine langfristige Kundenbindung zu erreichen und den Ertragswert des Kunden zu steigern.

AIDA-Formel

A -attention - Aufmerksamkeit erregen
I - interest - Interesse wecken
D - desire - Wünsche erzeugen
A - action - Kauf auslösen

Aided-Recall Aided Recall bezeichnet die gestützte Erinnerung Hierbei wird mit Hilfe von Gedächtnisstützen (z.B. Abbildungen, Fotos, etc) ermittelt, inwieweit sich der Befragte an ein Werbemittel erinnern kann. In der Markt-, Media- und Werbeforschung gilt die Erinnerung als Indikator für die Wirksamkeit von Marketing- und Werbekampagnen bzw. Effizienz einer Publikation als Werbeträger.

Aktionswerbung Verkaufsförderung mit Promotioncharakter, jedoch mittels klassischer Werbung - beispielsweise durch Anzeigen in der Tagespresse; die Aktionswerbung als Einzelelement führt zur kurzfristigen Käuferstimulanz; typisches Beispiel: der SSV.
Jährlich wiederkehrend - der SSV, der WSV, die Urlaubs-, Weihnachts-, Oster-, Pfingst-, Herbst- , Sommer-, Winter- und Frühlingsschnäppchen. Aktionswerbung eben.

Akzeptanz Um die Akzeptanz eines Neuproduktes oder einer Werbelinie zu ermitteln, werden Testpersonen oder -gruppen um ihre Meinung gebeten. Diese Verfahren erfolgen auf unterschiedlichste Art und Weise - sei es durch Markteinführung des Produktes in ausgewählten Gebieten, mittels Erhebungen durch Befragungen oder gezieltem Messen des Kaufverhaltens ausgewählter Personenkreise. Wird ein Produkt oder eine Werbelinie nicht akzeptiert, gar abgelehnt, spricht man von Reaktanz. Wer denkt, was oder wie über dieses Produkt und dessen Werbung - ein Psycho-Fragespiel für selbstbewusste Testpersonen.

Arbitrage Buying securities in one country, currency or market and selling in another to take advantage of price differentials.

Art Director oft der Titel des Verantwortlichen für die visuelle Gesamtgestaltung einer Kampagne oder Anzeige etc. in einer Werbeagentur.

Articles of Association Regulations for governing the rights and duties of the members of a company among themselves. Articles deal with internal matters such as general meetings, appointment of directors, issue and transfer of shares, dividends, accounts and audits.

Articulate Retained earnings on the balance sheet are equal to the previous year's retained earnings plus the current year's net income, less any dividends paid. 

Asset Protection Trust A trust established offshore to protect settler's assets against those who may attempt to make claims against them: creditors, former spouses and dependents on death. Some offshore jurisdictions provide protection from creditor claims against persons who have guaranteed bank loans.

Asset turnover Assets/Sales.  Sometimes based on average assets: [(Assett + assett-1)/2 /Salest. This ratio is often used as an indicator of efficiency of asset utilization.

Assoziationstest Verfahren, um Assoziationen, Anmutungen und Imagevorstellungen zu überprüfenAWA Abkürzung für Allensbacher Werbeträger Analyse

Back to Back Loan A loan structure when "A" deposits a sum of money with a bank in country "X" on condition that a related branch, agency, edge corporation or bank located in country "Y" will lend an equivalent sum to "A" or a designee in country "Y".

Bare Trusts
Also known as dry, formal, naked, passive or simple trusts. These are trusts where the trustees have no duties to perform other than to convey the trust property to the beneficiary(s) when called upon to do so.

Bear
An investor who has sold a security in the hope of buying it back at a lower price.

Bearer Share Certificate
A negotiable share certificate made out in the name of the bearer and not in the name of a particular person or organization.

Bearer Stocks/Shares
Securities for which no register of ownership is kept by the company. Dividends are not received automatically from the company and must be claimed.

Beneficial Owner The actual or economic owner of an offshore company as distinct to the registered or nominal owner.

Best Efforts A designation that a certain financial result is not guaranteed, but that a good faith effort will be made to provide the result that is represented.

Beta A measure of risk.  Beta measures a stock's market risk, which is the risk relevant to an investor.  Market risk is the amount of risk that a stock contributes to a well-diversified portfolio. 

Bond rating A measure of the creditworthiness of a bond.  For example, Moody's bond ratings range from AAA down to C and D.  AAA means very creditworthy and unlikely to default.  Bonds rated BB or below are defined as non-investment grade bonds, commonly called junk bonds.

BIS Bank for International Settlements, Basle, Switzerland. The bank's bank.

