In Which of the Following Categories of Modeling Techniques Are

question 2

Multiple Choice

In which of the following categories of modeling techniques are the specifications of the relationships between dependent and independent variables unknown or ill-defined?

• A) Descriptive models
• B) Open models
• C) Predictive models
• D) Prescriptive models

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Definitions:

Market Segments

Subsets of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, including product, price, place, and promotion.

Market Fads

Short-lived trends or crazes in the marketplace that can suddenly explode in popularity but fade away just as quickly.

SWOT Analysis

A strategic planning tool that assesses a company's strengths, weaknesses, opportunities, and threats.