GLOSSARY

abandonment rate. A metric used to evaluate websites. It is the number of people who begin a purchase but do not complete it as a percentage of the number of people who begin a purchase transaction.

active contributors. A metric used to evaluate the effectiveness of social media efforts. It is the number of people who actively participated in a social conversation in a given period of time.

activity. A metric used to evaluate the effectiveness of social media efforts. It is the number of comments, re-tweets or other activities demonstrating social connectivity. Also known as posts, comments, ideas and threads.

advertising. When a company pays to communicate a message in verbal and/or visual formats to an audience through a particular media.

advertising allowances. Offered by manufacturers who sell products to intermediaries, such as retailers, it is a pre-negotiated dollar amount that the manufacturer will deduct from the total purchase price if the retailer agrees to spend those dollars on advertising that promotes the manufacturer’s products.

advertising flights. Advertising that is placed consistently over a specified period of time, then discontinued and resumed after a hiatus. Flights are designed to maximise the customer’s recall for the price paid, and studies show an appropriately timed hiatus will reduce the cost without significant loss in customer recall.

advertising value equivalency. A metric that measures the effectiveness of media relations. It is an attempt to attach a dollar value to the media coverage generated through media relations. It may, for example, compare the column inches or broadcast seconds in reporters’ stories about the company and compare that to what it would have cost to place the same amount of advertising in the same medium. It does not represent income to the company.

agencies. A company that specialises in a particular area of marketing, such as promotions, that can be tapped to handle a range of project needs. Advertising, market research, strategic planning and public relations expertise are commonly tapped through these sorts of organisations. Also known as consulting firms.

Alignment Test. A test to conduct before funding a marketing activity, which provides a means of evaluating how well the plan is aligned with business and financial objectives. It is a key indicator of whether the activity will help a company achieve its objectives and whether the required executive support exists to execute a plan through to completion.

Anticipated Returns Test. A test to conduct before funding a marketing activity. It evaluates the expected returns relative to the anticipated financial investments and provides a simple means of evaluating anticipated return on investment.

Assignment Test. A test to conduct before funding a marketing activity that ensures all the activities within a plan are effectively staffed. This test helps avert staffing and execution issues by ensuring that every activity has been allocated to a specific resource who has, in turn, accepted that responsibility.

blind research studies. A type of market research study in which the respondent does not know who requested the research. This reduces the incidence of response bias because the respondent cannot tailor responses to an unknown audience.

blogs. An online resource that provides opportunities for one or more authors to draft content, comment on a particular topic or engage in discussion. Although many blogs are stand-alone websites, blogs can also appear on an organisation’s website, such as a corporation or university, or on a magazine or newspaper website. Also known as weblogs.

bounce-back rate. A tactical metric used in evaluating digital advertising, direct mail or other digital promotional campaign. It is a ratio and is calculated by dividing the number of e-mails that bounced because of an incorrect e-mail address by the total number to whom the e-mail was sent and stated as a percentage.

brand. The reputation a company has within the market, relative to its corporate values, operating philosophy, value proposition and corporate social responsibility, which facilitates the customer’s decision-making process. It is a reflection of how effectively an organisation has managed the discipline of marketing and those aspects of the company’s reputation that affect purchasing behaviour.

brand architecture. For organisations managing multiple brands, it is the hierarchical structure that governs the way in which those brand names and personas are differentiated or related within the market.

brand audit. A comprehensive assessment of an organisation’s promotional materials, internal or external communications and common visual expressions of the company’s brand identity to identify inconsistencies that may damage the brand.

brand identity. The visual, verbal and behavioural cues that an organisation presents to the market as a means of reinforcing brand reputation.

brand management. The tools and best practices used to manage an organisation’s brand.

broadcast seconds. A metric that measures the effectiveness of media relations. It is the number of seconds of ‘earned media’ coverage on broadcast stations, such as radio or television.

