Marketing Models and Research
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What is the principle of parsimony,also known as Occam's Razor, primarily concerned with?

  • Developing complex models to explain data
  • Keeping models and explanations as simple and concise as possible (correct)
  • Comparing the goodness of fit of different models
  • Selecting the most accurate model for data analysis
  • What does AIC stand for in model selection and comparison?

  • Alternative Information Criterion
  • Akaike Information Criterion (correct)
  • Analytical Information Criterion
  • Advanced Information Criterion
  • What is the main difference between AIC and BIC in model selection?

  • AIC penalizes models with more parameters, while BIC does not (correct)
  • AIC is used for qualitative data, while BIC is used for quantitative data
  • AIC is used for model comparison, while BIC is used for model selection
  • AIC provides a way to compare the goodness of fit of different models, while BIC does not
  • What is the purpose of calibration of a model?

    <p>To validate a model using real data</p> Signup and view all the answers

    What is the Value Framework Pyramid?

    <p>A framework consisting of Utilitarian, Experiential, Symbolic, Aesthetic or ethical values</p> Signup and view all the answers

    What is a characteristic of a descriptive model?

    <p>Ability to describe a phenomenon</p> Signup and view all the answers

    What does the R-squared value of 1 indicate in a regression model?

    <p>100% of the variance in the dependent variable is explained by the independent variable(s)</p> Signup and view all the answers

    What is the term for a third variable that may explain the relationship between two other variables?

    <p>Tertium quid</p> Signup and view all the answers

    What is the purpose of the independent variable in a statistical analysis?

    <p>To manipulate or measure the effect on the dependent variable</p> Signup and view all the answers

    What is the logit model used for?

    <p>Analyzing binary outcome data</p> Signup and view all the answers

    What is the main concept used to determine the importance of each principal component in PCA?

    <p>Variance</p> Signup and view all the answers

    What is the purpose of classification in segmentation analysis?

    <p>To assign individual units to different segments based on their characteristics or behavior</p> Signup and view all the answers

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