Explain What Is Meant by the Coefficient of Determination $\mathrm { r } ^ { 2 }$

question 63

Essay

Explain what is meant by the coefficient of determination, $\mathrm { r } ^ { 2 }$ . Give an example to support your result.

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Definitions:

Market Segment

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Strategic Group

A cluster of firms within an industry that follow a similar strategy or business model, competing on similar bases.

Cash Cow

A business unit, product line, or investment that generates consistently high profit margins and requires little investment to maintain.

Strategic Marketing Planning Process

A systematic approach to developing marketing strategies and plans that support the overall business goals and objectives.