brokers/igents. Individuals in a distribution chain who focus on selling on behalf of a manufacturer or service provider and take a commission or a fee when they are successful, acting as an outsourced sales team. They do not assume title to the products. Also known as reps or manufacturer reps.

bulk pricing. A pricing approach that provides a lower price to companies who purchase large numbers of a given product.

business process outsourcing. An outsourcing arrangement in which the external vendor works with the client to evaluate and reengineer efficiency solution for an entire department or a single process.

cause marketing. A type of marketing, typically promotional in nature, in which a for-profit and non-profit organisation cooperate for mutual benefit.

channel conflict. When two distribution channels compete with one another for sales. Although some channel conflict is normal, it can become problematic when one channel partner, or group of partners, receives preferential pricing or terms.

channel intermediaries. Parties in a distribution chain who sell goods or services on behalf of a company. Their role may include distribution, sales, promotion and/or financing. Also known as distribution intermediaries.

channel management. The way a company manages the distribution channels for its products or services.

channel marketing. Promotional efforts that are geared towards indirect distribution channels for a product or service.

click-through rate. A tactical metric used in evaluating digital advertising, direct mail or other digital promotional campaign. It is the number of times a customer clicks on an advertisement to be taken to the company or channel’s website, divided by the number of impressions.

clip-level criteria. The minimum purchasing criteria that are required by the market in order to be eligible for consideration

clips. A metric that measures the effectiveness of media relations. It is the number of articles or broadcasts citing the company’s name and/or its product or services. See also impressions.

column inches. A metric that measures the effectiveness of media relations. It is the number of inches of earned media printed in news media as a result of proactive media relations.

competition-based pricing. A pricing approach in which companies identify similar products or services that already exist, identify the range of prices and set their prices relative to what they believe the market will accept relative to what their competitors are doing.

competitive criteria. Purchasing criteria that distinguish a company from its competitors within its target markets and are consistent with the company’s desired brand reputation and value proposition.

completion metrics. A marketing metric that provides an indication of whether an activity was completed on time. It answers the question, ‘How will we know we are done?’

confidence interval. Used in market research, it is a percentage that indicates the margin of error in which any given answer is likely to be untrue. It is expressed as a ‘+ /’ percentage relative to the confidence level.

confidence level. Used in market research, it is the degree of certainty about how sure a researcher can be that any given response is within the margin of error range. Most researchers use a 95% confidence level for market research.

content sharing sites. Websites that allow individuals to share original digital media content, either within a closed community or with the public. Popular examples include the video-sharing site YouTube, photo-sharing site Instagram and online pin board Pinterest.

contingency pricing. A pricing approach in which a company provides goods or services to a customer, and payment is contingent on the satisfactory completion of specific requirements.

contribution margin. A financial metric. The contribution margin is the marginal profit per unit of sale.

contribution margin ratio (or percentage). A financial metric. The contribution margin ratio is the contribution margin divided by the total revenues, and the result is stated as a percentage.

conversion rate. The percentage of customers targeted by a digital advertising, direct mail or other promotional campaign who made a purchase.

core competencies. The set of knowledge, skills and experience a company brings to delivering value to the market.

cost-based pricing. A pricing approach. The price is established based on the cost of producing the goods or services plus a specified mark-up.

cost per click. The cost of the advertising buy divided by the number of times a customer clicks on the advertisement to be taken to the company or channel’s website.

cost per lead/order. The cost of the advertising buy divided by the number of orders received as a result.

cost-per-thousand or cost-per-mille. A unit of measurement to determine the cost of advertising in print or digital media (does not include the cost of creating the advertisement).

costs-per-thousand-impressions. A unit of measurement to determine the cost of advertising in digital and mobile media (does not include the cost of the creating the advertisement).

crisis communications plan. A plan that outlines the response a company will have in the event of an unexpected or potentially detrimental occurrence that generates media interest.

cross-selling. A sales technique that encourages customers to purchase additional items in order to increase the amount of the sale.

