Final answer:
A business model that deals with customers entering the store at random times uses statistical models, accounting for unpredictable factors affecting customer flow.
Step-by-step explanation:
A model of a business in which customers walk into the store at random times employs a model that uses statistical models rather than precise and exact equations. This approach accounts for the unpredictable nature of customer arrivals, which can vary due to multiple factors such as time of day or whether people shop in groups. An example of such a model would be the use of the exponential distribution to model the probability of the time interval between customer arrivals, which can help businesses understand customer flow and plan accordingly.
Statistical models are essential for capturing the random and unpredictable aspects of real-world scenarios, as opposed to deterministic models which are used when one value is precisely determined from another. For instance, the Huff Model is a statistical tool used to predict customer patronage based on distance, store attraction, and lack of competition, while the Hotelling Model explains retail patterns based on the premise that customers will travel the shortest distance to purchase a similar product.