Bernd Skiera, and a couple of colleagues, have a paper that considers a relatively recent wave of research in marketing academia. They tackle event studies. These look at the impact of specified “events” on the value of a firm. Measuring the impact of marketing on Wall Street. Marketing Events Clearly marketers tend to concentrate on marketing events….
Category: Understanding Marketing
Smoothing Data
Excel can be a very useful tool. Though it cannot easily do the most advanced statistical tasks. Excell can tackle most everyday business analytics. Today we see how a business advisor discusses a range of challenges including smoothing data. Balanced Scorecards Ron Person shows how to produce balanced scorecards in a book that is packed…
Field Guide to Lies
Daniel Levitin has an very enjoyable and informative popular science book in his Field Guide to Lies. He surveys how we know what we know, and how we communicate it to others. To be fair not all of it is about lies, for instance, he discusses how data is collected. A lot of the problems he…
Conducting Business Tests
We should be conducting business tests to have more confidence we are doing the right thing. Small And Big Decisions In business decisions are often taken “without having any real evidence to back them up” (Davenport, 2009, page 69). This is a source of great frustration to me, (and many academics). To be fair sometimes there…
The Persistence of Academic Customs
Recently I was reading Max Weber’s thoughts on “Science as a Vocation” given in a lecture on November 7th, 1917. By science Weber means knowledge creation in the broader sense so pretty much all academics should be included as scientists. It can also tell us about the persistence of academic customs. The Persistence of Academic Customs There…
Why Don’t Businesses Experiment More?
One puzzle for academics, myself included, is why businesses don’t experiment more? Why Don’t Businesses Experiment More? Experiments have great potential to improve business outcomes. Often businesses don’t seem to do much experimenting. Companies pay amazing amounts of money to get answers from consultants with overdeveloped confidence in their own intuition. Managers rely on focus…
Teaching CLV Badly
Ex-Ivey PHD student and now University of Calgary professor, Charan Bagga, and I have just published an article. This focused on the teaching of CLV (Customer Lifetime Value). We surveyed the state of case-based teaching materials related to CLV and found them a pretty shoddy bunch. Teaching CLV badly seems to be the default way to teach…
Showing A Problem Does Not Equal Demonstrating A Worsening Problem
Cathy O’Neil has a great book on big data, Weapons of Math Destruction, but one with a fundamental flaw. The flawed claim is made in the book’s subtitle and permeates throughout the book. The subtitle is: “How Big Data Increases Inequality and Threatens Democracy”. I could find no significant evidence of big data increasing inequality in the book. She shows…
The Flat Maximum And Data Science
Steven Finlay has a useful book on Data Science, (Predictive Analytics, Data Mining and Big Data). He has lots of helpful practical advice in an easy to access form. He highlights the idea of the flat maximum. The Flat Maximum This is a general recommendation to read the book. I will also highlight a point Finlay makes….
Simpson’s Paradox: Data can be very confusing
One of the strangest things in statistics is Simpson’s paradox. The paradox happens when two sets of data each show the same result. Yet, when you combine the data into a single data set the combined table gives you a different result. Data Can Be Confusing Smith explains this using a click data example. In the data, he shows when you look at…