Crystal Ball Effect. An improved ability, at the executive level, to accurately anticipate what the market needs and how to communicate effectively with them.

daily deal sites. Websites such as Groupon, Living Social and Amazon Local that allow companies to offer a deep discount on goods or services to entice new customers as long as they are purchased within a defined time period (usually 24 hours). Use of these services typically requires sharing a portion of the proceeds from each sale.

demand curve. A mathematical graph illustrating what the demand would be for a product if it were sold at various price points.

design bias. A market research bias that is introduced during the design process of the research itself, which prompts the respondent to respond in a certain way due to misleading, persuasive or omitted language in a question or in the response options.

digital magazines and news sites. Online versions of news outlets. Most print publications have some form of online social media presence, and many publications are moving to, or were created in, an entirely digital format.

disintermediation. The process of removing distribution intermediaries facilitated by the Internet.

direct distribution. A distribution term used to describe a company that sells its goods or services directly to the consumer or business purchaser.

direct marketing. A form of advertising that uses consumer data to reach out directly to past and potential customers via direct mail, direct e-mail and/or telemarketing.

display ads (online). Advertisements that are placed on search engine sites, social media sites and other locations when a user meets the specific demographic or interest criteria specified by the advertiser.

distribution channels. The various methods a company uses to provide the market with access to its goods and services.

double-blind research studies. A type of market research study in which both the respondent and the individual conducting the interview or survey are prohibited from knowing the organisation for which the research is being conducted. This design structure is intended to reduce both response bias and interviewer bias.

drop-shippers. Companies that play a sales function in a distribution chain by identifying markets, selling the products and arranging for delivery direct from the manufacturer.

dynamic pricing. A pricing approach that allows the seller to negotiate a price based on the individual consumer’s behaviour during the sale, such as a flea market or online auction site.

earned media. Media coverage that a company has not paid to receive.

end-cap displays. A merchandise stand placed at the end of a store aisle, commonly found in supermarkets and department stores.

exclusive licensing. A distribution approach in which the company grants a single organisation or individual the right to sell a product or service without competition in a specifically defined scope.

financial metric. A marketing metric that is directly connected to the company’s financial performance. It answers the question, ‘How will we know this activity was successful?’

fixed price. A pricing approach in which a pre-determined fee is negotiated for a specific product or set of services.

focus groups. A qualitative research approach that assembles a select group of participants in order to engage opinions and feedback via informal discussion about a product or service.

followers. A metric used to evaluate the effectiveness of social media efforts. It is the number of people who have joined a social network. Related to likes, supporters or friends.

four ‘P’s of marketing. The four most common groups of marketing tactics: price, product (and services), promotions and placement (distribution).

franchising. An arrangement in which a company (the franchisor) grants permission to another individual or company (franchisee) that allows the franchisee to operate a company, produce a product or sell a product or service under the franchisor’s name. Franchises may grant the use of an organisation’s trademark or business processes and require compliance with specific standards franchisor standards.

freemiums. A pricing approach that offers the core product or service for free and then charges for upgrades or add- ons.

full-service merchant wholesalers. Companies in a distribution chain that purchase large quantities of goods from manufacturers, process and store that merchandise and resell it to retailers. They may also provide packaging services, manage promotions, provide installation and customer support services and/or offer credit to customers.

gap analysis. The process by which a company assesses its current market realities against its vision and identifies the changes that must occur from an operational perspective in order to achieve that vision.

graphic standards document. A document specifying how the company’s logo or logos, taglines, corporate colours, images and other visual elements should be used.

gross rating points. The number of impressions divided by the size of the target market for the product or service.

guarantee. A product guarantee assures the purchaser that the product will meet their needs, or they can recoup some of the cost associated with purchasing it.

guerrilla marketing. An unconventional promotions approach that relies on the element of surprise or word-of-mouth to fuel interest in a product or service. Also known as viral marketing.

