Greenbook Market Research & Insights Glossary

Welcome to our comprehensive glossary of key terms in market research, insights, and analytics. Find clear and concise definitions to enhance your understanding of the terminology employed in this dynamic field.

A

A/B Testing

A method in market research where two variables (A and B) are compared to each other to determine which one performs better.
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AI (Artificial Intelligence)

The development of computer systems able to perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation.
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AR (Augmented Reality)

A technology that superimposes digital information, such as images, sounds, or text, onto the real world, enhancing the user's perception of reality.
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B

Behavioral Science

Behavioral science studies human behavior through observation and experimentation. It investigates the underlying mechanisms driving actions, decisions, emotions, and interactions, drawing from disciplines like psychology, sociology, and anthropology.
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Bias

A systematic error that skews results in a certain direction, often affecting the validity of research findings.
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Big Data

Large sets of data that are analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
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Biometrics

The measurement and statistical analysis of people's unique physical and behavioral characteristics, often for identifying and assessing responses to marketing stimuli.
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Brand Tracking

The continuous measurement of a brand's performance in the market, often through analyzing metrics like brand awareness, reputation, and consumer loyalty.
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C

Conjoint Analysis

A statistical technique used in market research to determine how people value different attributes (feature, function, benefits) that make up an individual product or service.
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Consumer Insights

The understandings and interpretations of consumer data, used to make informed marketing and business decisions.
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Customer Journey Mapping

A visual representation of the process a customer or prospect goes through to achieve a goal with a company.
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D

Data Science

Data science involves extracting insights from complex and unstructured data, often using statistical, mathematical, and computational techniques. With the advent of big data, researchers must access even larger datasets to inform decision-making.
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Data Visualization

The process of representing data in graphical format to make information easier to understand and to reveal insights.
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E

Ethnography

A qualitative research method where researchers observe and/or interact with a study’s participants in their real-life environment.
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Eye Tracking

A technique that monitors where a person's gaze is focused, allowing researchers to see what items or areas attract the most attention.
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F

Focus Group

Focus groups are guided discussions with a selected group of individuals to gather opinions on a specific topic or product. Moderators lead the conversation, capturing insights and feedback for analysis.
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G

Geospatial Analysis

The gathering, display, and manipulation of imagery, GPS, satellite photography, and historical data, to describe events in a geographic context.
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M

Machine Learning

A type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so.
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MaxDiff (Maximum Difference Scaling)

A research technique used to gauge the relative importance of different attributes by having respondents indicate the most and least important factors.
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N

Net Promoter Score (NPS)

A metric used to measure customer loyalty and satisfaction by asking customers their likelihood of recommending a company’s product or service to others.
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Neuromarketing

A field that studies consumers' sensorimotor, cognitive, and affective response to marketing stimuli.
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P

Panel Data

Data collected from a group of individuals at multiple time points.
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Predictive Analytics

Techniques that use statistical algorithms and machine learning to identify the likelihood of future outcomes based on historical data.
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Q

Qualitative Research

Qualitative market research explores in-depth perceptions, feelings, and motivations behind human behavior. Using methods like interviews and focus groups, it provides rich, descriptive insights rather than quantifiable statistics.
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Quantitative Research

Quantitative market research collects and analyzes numerical data to understand patterns and trends. Using methods like surveys and structured questionnaires, it provides statistically significant insights to inform business decisions.
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S

Segmentation

The process of dividing a broad target market into smaller, more defined categories based on shared characteristics.
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U

User Experience (UX) Research

A collection of tasks focused on understanding user behaviors, needs, and motivations through observation techniques, task analysis, and other feedback methodologies.
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V

Voice of the Customer (VoC)

A term that describes the in-depth process of capturing a customer's expectations, preferences, and aversions.
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VR (Virtual Reality)

An immersive digital experience where users interact with and explore a completely simulated environment, often using specialized headsets or equipment.
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