Here you will find the description of some words and phrases that pertain to the concepts in this course, and also words and phrases used in the videos and readings. If you want to add another word or expression that we missed, please suggest it in the forums. If you need to find a description of a brand used in the videos and readings, see the Brand Descriptions page.
Analyze step of Marketing Analytics Process
The analyze step is about monitoring and learning from the data collected in the collect step of the marketing analytics process. In this step, analysts tidy the data collected to ensure that analysis is free from errors. Then they conduct the analysis and offer recommendations that help achieve the organization’s objective.
API (Application programming interface)
Term used for a set of routines, protocols, and tools for building software applications. An API expresses a software component in terms of its operations, inputs, outputs, and underlying types. In the context of web, web APIs are the defined interfaces through which interactions happen between an enterprise (Twitter, Google, etc.) and applications that use its assets.
April Fools’ Day
April Fools’ Day is celebrated every year on 1 April by playing practical jokes and spreading hoaxes.
Attribution is the process of identifying a set of user actions that contribute in some manner to a desired outcome and then assigning a value to each of these events. Marketing attribution provides a level of understanding of what combination of events influence individuals to engage in a desired behavior, typically referred to as a conversion.
Term used for a particular tendency, trend, inclination, feeling, or opinion, especially one that is preconceived or unreasoned. Sampling bias is collecting data from a biased sample, i.e., the sample considered does not correctly represent the intended population.
A relationship break up, often referred to simply as a break up, is the termination of an intimate relationship by any means other than death.
Business objectives are the ends that an organization sets out to achieve. A business creates business plans to enable it to achieve these ends – thus plans are the means to the ends.
Cart abandonment is an electronic commerce term used to describe a visitor on a web page who leaves that page before completing the desired action. A similar electronic commerce term, shopping cart abandonment, refers to visitors who add items to their online shopping cart, but exit without completing the purchase.
Christmas or Christmas Day is an annual festival commemorating the birth of Jesus Christ, observed commonly on December 25 as a religious and cultural celebration among billions of people around the world.
A clickstream is the recording of the parts of the screen a computer user clicks on while web browsing or using another software application. As the user clicks anywhere in the webpage or application, the action is logged on a client or inside the web server.
Collect step of Marketing Analytics Process
The collect step is about measuring the objective that was set in the plan step of the marketing analytics process. In this step, analysts use tools to acquire the data they need to answer the key questions and assemble them in a data management program for analysis.
Columns are a fundamental part of any spreadsheet program such as Excel and Google spreadsheets. Columns run vertically in a worksheet. Each column is identified by a letter in the column header starting with Column A and running through to Column XFD.
Consumer Decision Journey
This framework, presented by consulting firm McKinsey & Co., captures consumers’ possible actions in a buying decision. This framework helps organizations conceptualize important decision points of customers and connect with customers at those points.
A comma-separated values (CSV) (also sometimes called character-separated values) file stores tabular data (numbers and text) in plain-text form. Plain text means that the file is a sequence of characters, with no data that has to be interpreted as binary numbers.
Customer service representative
Employee responsible for maintaining goodwill between a business organization and its customers by answering questions, solving problems, and providing advice or assistance in utilizing the goods or services of the organization.
Data analysis techniques
The techniques that can be used to perform analysis of data which involves inspecting, cleaning, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision-making.
Data management system or Database Management System (DBMS)
A DBMS is a collection of programs that enables you to store, modify, and extract information from a database. There are many different types of database management systems, ranging from small systems that run on personal computers to huge systems that run on mainframes.
A process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers and develop more effective marketing strategies as well as increase sales and decrease costs.
A data model organizes data elements and standardizes how the data elements relate to one another.
A dishwasher is a mechanical device for cleaning dishes and eating utensils. Dishwashers can be found in restaurants and private homes. Unlike manual dishwashing, which relies largely on physical scrubbing to remove soiling, the mechanical dishwasher cleans by spraying hot water at the dishes.
Electronic commerce, commonly known as e-commerce or ecommerce, is trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
An analysis that was performed without any errors in the process is called error-free analysis.
Functional expertise is underlying knowledge and skills that are necessary in order to perform a particular type or level of work activity.
The term gold standard is a usage to represent something to be really important and crucial.
A Graphical User Interface (GUI) is a type of interface that allows users to interact with electronic devices through graphical icons and visual indicators such as secondary notation, as opposed to text-based interfaces, typed command labels, or text navigation.
On social media sites such as Twitter, a word or phrase preceded by a hash or pound sign (#) and used to identify messages on a specific topic.
Hue can be defined as a variety of color. Hue refers to both a color and a shade of a color. Green is a hue, and turquoise is a hue of both green and blue.
Google Trends presents the data in an index volume format, which means the numbers are stated in relative values instead of absolute values. For instance, in the ice cream example demonstrated in the lecture, New York has an index volume of 100, Boston has 97, San Francisco has 96, etc. Here, the city with highest volume was given a score of 100, and the subsequent scores for the other cities are scaled according to the peak volume (e.g., Boston’s actual volume is 97,000 compared to New York’s 100,000, thus Boston has a score of 97).
In the context of a soccer (football) game, kick-off is a kick from the center of the field to start a football game (or to resume it after a score).
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.