hits. A metric used to evaluate the effectiveness of websites. It is the number of times a website is requested from the server.

impressions. Refers to the number of times an advertisement is published or broadcast (ie, frequency), multiplied by the number of viewers or readers who will see it (ie, reach).

independent consultants. A staffing resource generally used for projects with a specific start and completion date or with specific desired outcomes and that require specialised skills. Also known as contractors.

influencers. The various factors that contribute to a customer’s purchasing decision. Also known as influencing factors.

intercept surveys. A survey that is administered face to face, in a public place, in which a trained interviewer invites feedback from passers-by.

interim employees. Often used to supplement existing employees within a company, these resources provide increased flexibility to manage fluctuating needs. Also known as temporary employees.

intermediate marketing metrics. A unit of measurement that is commonly used by marketing professionals to assess marketing outcomes in non-financial terms. They range from the number of products sold, to the number of coupons redeemed, to the volume of business from particular channels, to the myriad of intermediate metrics associated with promotions such as webpage views and impressions.

interviewer or moderator bias. A bias that occurs in qualitative market research studies when a moderator or facilitator interprets participant comments or responds in non-verbal ways to what is said based on his or her own perception of the topic. This can also occur in telephone interviews when an interviewer modifies a response based on his or her interpretation of the respondent’s reaction.

jobbers. Wholesalers who manage the inventory in the retail environment, freeing the retailer from that responsibility and collecting payment only when something sells. In some respect, jobbers work with retailers in the same way that an individual works with a consignment shop. Also known as rack jobbers.

joint ventures. Formalised agreements between companies to collaborate for mutual benefit, usually relative to distribution channels. Both organisations typically have an equity stake in the joint venture itself.

just-in-time. An operations approach in which the company’s suppliers provide products or services upon demand, eliminating or reducing the need for inventory or, in the case of labour, employees.

key messaging. A set of statements that consistently and uniformly define an organisation’s value proposition when communicating with the public. The messages must be true, credible and important to the target market(s).

key messaging document. A document defining what the market should hear about the company and what differentiates it from competitors. It typically comprises one or several of the following components: positioning statement, list of key brand attributes, tagline (also known as endline or catch copy), elevator pitch, audience definitions, key messages, proof points, boilerplate and competitive positioning.

list price. The cost of a product or service as set by a company.

logo. A symbol or other graphical representation of a company or the company’s name. Also known as logotype.

loss leaders. A piece of merchandise that is deliberately sold at loss in order to drive customer purchases of other, more lucrative products.

margin. A financial metric measured by the revenue from sales, less the cost of goods sold.

market development funds. Funds provided by a manufacturer to a used wholesaler or retailer to help promote the product.

market research. Systematic research designed to uncover or validate information about markets overall, including customers and non-customers, market segments, competitors, market perceptions and market trends.

market segments. Distinct groups within a market who prioritise their purchasing criteria differently. Market segments can also be defined by demographics, like industry, profession, age, income or gender. They can also be defined by psychographic characteristics, including lifestyle preferences or how they use a particular product or service.

marketing. According to market leaders, marketing is the profitable management of the interface between the market and its needs and an organisation’s ability to meet those needs, for the purpose of producing mutual benefit.

Marketing Alignment Map. A flow chart that describes how each of the components of a marketing plan relates to the other for the purposes of aligning marketing activities with business objectives and assessing financial returns on the marketing function investments.

marketing collateral. Printed or digital materials used in sales or communications on behalf of a company. The most common metrics for evaluating the effectiveness of collateral materials are related to the sales they facilitate.

marketing, the discipline. Cultivated at the executive level, it is the process of collecting and processing customer input in order to more effectively address market needs. It defines all aspects of the direction of the company, the markets it serves, the ways it addresses customer needs and the operations required to support those activities.

marketing, the function. The tactical management of marketing efforts.

