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An agency that performs all advertising and marketing services for a client, and who is authorised to purchase media on their behalf.

In effect, a one-stop shop for a client that means they don’t have to deal with lots of suppliers.

This type of relationship is much rarer these days than it used to be, and so you encounter the term slightly less. It’s rarer because there are arguably more skills, and more specialised skills, involved in marketing these days; it’s hard for one agency to perform really well at branding, TV ads, out of home, media, social, digital, and everything else that a modern brand does. But it’s also rarer because of how clients have shifted their behaviour: a relationship with just one agency is likely to be seen as a liability now, and makes it harder for the client to negotiate on price and scope.