Explain the concept of an analytical model and discuss the different forms of analytical models. Using the marketing scenario of your choice, provide an example of each model. Each model should depict the same scenario
What will be an ideal response?
An analytical model is a set of variables and their interrelationships designed to represent, in whole or in part, some real system or process. Models can have many different forms. The most common are verbal, graphical, and mathematical structures. In verbal models, the variables and their relationships are stated in prose form. Such models may be mere restatements of the main tenets of a theory. Graphical models are visual. They are used to isolate variables and to suggest directions of relationships but are not designed to provide numerical results. Mathematical models explicitly specify the relationships among variables, usually in equation form. These models can be used as guides for formulating the research design and have the advantage of being amenable to manipulation.
The student should provide their own examples of each model. An example of using the three types of models in the context of the department store project is shown in Chapter 2 of the text.
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Your interaction with others is facilitated when you understand what three areas of persuasion? ______, ______, and ______.
Fill in the blank(s) with the appropriate word(s).
A company has the following information:Net credit sales = $400,000Net income = $100,000Average total assets = $80,000Average accounts receivable = $20,000What is the company's average collection period (rounded to the nearest whole day)?
A. 5 days. B. 9 days. C. 18 days. D. 73 days.
When FedEx communicates with its target markets through the use of a print medium such as Newsweek magazine, it is using which element of the promotion mix?
A) sales promotion B) personal selling C) word of mouth marketing D) direct marketing E) advertising
One drawback to the internal rate of return model is that cash inflows must occur evenly over the life of the investment
Indicate whether the statement is true or false