marketing measurement models. Ranging from simple to complex, a financial model and associated systems and processes that are used to anticipate and measure financial results of marketing activities.

marketing mix. The combination of tactics that are used to execute a company’s marketing strategies.

marketing research. A type of research that is focused on the specific processes, activities and intermediate metrics of marketing. It is used to assess brand familiarity, measure ad views, test concepts or copy or measure customer satisfaction, among other things.

marketing strategy. A concise description of what the company will do to influence purchasing behaviour and achieve business objectives. It should be framed in terms of what the company wants to accomplish relative to these influences, rather than how it will do so. Each marketing strategy should have an associated objective, a metric that can be used to evaluate whether the company was successful in its efforts.

marketing tactic. The specific activities a company undertakes to execute its marketing strategies. Tactics should be framed in terms of how it will be done and include metrics to measure whether it was completed and whether the market has responded as anticipated. Marketing tactics are most often drawn from the four ‘P’s of marketing, which includes product and service changes and introductions, pricing approaches and temporary pricing incentives, the selection of distribution channels and the management of the sales team and process and promotional approaches such as newsletters, advertising and social media.

Measurement Myth. The belief that marketing investments, particularly around promotions, cannot be measured in financial terms. Not only is it untrue, but failing to measure marketing is one of the leading reasons companies fail to maximise returns on their market-facing investments.

measurement and response biases. A bias introduced in market research when a respondent shapes his or her responses in a way that he or she suspects will please the researcher or beneficiary.

media. A medium of communication used to reach a specific group of people. Examples include consumer and trade newspapers and magazines, television and radio stations, webzines, professional bloggers, publishers of newsletters and others.

media relations. The management of relationships between journalists and a company.

mentions. A metric used to evaluate the effectiveness of social media efforts. It is the number of times a company and/or product or service has been mentioned in a particular social media.

metrics. A unit of measurement that is used to assess performance of a strategy or tactic. Marketing metrics generally fall into three categories: completion metrics, intermediate marketing metrics and financial metrics.

microblogs. A shorter version of a blog that allows authors to post content within a certain character limit.

multi-channel distribution. The use of several types of indirect distribution channels, or a combination of both direct and indirect channels, to distribute goods or services to a market.

multiple unit pricing. Similar to bulk pricing, multiple unit pricing is when a company offers a single product for one price and multiple products for slightly less.

observational research. A qualitative research technique that gathers market data by having a researcher passively observe customers interacting with a product or service.

one-on-one interviews. A qualitative research approach in which a researcher puts forth questions to participants via telephone, online or in-person conversations.

open rate. A tactical metric used in evaluating digital advertising, direct mail or other digital promotional campaign. It measures the number of recipients of a direct e-mail piece that opened the e-mail as a percentage of the number of targets to whom the e-mail was sent.

outsourcing services. The use of an external vendor to perform specific services, often replacing an entire business process or function.

package prices. A fixed price for a bundle of goods or services offered as an incentive for the customer to purchase more than he or she otherwise might have.

paid searches. Payment to search engines to list a website above others in response to a search. These results generally appear at the top of the list in a shaded box and are marked ‘advertisement’ in order to differentiate them from the ‘natural’ or unpaid responses.

page time viewed. A metric used to evaluate the effectiveness of websites. It measures the time a visitor spent on a page or site before leaving. Also known as session duration or visit duration.

page views. A metric used to evaluate the effectiveness of websites. It is the number of pages a particular viewer visited within a website before leaving. Some companies also track ‘unique’ page views, which provide data about new traffic, as opposed to repeat visitors.

penetration pricing. A pricing approach that deliberately sets a price point that is relatively low, intentionally forfeiting profit margins in an effort to get more people to purchase the product or service. Also known as introductory pricing.

pilot testing. A qualitative research approach that tests the launch of a product or service with a select group of individuals in order to receive feedback. Also known as beta testing.

placement. One of the four ‘P’s of marketing, it is the distribution channel(s) or means by which customers are given access to products or services.

