Well, first of all, you have to consider some boundaries that may affect your choice. In a list you can have a max of 32 choice fields, and 16 lookup fields (check http://social.technet.microsoft.com/wiki/contents/articles/12438.sharepoint-2013-best-practices.aspx#Capacity_Planning for details).
If you're not impacted by these constraints, my choice would be like this:
See SharePoint 2013 Best Practices: http://social.technet.microsoft.com/wiki/contents/articles/12438.sharepoint-2013-best-practices.aspx#Capacity_Planning
Maheshkumar S Tiwari edited Revision 2. Comment: Added tags
Margriet Bruggeman edited Original. Comment: add