Marketing Glossary
Big Data
Definition: Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
In Practice: Retailers like Walmart use Big Data to predict what products you will buy based on weather forecasts, past purchases, and search history, allowing them to stock shelves proactively.
Consumer Psychology
Definition: The study of how people’s thoughts, beliefs, feelings, and perceptions influence how they buy and relate to goods and services.
ROI
Definition: Return on Investment. A performance measure used to evaluate the efficiency of an investment.
Funnel (Marketing Funnel)
Definition: A model describing the various stages of a customer’s journey from the first interaction with a brand to the ultimate purchase.
In Practice: Using a blog post to attract visitors (Top of Funnel), offering an ebook to get their email (Middle of Funnel), and sending a discount code to close the sale (Bottom of Funnel).