Define Predictive Analytics and Discuss a Marketing Researcher's Job in Predictive

question 8

Essay

Define predictive analytics and discuss a marketing researcher's job in predictive analytics.

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Definitions:

Long-run Phillips Curve

The long-run Phillips Curve is an economic concept that illustrates the relationship between inflation and unemployment, suggesting that in the long run there is no trade-off between these two factors.

Potential Output

The upper limit of real GDP sustainable over an extended period without inflating the inflation rate.

Phillips Curve

A graphical representation showing an inverse relationship between the rate of unemployment and the rate of inflation in an economy.

Unemployment Rate

The percentage of the employment pool that is not working but is actively on the lookout for a job opportunity.