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The article discusses trading stamps and the problems involved in estimating the liability for unredeemed stamps. A trading stamp company has uniquely designed stamps printed with serial numbers overprinted on each pad and receives batches which consist of 100 pads and 5,000 individual stamps. They distribute pads to their customers and account for the amount, date, serial numbers, customer identification, and other pertinent information for their records during the issuing. When the stamps are redeemed the books are canceled, usually through the mechanical perforation of the books. The perforated books are counted, the count recorded, and then those canceled books are sent to an accumulation center to be completely destroyed.

Asking consumers how dissonant they were may measure their levels of anxiety and may produce invalid indices of cognitive dissonance. Subjects with high anxiety are likely to answer in such a way as to be classified as dissonant even when they did not experience cognitive dissonance. [ABSTRACT FROM AUTHOR]

The article reports on the practice of competitive bidding in the business world. The author questions whether or not competitive bidding is an efficient way to secure marketing research. It is suggested that the bidding process, including the drawing up of contracts, be modified to simplify the competitive purchasing process. Methods that may be employed to alleviate costs associated with purchasing practices, including marketing personnel costs, are recommended. The author evaluates bidding processes employed by the ABC Company. The professional relationship between buyer and supplier is also discussed.

This article reports on research that investigated the relative importance of company reputation, salesman effort, and sales-message quality in industrial selling. It distinguishes between the relative importance of "high risk" and "low risk" purchasing situations, between "high-competence" (well-informed) and "low-competence" purchasers, and between the immediate effects of a sales presentation and the abiding effects. And it evaluates differences in sales effectiveness between the "quality" of a salesman's presentation his familiarity with the product, and how honest his prospects think he is. [ABSTRACT FROM AUTHOR]

Markets are people. But what kind of people? Traditional demographic methods of classifying people into markets have lost much of their ability to discriminate prospects from non-prospects or poor from good prospects. This article brings many of the traditional as well as newer methods of market definitions together into a conceptual whole. [ABSTRACT FROM AUTHOR]

This article is based on an address by Leo Burnett, head of one of the largest advertising agencies, when he was named 1966 Marketing Man of the Year by the Chicago Chapter of the American Marketing Association. Mr. Burnett feels that marketing men are handicapped by five major fallacies. But he points with pride as well as views with alarm--he has some constructive suggestions for the field of marketing. [ABSTRACT FROM AUTHOR]

The article discusses the theory relating advertising budget to sales revenue. Many models which have been assembled fail to account for the time lag between advertising and changes in sales volume, which is often immeasurable. Factors influencing distributed lag are primarily advertising media, and purchase decision characteristics. Indirect action advertising is directly related to this topic. It is defined by marketing professionals as effecting brand associations, favorable impressions, and the decision making of potential purchasers. A critical time lag comes from the causational chain of advertising. Advertising directed at consumers causes retail stock depletion, which causes more demand on wholesalers, who thereby order more product from manufacturers.

The article reports on the subject of marketing research from the viewpoint of industrial buyers. The author focuses on the benefits as well as the difficulties associated with marketing research conducted by suppliers that deal with buyers. The topic of industrial procurement is discussed in relation to quality control in the area of materials management. It is suggested that marketing research supplied by the vendors of industrial equipment can significantly impact buyers' purchasing decisions.

Explores the nature of one form of the vertical channel system that has changed the nature of the traditional vendor-customer relationship surrounding the acquisition of industrial supplies. Types of contractual purchasing systems; Subsystems of systems contracting; Services offered in systems contracting.

In the article, the authors are concerned with two aspects of the industrial purchasing process: constructing a definitive list of vendor attributes and determining the variations, if any, in the relative importance of these various attributes by purchasing and by non-purchasing executives when making buying decisions. As one attempts to collect a set of attributes which purchasing and non-purchasing executives deem important when making buying decisions, several collection techniques appear useful. One way is to secure indiscriminate lists that various authors have compiled. Another, more refined way is to use lists of attributes to which researches have imputed some importance in the evaluation of vendors. Another approach to identifying vendor attributes is to use motivational research techniques such as in-depth interviews and projective techniques. For buyers, vendor selection, evaluation, and source-loyalty systems can be effective operational tools. For sellers, a knowledge of the nature of customers' evaluation systems provides a way by which they may gain a differential advantage over competitors. The importance assigned to each vendor attribute is indicative of the relative emphasis that the seller should give to this factor when designing the firm's marketing mix.