Blind Trust
A trust in which the trustees are not allowed to provide any information to the beneficiaries about the administration of the assets of the trust.

Blocked Funds Term for "reserving" funds by one bank for the benefit of another bank. Blocking of funds is an often used banking procedure to ensure that the same funds are not used twice. Often more beneficial to an investor than a bank guarantee.

Blue Chip Term for the most prestigious industrial shares. Originally an American term derived from the color of the highest value poker chip.

Bond Any interest-bearing or discounted government or corporate security that obligates the issuer to pay the holder of the bond a specified sum of money, usually at specific intervals, and to repay the principal amount of the loan at maturity. A secured bond is backed by collateral, whereas as an unsecured bond or debenture, is backed by the full faith and credit of the issuer, but not by any specified collateral.

Bond spread The difference in yield between a corporate bond of a certain credit rating and a comparable maturity Treasury security.

Book value The value of an asset, a liability, or a company that is based solely upon the values reported in the company's financial statements.

Bridge/Mezzanine
Financing for a company expecting to go public usually within six months to a year. Often bridge financing is structured so that it can be repaid from proceeds of a public underwriting. Broker - An intermediary. An individual or organization in-between the person/organisation that controls the funds and the provider/trader. A broker often knows someone who knows somebody else who may provide program trading. This chain of brokers is known in the business as a "daisy chain". There are thousands of "want-to-be"-, "hope-to-be"- and "wish-they-were" brokers in the high-yield business who are giving the industry a bad name.
Bull - An investor who has bought a security in the hope to make a profit from rising prices.

Buyout
Funds provided to enable operating management to acquire a product line or business, which may be at any stage of development, from either a public or private company.

Basis point 1/100 of a percent.  For example, a 10 basis point increase from an interest rate of 4 percent gives an interest rate of 4.10 percent.

Capital asset pricing model (CAPM) A model of investor required returns.  The required return to equity is the risk free rate plus beta multiplied by the market risk premium: rs = rRF + Beta (Market risk premium)

Capital requirements The amount of capital required to support a dollar of sales.

Circularity Interdependence among formulas in a spreadsheet in which changes in one variable cause changes in a second variable, which in turn brings about a further change in the first variable.

Common stock Item on the balance sheet that shows how much stockholders have invested in the company by purchasing stock from the company.

Comprehensive financial statements A set of extremely detailed financial statements that includes practically all the entries that might be encountered in actual statements.

Condensed financial statements A set of focused financial statements that includes only the level of detail that is essential to a fundamental valuation of a firm. Individual items in the comprehensive statements are aggregated to produce the condensed statements.

Constant growth formula A formula for the present value of a constantly growing stream of free cash flows.

Constant growth rate dividend policy Dividends are assumed to grow at a constant rate.

Corporate value The sum of the value of a firm's operations and the value of its non-operating assets.  This is the total value of the firm.

Cost of capital The return the company must obtain on a certain source of capital, for example debt or equity, to satisfy those investors.

Cost of equity The return stockholders require on their investment in the stock.

Cost of goods sold (COGS) Expenses associated with production activities.

Current assets Assets expected to be converted to cash within a year.  Current assets include inventory, accounts receivable, cash, and short-term investments.

Current liabilities Liabilities expected to be paid off within a year.  Current liabilities include notes payable, the current portion of long-term debt, and accruals.

Current ratio Current assets/Current liabilities.

Depreciation The amount of an asset's purchase price that is taken as an expense during each reporting period over the life of the asset.

Dividends Money paid out to shareholders.

Earnings before interest and taxes (EBIT) Net income less COGS and SGA.

EBITD Earnings before interest, taxes and depreciation.

Economic profit A generic name for economic value added (EVAä)

Economic value added (EVAä) The amount of economic value added to a company during the year.  Calculated as:  EVA = NOPAT - Operating capital (WACC).  Sometimes defined as: EVA = NOPAT - (Operating capital at the beginning of the year) (WACC).

Excess cash Cash in excess of the amount needed to support operations.

Extraordinary items Items on the income statement that are non-recurring, such as reorganization charges.

Fixed payout ratio A dividend policy in which dividends are a constant proportion of net income.

Free cash flow (FCF) NOPAT minus required investment in operating capital.  FCF is the total amount of cash available for distribution to all the firm's investors-stockholders, bondholders, and preferred stockholders.

Fundamental analysis Valuing stocks based on their expected future cash flows.

Fundamental value The value that results from discounting expected future cash flows at an appropriate cost of capital.  Analysts are not likely to agree on this value; it is an intrinsic value.

Gross margin Gross profit/Sales.

