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Simulation Models Manually Generate Specific Values for the Random Variables

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Simulation models manually generate specific values for the random variables so that the values used reflect what we might observe in practice.


Definitions:

Demographic Profile

A statistical representation of the characteristics of a population, including age, gender, income, and education.

Target Customers

Target customers are specific groups of people or organizations a business aims to reach with its products or services, identified by certain demographics, interests, or needs.

Personality Variables

Characteristics or traits that vary among individuals, influencing behavior and outcomes.

Market Segments

Subsets of a market comprised of individuals or organizations with one or more shared characteristics.

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