Discusses the circumstances wherein a specific performance be compelled either by persons other than the promisee or against persons other than the promisor. Justification of the relief of specific performance in the agreement for the sale and purchase of land; Description of the relations between a seller and the buyer; Similarity of the relations of buyer and seller to that in mortgage.

The article presents recent lawsuits and decisions pronounced therein by various courts in the U.S. In one case, the maker of a note delivered it to the payee's agent on condition that it was not to take effect until signed by X, but the Matter's signature was never obtained. It was held that these facts cannot be set up in defence in an action by the payee against the maker. There is an almost hopeless conflict of authority as to whether there can be a conditional delivery of a note to the payee or his agent. Some courts have followed the strict rule as to deeds that delivery in escrow can be made only to a stranger.

The article deliberates upon the element of chance in land title as in vogue in the U.S. In respect of inquiry into title, there is ordinarily a wide difference in practice, as between chattels personal, on the one hand, and land and chattels real, on the other. It is true that in certain classes of dealings with chattels personal, as in the taking of railway mortgages, in the purchase of corporation stock, and in the lending of money upon mortgages, there commonly is a formal examination of title, covering such written data as exist in an available form, and including inquiry into some other matters, such as possession.

Examines the development of the implied warranties which the courts in the United States have recognized. Remedy for breach of warranty of chattels; Case of "Mew v. Russell" which was an action on the case on a warranty; Introduction of action in assumpsit; General remedy available to vendee against vendor for falsehood, fraud or misrepresentation.

Examines the concepts of "disseisin" of real property in the United States in the 1880s. Analogy between the tortuous taking of chattels and the wrongful ouster from land; Position of owners and lessors in legal cases; Instances when the disseisee's right was assignable by involuntary transfer.

The article focuses on issues related to the Uniform Vendor and Purchaser Risk Act. After the contract has been entered into for the sale of land, complicated problems arise as to the rights of the parties when the property is partially or totally destroyed before conveyance. The keystone of the Act is "possession ", but the use of this term leaves considerable room for interpretation by the courts. Under Section I (a) of the Act the purchaser is given the right to rescind the contract for material damage to the subject matter before transfer of possession, but the question is left open whether he may enforce it if he so desires. The Act also provides for the situation where part or all of the subject matter of the contract is taken by eminent domain.

The article presents a brief account court cases that were presented in various courts of the U.S. The cases have been discussed under followings headings: arbitration and award--conflict of laws--suit in foreign court in violation of agreement to arbitrate; conflict of laws--obligations: tort--effect of non-recognition on application of soviet law; conflict of laws--property rights: movables--conditional vendee's right to redeem repossessed chattel; conflict of laws--remedies: right of action--law applicable in tort survival cases.

This article presents information related to recent cases on power of dealer to bind conditional vendor by transaction with bonafide purchaser. A delivered an automobile to B, a dealer, under a conditional sales agreement, which A assigned to the plaintiff, a finance corporation. The agreement stipulated that B was not to sell the car without the consent of A. B sold the car to C, a bona fide purchaser, without obtaining consent, taking a conditional sales agreement in part payment. The defendant financed this transaction in good faith and received an assignment of the written agreement.

Describes the doctrine of notice as developed by the English courts of equity. Distinction between notice in equity and notice in some other branches of the law; Overview of the rules in respect to notice to purchasers of adverse titles or claims; Identity of notice and knowledge as denied by textwriters.

Focuses on the factors affecting the marketability of land titles in the U.S. Terms of the agreement signed between the vendor and the purchaser; Valuation of assets; Details on the statute of frauds.

The article presents information on the conditional deliveries of deeds of land. It is not necessary for the purposes of this article to enter into any exhaustive analysis of the essentials of a good delivery; to consider whether delivery is purely a question of the grantor's intent or whether that intent must be evidenced by some external physical act, or the further question whether in addition to this intent there must be a physical tradition or other dealing with the instrument. Assuming a sufficient external manifestation of intent and a sufficient physical delivery of the instrument, the question whether this otherwise complete instrument becomes operative as a deed may be said to be a question of the grantor's intent.