Point C Principle. Led by the executive team, it is the effective alignment between marketing activities and the market’s needs in order to achieve superior financial performance.

point of purchase promotions. Promotional displays or demonstrations designed to intercept customers at the location where they pay for goods or services.

price. One of the four ‘P’s of marketing, it is the amount paid by a company’s customers in exchange for a product or service. Although price is frequently used to describe the listed or stated price in monetary terms, the true price of a product also includes additional charges, such as shipping, and terms, such as guarantees and return policies.

price discrimination. A pricing approach in which companies offer different prices on the same product to different customers or at different times.

price elasticity of demand. The percentage change in quantity of goods or services associated with unit change in price.

primary research. A type of market research that relies on data gathered directly from the market via qualitative and/or quantitative studies.

product. One of the four ‘P’s of marketing, it is the product or service delivered to the market by an organisation and the particular features and benefits it offers. This ‘P’ also encompasses the packaging and/or experience associated with the product or service.

product life cycle. The period of time encompassing the development and introduction of a product, its steady evolution to meet market needs and its plateau or obsolescence. There are four phases to a product life cycle: introduction, growth, maturity and decline.

promotional allowances. Offered by manufacturers who sell products to intermediaries such as retailers, it is a pre-negotiated dollar amount that the manufacturer will deduct from the total purchase price if the retailer agrees to spend those dollars on promoting the manufacturer’s products.

promotions. One of the four ‘P’s of marketing, it is the set of activities that an organisation uses to communicate information to the market about the products or services it offers, such as advertising, media relations, public relations and social media.

psychological pricing. A pricing approach in which the seller makes a strategic decision to price just under or over a certain price point in order to appeal to customers who want to stay within a certain budget range.

public relations. A broad term encompassing many different tactics designed to educate and build customer relationships, such as media relations, social media, special events, seminars, product placement and guerrilla or viral marketing campaigns.

purchasing decision criteria. The factors a prospective customer considers, consciously or subconsciously, when choosing between available alternatives.

push money. Cash or other rewards that are offered to companies as a way to incentivise their sales team to sell a particular product over another. Also known as prize money allowances.

quick response code. A two-dimensional bar code that can be captured on smart phone cameras and links the user to a website with text, video or other information about the product or service.

qualitative studies. A type of primary research focused on generating a deeper understanding of market perceptions and opinions through conversations with a small set of research participants. Common qualitative approaches include one-on-one interviews, pilot or beta testing, observational research and focus groups. In general, the results provide directional guidance, rather than definitive answers.

rate cards. A summary of advertising rates charged by a publication or other form of media. Also known as pricing sheets.

realised price. A price that is less than list price, often due to discounts, such as coupons or promotions, or other types of incentives.

reliability. A market research term that addresses whether the research will deliver data that is representative at the expected level.

response rate. A tactical metric used in evaluating the effectiveness of digital advertising, direct mail or other promotional campaign. It measures the number of people who made a purchase (or contribution, in the case of non-profits) as a percentage of the total number of individuals to whom the campaign was directed.

responsive design. An online design approach that ensures consistency in the user experience when viewing a website across a range of devices from computer screens to mobile phones.

retainers. A pricing model in which a fixed price is paid in exchange for a claim on the service provider’s time, within a specific scope, when needed. This pricing approach helps make the cost more predictable for the customer and the income more predictable for the service provider.

return on investment. Expressed either as a fixed number or as a percentage, it is a financial performance measure of an investment that is calculated by dividing the gross profit (the return) by the investment amount.

return on marketing investment. Defined as a percentage, it is generally considered to be the gross profit attributable to marketing efforts divided by the marketing expenditures required to generate those returns.

return policies. The rules that a company establishes for how, when and where a consumer can return a product after it has been purchased.

