Just to add to Victor's excellent explanations (although it may not be a specific answer to the OP), the methodologies need not be mutually exclusive. It is possible to start with some knowledge of the model and investigate unknowns simultaneously and/or sequentially. It is not unusual to start with hypothetical models based on subject matter knowledge, get data to support or reject those hypotheses and iterate to investigate alternatively (if hypotheses are not explaining/predicting the data well) or augmenting the space (if they are). I suppose we are all looking for effective methods first and efficient methods second (e.g., optimality). Much depends on what we know (or think we know) and then getting data to test that knowledge. I think it is a good idea to "challenge" the model and determine where it fails, rather than just where it works.
"All models are wrong, some are useful" G.E.P. Box