Marketing Analytics Process
The four step process that helps an analyst get closer to a big idea. The four steps in the Marketing Analytics Process are plan, collect, analyze, and report.
The data that is not well structured and requires further processing to be ready for analysis.
Multivariate and A/B testing
A process in Internet marketing by which more than one component of a website may be tested in a live environment. In simple terms, it can be thought of as numerous A/B tests performed on a single page at the same time. A/B tests are usually performed to determine the better of two content variations; multivariate testing can theoretically test the effectiveness of limitless combinations.
It is something that one’s efforts or actions are intended to attain or accomplish; purpose; goal; target.
Plan step of Marketing Analytics Process
The plan step is about defining success. In this step, the analyst determines a single clear and quantifiable objective to investigate and documents the approach to analysis.
Point-and-click are the actions of a computer user moving a pointer to a certain location on a screen (pointing) and then pressing a button on a mouse, usually the left button (click), or other pointing device. An example of point-and-click is in hypermedia, where users click on hyperlinks to navigate from document to document.
Preattentive attributes are those aspects of a visual that enable us to instantly recognize an element in the visual. Examples include hue, color, size, orientation, and placement on page.
Present step of Marketing Analytics Process
The present step is about communication and taking action. In this step, analysts tell a clear, memorable story to the stakeholders and take action by moving resources to working areas and away from those that fail to produce.
Regression analysis is a statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables. More specifically, regression analysis helps one understand how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed.
Rows run horizontally in an Excel worksheet. Each row is identified by a number in the row header. There are more than one million rows in each Excel worksheet.
RStudio is a free and open source for statistical computing and graphics. It is integrated development (IDE) for R. R and RStudio in combination runs effective analysis and offer great representations. RStudio is available for Windows, Mac OS, and Ubuntu. You can download R at http://www.r-project.org, and RStudio athttp://www.rstudio.com/.
SAS (Statistical Analysis System; not to be confused with SAP) is a software suite developed by SAS Institute for advanced analytics, business intelligence, data management, and predictive analytics.
Segmentation study is the study to identify the means to come up with the appropriate market segmentation for the organization.
A term for words denoting a unit quantity (one), as opposed to the plural and other forms.
A sixty-second story is a compressed version of the learnings from the data analysis presented in a short span of time so that it is easier for the audience to consume the message.
Sorting is any process of arranging items according to a certain sequence or in different sets, and therefore, it has two common, yet distinct meanings: ordering – arranging items of the same kind, class, or nature in some ordered sequence; and categorizing – grouping and labeling items with similar properties together (by sorts).
Soups and nuts
It is an American English idiom conveying the meaning of “from beginning to end.” It is derived from the description of a full course dinner, in which courses progress from soup to a dessert of nuts.
Spring break is a vacation period in the early spring season at universities and schools in various countries in the world. In the US, spring break occurs from March to April. Usually spring break is about one week long.
SPSS Statistics is a software package used for statistical analysis. Long produced by SPSS Inc., it was acquired by IBM in 2009. The current versions (2015) are officially named IBM SPSS Statistics.
Stata is a general-purpose statistical software package created in 1985 by StataCorp. Most of its users work in research, especially in the fields of economics, sociology, political science, biomedicine, and epidemiology.
Something that incites to action or exertion, or quickens action, feeling, or thought.
Structured data, in contrast to unstructured data, is information that includes a data model. It is typically well-defined and organized with an expected format as determined by the data model. In general, it can be imported directly into a data management system.
The data that is well-organized and ready to analyze.
Unstructured data is information does not have a pre-determined data model. It typically is text-heavy and often requires the use of a data mining tool, such as R, to collect.
Usability studies focus on measuring a human-made product’s capacity to meet its intended purpose. They measure the usability, or ease of use, of a particular product. Examples of products that commonly benefit from usability studies are foods, consumer products, websites, or web applications.
Valentine’s Day is a celebration observed on February 14 each year. It is celebrated in many countries around the world, although it is not a public holiday in most of them.
A variable is any factor, trait, or condition that can exist in differing amounts or types.
The videocassette recorder, VCR, or video recorder is an electromechanical device that records audio analog video from television or another source on a removable, magnetic tape videocassette, and can play back the recording. VCRs can also play back pre-recorded tapes. In the 1980s and 1990s, until the VCR was superseded by the DVD player, prerecorded videotapes were widely available for purchase and rental, and blank tapes were sold to make recordings.
A cue is a stimulus that provides information about what to do. A visual cue is a cue received by the eye, typically from a visualization.
Visual perception is the ability to interpret the surrounding environment by processing information that is contained in visible light. The resulting perception is also known as eyesight, sight, or vision.
Voice of the Customer (VOC)
Voice of the Customer (VOC) is a term used in business and information technology to describe the in-depth process of capturing a customer’s expectations, preferences, and aversions.
Web scraping is a computer software technique of extracting information from websites. In general, web scraping programs simulate human exploration of the World Wide Web. Uses of web scraping include online price comparison, website change detection, research, etc.
An information technology that processes requests via HTTP, the basic network protocol used to distribute information on the World Wide Web. The term can refer either to the entire computer system, an appliance, or specifically to the software that accepts and supervises the HTTP requests.
The amount of data sent and received by visitors to a website.
A web transaction is the sale or purchase of goods or services, whether between businesses, households, individuals, governments, and other public or private organizations, conducted over the Internet.