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What are some of the key distinctions between a descriptive model and a prescriptive model?
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- What role does predictive modeling play in marketing analytics?Identify and explain the key steps of the analytical problem-solving model. Then provide a problem-solving example that follows each key step. What are the advantages and disadvantages of Regression Model, Econometric Model, Driving Indicator Models?
- Either using descriptive or prescriptive models is beneficial; however, which one is more effective?Explain the following terms as used in research i) Dependent variables ii) Independent variables iii) Moderating variables iv) Mediating variables v) Extraneous variablesExplain the concept of predictive analytics in CRM and its potential benefits for sales and marketing.