Risk Assessment Test. A test to conduct before funding a marketing activity that reviews the plan for critical assumptions. It is designed to ensure that critical assumptions within a plan have been identified and mitigated if possible.

risk assessment decision tree. A decision-making tool used to determine which assumptions are acceptable within a marketing investment and which ones contain a level of risk.

sales uplift. The increase in gross revenues from sales associated with a particular marketing activity.

sampling bias. A statistical bias in market research in which the method used for selecting research participants does not accurately reflect the actual population.

search engine optimisation. The process of affecting the visibility of a website or web page in search engine results.

secondary research. Information about the market that is gathered from libraries, census information or other sources that gathered the information, often for different purposes.

selection bias. A statistical bias in market research in which opinions of a sample group who self-select to participate may differ from those who decline.

skimming. The result of a value-based approach to pricing in which the product or service is priced at a significant premium relative to alternative solutions. This is sometimes used when a company introduces a new product in a particular category that is a significant improvement on alternatives or when the market has a particularly strong group of price-insensitive early adopters.

social bookmarking. Websites such as Delicious, Digg and Reddit that allow users to reference and share other content on the Internet.

social networking sites. Websites such as Facebook, LinkedIn, Google+, Nexopia, Badoo or XING that give people an opportunity to connect with friends and family, reconnect with others and share interests and information regardless of geographic proximity.

source sharing. Common among non-profit organisations, an arrangement in which a group of non-competing organisations enter into a formal agreement to share the costs and benefits of employees with specific skills needed on a fluctuating basis by all the organisations.

target market. A group of purchasers with a shared need and purchasing decision process to whom the company’s value proposition will appeal.

terms. The conditions under which a product or service is sold.

Tortoise Law. The consistent, steady investment in marketing over time, no matter the economic or business climate, which has been shown to improve a company’s ability to achieve its business and financial objectives.

trackbacks. A metric used to evaluate the effectiveness of social media efforts. It is the number of times someone cited the company’s posting in his or her own feed or website and the number of times someone commented on that posting.

unsubscribe rate. The percentage of the population to whom an e-mail was sent who then requested to be taken off the distribution list.

up-selling. A sales technique that encourages customers to upgrade to a more expensive item in order to increase the amount of the sale.

user interface. The visual and physical means by which a computer and user interact, such as screen menus, icons and mouse and gesture movements. It also includes input devices such as keyboards, mice and game controllers.

user interface designer. A specialty field in the graphic design arena that focuses on optimising the user experience relative to technology.

universal resource locator (URL): A website address.

validity. A market research term that refers to whether the research answers the question or questions for which it was designed.

value added resellers. A business arrangement in which a manufacturer of a product sells it to another company that makes enhancements to the product before selling it to the consumer.

value-based pricing (also known as market-driven pricing). A pricing approach that considers the value customers might place on the company’s goods or services, along with the relative elasticity of demand. Also known as market- driven pricing.

value proposition. The unique set of skills and abilities that a company brings to the market. It is the company’s source of value and differentiation, from the customer’s perspective.

vertical integration. The process by which a company creates its own wholly-owned intermediaries to represent their products, either under its existing company name or as separate companies. In some cases, it may also represent the products of other manufacturers or service providers, allowing them to sell their products directly to the consumer, rather than engaging with agents, wholesalers and/or retailers.

vision statement. An aspirational description of what an organisation hopes to achieve or accomplish, with focus, within a defined timeframe. A strong vision statement builds on an understanding of the market and its needs, core competencies and the value that is delivered to market.

visitors. A metric used to evaluate the effectiveness of websites. It is the number of unique people who view a website during a given period.

visit. A metric used to evaluate the effectiveness of websites. It is the number of unique times a website is viewed by all viewers.

virtual worlds. Websites that allow people to take on a real or assumed persona (depicted as an avatar) and interact with others in a computer-animated role play environment.

wikis. Informational websites that allow users to contribute, modify or delete content using a web browser and text editor, allowing collaborative creation of content.