The article cites a case in which a vendor sold equipment under a conditional-sales contract which provided that the vendee was to assume the risk of loss and insure the equipment in the vendor's favor. But vendee failed to procure insurance, and vendor, to insure its own interest, independently procured a policy containing a general subrogation clause. When the equipment was destroyed by fire, the vendor received the amount due under the policy. The amount was less than the balance due from the vendee. So the vendor filed a claim for full amount of the unpaid balance of the contract price.

Priority rules that are mixtures of pre-emption and postponable rules are analyzed. Whether a pre-emption occurs is made to depend on some factor in addition to priority class. A lower priority customer is pre-empted if and only if the queue length of higher priority customers is N, a decision parameter. The stochastic model (without priorities) is that of the M/G/1 queue. First moment expressions (e.g., expected number of customers in the system) in the steady state case are obtained for each priority class, using the concept of work conservation. A linear cost model is introduced which is a function of expected waiting time and expected number of pre-emptions. By considering a parametric class of rules determined by the decision parameter, the problem of finding an optimal rule is formulated. [ABSTRACT FROM AUTHOR]

The paper describes the findings of research into the structure of shipping conference tariffs, that is, the general factors which account for the differences between rates on commodities in a tariff. The results support the contention that the actions of shipper organizations can be important determinants of the structure. This is to be expected because of the imperfect nature of the liner market and the influence which may be exerted by "purchasers associations." The practices of the conferences have been described frequently, but the bases on which the conferences have set rates have remained obscure. 2. The lack of determinateness about the bases for rates is surprising. Certainly, very many factors may affect the level of individual rates, but it is likely that only a limited number of these factors are generally important. If this is the case it seems reasonable to expect that these general factors would be evident in the relationship between the rates in a tariff. This expectation is enhanced by the centralized nature of the rate making process. On most trade routes conferences have dealt with shippers who have been unorganized. It is only relatively recently that shippers have been organized into associations or shippers' councils. 3. Consequently, the structure of conference tariffs has been determined essentially by the conferences acting as discriminatory monopolists.

This article compares the situation of immigrants in the U.S. and Israel. The assurance of voting rights and facilities is significant part of the U.S. government's efforts toward equal protection of the Negro. These efforts are matched by the civil rights movement of American youth with its idealistic devotion, its sacrifice and perseverance. In Israel, the right to vote issue does not exist. However, each vote in Israel has equal weight and the problem of re-apportionment does not exist. There are different legal problems associated with the housing rights of Negro citizens in the U.S. such as freedom of contract and sale of private dwellings. School integration in Israel means depriving Arabs of their old-established right to maintain their own national and partly religious culture.

The article focuses on reformed businessman Tom L. Johnson. Of all the leaders of the Civic Revival none had a clearer mental picture of his goal than did Tom L. Johnson, and none had a more definite program for achieving it. If there can be said to be any tragedy in a life dominated by a courageous struggle to realize an ideal, it was, in Johnson's case, that he was never allowed to apply to the problems of the city the remedy which he felt was fundamental to their solution. A man who liked directness, he had to work indirectly; a man who was convinced that there could be no compromise with privilege, he had to accept, in the biggest fight of his life, a so-called victory that involved just such a compromise. Johnson was indebted to Henry George for both his goal and his program but the ability, conviction, and resourcefulness with which he pursued his ideal were his own. He was not an original thinker although he accepted new ideas as eagerly as most men hold on to old ones. He had a beautiful vision of a gleaming "city on a hill." Primarily, however, he was an active man. He was interested in physics and mathematics but his hobby was inventing things, not studying pure science. He liked big things. When he read, it was books like Gibbon's "Decline and Fall." In politics, if he is remembered at all, it will be because, as one of his greatest admirers expressed it, "Tom Johnson first projected in deeds what other men only dreamed or wished or wrote or thought.

The article examines an economy with a finite number of agents who own an initial allocation of a finite number of commodities. The resulting equilibrium will be optimal if the price system is given and the agents choose net trade when there is no production. The equilibrium also gives the agents the same trading possibilities. A net trade is fair if the net trade of an agent is as good as the net trade of any other agent. There is also no limit to how many times an agent can choose from the set of net trades.

