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ConiferCraft is a furniture firm that specializes in creating customized furniture for the commercial market.The firm has recently acquired a large amount of funds from investors and is looking to diversify by introducing customized products for the industrial market.The firm has conducted a complete situation analysis for the purpose and the results are favorable.According to the market segmentation process model,the firm must next:
Least Squares Regression
A statistical method that minimizes the sum of the squares of the differences between observed and predicted values, used for fitting a linear model to data.
Slope
The measure of steepness or the degree of inclination of a line, representing the ratio of the vertical and horizontal changes between two points on the line.
Y-Intercept
The point at which a line or curve intersects the y-axis of a graph, representing the value of the dependent variable when the independent variable is zero.
Least Squares Regression
A statistical method used to determine the best-fitting line through a set of points by minimizing the sum of the squares of the vertical distances (residuals) of the points from the line.
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