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Perceptual map of competing products with ideal vectors. Preference regression is a statistical technique used by marketers to determine consumers’ preferred core benefits. It usually supplements product positioning techniques like multi dimensional scaling or factor analysis and is used to create ideal vectors on perceptual maps.
Perceptual maps, also known as market maps, usually have two dimensions but can be multi-dimensional or use multiple colours to add an extra variable. They can be used to identify gaps in the market and potential partners or merger targets as well as to clarify perceptual problems with a company's product.
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Maps are useful in presenting key facts within a geographical context and enabling a descriptive overview of a complex concept to be accessed easily and quickly. WikiProject Maps encourages the creation of free maps and their upload on Wikimedia Commons. On the project's pages can be found advice, tools, links to resources, and map conventions.
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Model selection tools like AIC, BIC, Bayes factors, or cross-validation can thus be useful to select the dimensionality that balances underfitting and overfitting. Mapping the results and defining the dimensions – The statistical program (or a related module) will map the results. The map will plot each product (usually in two-dimensional space).