The thesis above outlined may be summarized somewhat as follows: (1) Sell commodities promptly and rapidly, and at not more than ceiling prices, so long as conditions are generally inflationary in the markets involved. (2) With an eye to the competitive consequences of sales policies, give wide publicity to sales of public property, employing every practicable measure to make such sales available to small or independent firms. Follow pricing policies that give smaller or weaker purchasers at least an equal break with larger or stronger buyers, particularly in a tight market. (3) Canvass the competitive consequences of preferential sales of war plants to independent purchasers, but do not be too optimistic about what can be accomplished in this direction. (4) Do not sell in a depressed market or at a time when national conditions are generally deflationary. This is subject only to the qualification that the sale of certain government stocks made at low prices may be stimulating in their consequences. (5) As an alternative to distressed sales, canvass fully the possibilities of legitimate use of stockpiling and of relief distribution both in this country and abroad. (6) By legislation and through policy statements of the administrative agency, remove, so far as is practicable, business uncertainties as to policies that will be followed in the disposal of surpluses. (7) Endeavor to realize the maximum from the sale of public property, but subordinate this consideration to other objectives of policy. I previously stated that the problem of surplus materials can best be approached from the standpoint of certain accepted goals of public policy, i.e., the control of inflation, the fostering of a competitive economy, the maintenance of employment, the safeguarding of national security, the recovery of public investment-rather than by analyzing the position taken by separate interest groups. [ABSTRACT FROM AUTHOR]

Deals with manufacturers' warranties and consumers' relationship to them. Discussion on the attack on manufacturer warranties; Importance of effective warranties to consumers; Examples of related cases.

This article examines the periodic selling of Crown land in Great Britain on February 18, 1599 and May 20, 1601. The purchase price of any piece of royal landed property was calculated by multiplying its net annual value, as contained in the particular rendered by the auditors of the land revenue office, with a factor representing a number of years purchase. H.J. Habakkuk, a scholar, has clearly shown that this practice conforms in principle with that used in private transactions and that in the latter the normal market rate throughout the sixteenth and seventeenth centuries appears to have been 20 years' purchase of the clear improved value. At the beginning of the 1599 sale the commissioners were provided by the Crown with an interesting list of instructions, in which there were some items stipulating the rates at which they were to aim in selling various classes of property. Falls in price could occur without inducing a clamorous new demand because the selling of royal land was not a continuous process, the sale might well be terminated before news of the price fall spread widely.

The allocation of income with respect to periods of time is of fundamental importance in both accounting and taxation. Under the accrual basis of accounting the sale is looked upon as one of the best evidences of realized income. However, the determination for Federal income-tax purposes of the time when income is realized from a sale gives rise to such questions, as: a) Is income realized when a contract of sale is entered into by the parties? b) Is there income to the seller when legal title passes? In this paper the time of income realization will be examined with reference to dispositions of personal and real property. The study is based upon reported cases of the Federal Courts and the Board of Tax Appeals. Although the subject of deferred payment sales will be discussed generally, a consideration of installment sales is excluded. In as much as the legal principles applied to sales of personalty in determining passage of title differ from those applicable to transfers of title to realty, the two types of transactions sales will be considered separately.

The article discusses issues related to imitations and adulteration. An inquiry has been made into the case of substitute goods which are adulterated or imitated without the knowledge of the purchaser. The terms adulteration, substitute, surrogate, imitation, artificial, synthetic and falsification have been defined to avoid misunderstanding. The five different types of reactions of genuine goods to the competition of falsified ones has been examined. Firstly, the competition may drive the genuine good out of use; secondly, it is possible that both may remain in trade side by side; thirdly, the falsified good may fail to remove the genuine and itself fade out; fourthly, the demand for both the goods may fall and finally, the demand for both the goods may rise. It is observed that the degree of substitutability of the genuine good for the falsified and vice versa and the consumer's knowledge or ignorance of the nature of both commodities determines the outcome of the competition between the genuine and falsified goods.

The obligation of the seller of a product to the customer who incorporates it In his own manufacturing process and to the ultimate consumer Is a matter that frequently comes be fore commercial arbitrators. From his vantage point in the legal department of one of the nation's foremost manufacturers of Industrial and consumer products, the author explains what can be done to meet the standards of responsibility imposed by the Uniform Commercial Code. [ABSTRACT FROM AUTHOR]

In the October 1962 issue of "Journal of Marketing," Franklin B. Evans presented data as to kinds of shopping behavior exhibited by automobile purchasers. The October, 1963, issue contained a three-fold critique by Joseph R. Murphy of the Evans article. Here is the Evans reply to the Murphy reply to the original article by Evans. [ABSTRACT FROM AUTHOR]