Gross profit Sales less cost of goods sold.

Interest coverage ratio Operating profit/Net interest expense.

Intrinsic value An estimate of value that is determined according to the particular views and beliefs of an individual investor or analyst.  See fundamental value.

Inventory turnover Inventory/Sales (sometimes defined as the average inventory during the year divided by the year's sales).

Market risk premium The return over and above the risk free rate that investors require for bearing market risk:  RPM = expected return on market - risk free rate.

Market value The price at which the asset may be purchased or sold in the financial markets.

Market value added (MVA) Total market value of firm (i.e., market values of debt plus equity) minus total capital contributed to the firm.  The total contributed capital is the book value of debt plus the book value of common stock and retained earnings, as shown on the financial statements.

Matching principle The principle that irrespective of when cash payments for costs of producing goods are actually made, the costs cannot be incorporated into income until goods that were produced are sold.

Net operating profit after taxes (NOPAT) Operating profit less the taxes due on operating profit.  In the simplest firm, this is EBIT (1-T) where T is the tax rate.

Net profit margin Net income/Sales.

Net working capital Current assets minus current liabilities.

Non-linear model A model for projecting a balance sheet or income statement item in such a way that it is not a linear function of sales.

Operating current assets Short-term assets used in operations.  Doesn't include excess cash or short-term investments.

Operating current liabilities Short-term liabilities used in operations.  Doesn't include notes payable.

Operating long-term capital Long-term capital used in operations, such as buildings, equipment, and land.

Operating margin EBIT/Sales.

Operating profit Profit from operations.  Usually EBIT.

Operating profitability NOPAT/Sales.  It is the contribution that operations make to the firm's overall profitability.

Payout ratio Dividends/Net income.

Plant property and equipment (PP&E) Long-term assets owned by the company and used in operations or for administration.

Present value The value today of an amount of cash to be received in the future.

Pre-tax margin Profit before taxes/Sales.

Price to book ratio Market value of a company's stock (per share) divided by the book value of equity (per share).

Prime rate The rate that banks offer customers with high credit ratings.

Principal The initial amount borrowed in a loan.  Also called the face value.

Quick ratio (Current assets - inventory)/Current liabilities.

Rating agency An organization, such as Standard and Poor's, Fitch, and Moody's, that analyzes the creditworthiness of companies.

Receivables turnover Receivables/Sales.

Recognition principle A rule employed to determine when to report revenue and costs. Most companies recognize revenue and most costs when the good or service is shipped or delivered, rather than when the cash from sale is received or when production expenses are paid.

Residual dividend Dividends are set so that assets are equal to liabilities plus owners equity.

Retained earnings Item on the balance sheet that shows how much stockholders have contributed to the company as the company reinvests (i.e., retains) earnings rather than pays earnings out dividends.

Return on invested capital (ROIC) NOPAT/Beginning capital.  A measure of how well the company is doing financially with the assets it uses. Sometimes calculated as NOPAT/Capital if used for performance measures.

Reverse engineer Use of a valuation model to deduce what combinations of assumptions about the firm's operating performance are consistent with the current market price of the firm's stock.

Risk free rate The rate of return on long-term Treasury securities.

Selling, general, and administrative expenses (SGA) Expenses associated with corporate overhead, advertising, and administration-mostly expenses not directly associated with production.

Sensitivity analysis Using a valuation model to see how variation of the assumptions about operating or nonoperating performance  affects the value of the firm.

Short-run projection period The period during which projections of operating performance are based on specific plans and circumstances of the firm.

Spread The difference in yields between two assets.  For example, a bond spread is the difference between the yield on a particular bond and the yield on a Treasury security of the same maturity.

Steady-state period The period of a firm's existence during which the forces of competition have eroded the ability of the firm to generate extraordinary returns to its investors.  When this period is reached, the growth and profitability performance of the firm will merge with that of other firms in its industry, and ultimately with the performance of the economy at large.

Total market value Market value of debt plus the market value of equity.

Value driver Something that is an important factor in the determination a company's profitability and value.  For example, sales growth or gross margin.

Value of equity The value of the common stock, sometimes defined as the projected value of the common stock as predicted by the valuation model (intrinsic value), and sometimes, as the market value of the common stock.

Value of operations (VOp) The present value of the free cash flows when discounted at the weighted average cost of capital. 

Weighted average cost of capital (WACC) The after-tax costs of capital of all of the various sources of financing, weighted by their relative market values:  if there is only debt and equity, then this is WACC = wdrd(1-T) + ws­­rs.

Yield The rate of return that an investor would realize on a bond held to maturity.