What are generally accepted practices for planning and executing A/B test for digital advertising / paid search?

Online Marketing Body of Knowledge from OMCP

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What are generally accepted practices for planning and executing A/B test for digital advertising / paid search? Answers must include: Definition of terminology, Importance of the concept or process, and the Process of how a professional marketer approaches the practice. Please start your answer so it can stand alone as a sentence/paragraph. For example, “SEO keyword analysis is the process of…”

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