A new initiative aims to address the often-heard complaint that marketing and accounting departments don’t speak the same language.

Launched in August, the “Common Language in Marketing” project is an open-source, curated library of advertising and marketing terminology and metrics. It will combine the insights of leading marketing academics, industry trade associations, and subject matter experts and input from the broader community.

“One of the obstacles to the effective practice of marketing is the lack of a common language and definitions of marketing activities and metrics,” notes MSI CMO Earl Taylor. “This glossary should help marketers to talk about their efforts in ways that are meaningful to others: advertisers, agencies, and perhaps most importantly, the financial community.”

Developed by the Marketing Accountability Standards Board (MASB), the project is supported by the American Marketing Association and the Association of National Advertisers as well as MSI. It is part of MASB’s broader effort to link marketing activities more objectively and more closely to the financial performance of the firm.

Members of the marketing community are invited to submit terms and definitions for review by the MASB Editorial Board; if accepted, these new terms will be posted for the use by any interested parties.

Marketing Terms Defined by the Authorities