Qm to optimize E&Bi
Table of contents:
Lecture 1: Introduction to business strategies 2
Lecture 2: Essentials of data collection and measurements 6
Self-study: Sampling methods 16
Tutorial 1: Quantitative method: case practice 18
Lecture 3: Data Editing, Matching, and Causal Analyses 24
Tutorial 2: data collection, coding, and analysis 34
Lecture 4: data testing and regression analysis 38
Test your knowledge: 47
Lecture 5: Event study and assignment preparation 48
Test your knowledge 53
Article: Event study methodology in the marketing literature: an overview 54
Lecture 6: (Sales) response models and elasticities 60
Tutorial 3: event study for the assignment 66
Guest Lecture 69
Self-study tutorial: practical applications of data analyses 71
Lecture 8: marketing analytics: formulating, presenting, and executing data-based strategies 74
Tutorial 4 78
Lecture 9: Future trends, big data, and predictions 82
Lecture 10: Exam Preparation 88
1
,Lecture 1: Introduction to business strategies
● Simplifying strategic decisions:
Most Decisions in Life Rely on Simplifying Strategies
- Heuristics are helpful in strategic management as they provide time-pressured
professionals with a simple way of dealing with a complex world.
- Sometimes, however, heuristics lead to severe and systematic errors in decision-
making (people need to be made aware that they rely on heuristics).
- Left unchecked, these subconscious cognitive biases undermine important
strategic decision-making.
Examples: IBM, the Beatles, FedEx
Good feelings are good, but with data analysis, you get better into the needs of the
matters. The right decision is considering good feelings and statistics.
● Heuristic versus data analytic techniques
- Heuristic: the process by which humans use mental shortcuts to make decisions.
We use it but many times we are wrong
- Data analytic techniques
● Two models of thinking:
Two Systems or “Modes of Thinking” In the Brain Are the Cognitive Foundations For Any
Kind of
Decision-
Making
- Intuitive thinking: quick on your own
- Reflective thinking: decisions based on math and logic
● Moving to quantitative applications in entrepreneurship: trends
- Managers in start-ups have a more data-friendly mindset (than “traditional”)
2
,- High-powered personal computers connected to networks are important
- The volume of marketing data is exploding
- Firms are reengineering their IT infrastructure for the information age (e.g., using
customer relationship management systems)
● Layers and areas of analysis
- Strength and weaknesses
(resources, capabilities, core
competencies) → internal
- Opportunities and threats →
external
● Macro-environment: factor
radar with strategy relevance and
timeline
- The
framework helps to identify
broad
macroenvironmental factors
that may have an impact on a
firm’s future
performance
- Factors:
Political, economic,
sociocultural,
technological, ecological, legal
● Macroenvironment: firms need to analyze developments in the market
- Kodak had difficulties adapting to the changing business circumstances
- Kodak invented the roll film and was a lead in the market
- Kodak didn‘t capture the full potential of digital photography on time
- What did Fujifilm do differently?
Print out the pictures right away, because a lot of photos you don’t look back at. In
the Asia market, it is popular to have an Instax.
They used materials used in makeup
3
, ● Industry: defining a relevant industry
Defining the Relevant Market (Industry Boundaries) is an Essential First Step For Analyzing
Competitive Forces
- The main competitor of
BMW is Google
● What makes street music successful?
- Empirical field study
80,000 pedestrians
And 72 street musicians
→ Research design and data collection: look at street musicians and people on the
street giving money, and look at environmental aspects
The quality of the performance is also important
Groups with children on the most
Females are more likely to donate
People who are together are more likely to donate
The environment also matters, people donate more when it is cold outside. The
individual likelihood increases
The Sunday effect: people are more likely to donate on Sunday
● A conceptual model to measure the effect of street musicians
4
Table of contents:
Lecture 1: Introduction to business strategies 2
Lecture 2: Essentials of data collection and measurements 6
Self-study: Sampling methods 16
Tutorial 1: Quantitative method: case practice 18
Lecture 3: Data Editing, Matching, and Causal Analyses 24
Tutorial 2: data collection, coding, and analysis 34
Lecture 4: data testing and regression analysis 38
Test your knowledge: 47
Lecture 5: Event study and assignment preparation 48
Test your knowledge 53
Article: Event study methodology in the marketing literature: an overview 54
Lecture 6: (Sales) response models and elasticities 60
Tutorial 3: event study for the assignment 66
Guest Lecture 69
Self-study tutorial: practical applications of data analyses 71
Lecture 8: marketing analytics: formulating, presenting, and executing data-based strategies 74
Tutorial 4 78
Lecture 9: Future trends, big data, and predictions 82
Lecture 10: Exam Preparation 88
1
,Lecture 1: Introduction to business strategies
● Simplifying strategic decisions:
Most Decisions in Life Rely on Simplifying Strategies
- Heuristics are helpful in strategic management as they provide time-pressured
professionals with a simple way of dealing with a complex world.
- Sometimes, however, heuristics lead to severe and systematic errors in decision-
making (people need to be made aware that they rely on heuristics).
- Left unchecked, these subconscious cognitive biases undermine important
strategic decision-making.
Examples: IBM, the Beatles, FedEx
Good feelings are good, but with data analysis, you get better into the needs of the
matters. The right decision is considering good feelings and statistics.
● Heuristic versus data analytic techniques
- Heuristic: the process by which humans use mental shortcuts to make decisions.
We use it but many times we are wrong
- Data analytic techniques
● Two models of thinking:
Two Systems or “Modes of Thinking” In the Brain Are the Cognitive Foundations For Any
Kind of
Decision-
Making
- Intuitive thinking: quick on your own
- Reflective thinking: decisions based on math and logic
● Moving to quantitative applications in entrepreneurship: trends
- Managers in start-ups have a more data-friendly mindset (than “traditional”)
2
,- High-powered personal computers connected to networks are important
- The volume of marketing data is exploding
- Firms are reengineering their IT infrastructure for the information age (e.g., using
customer relationship management systems)
● Layers and areas of analysis
- Strength and weaknesses
(resources, capabilities, core
competencies) → internal
- Opportunities and threats →
external
● Macro-environment: factor
radar with strategy relevance and
timeline
- The
framework helps to identify
broad
macroenvironmental factors
that may have an impact on a
firm’s future
performance
- Factors:
Political, economic,
sociocultural,
technological, ecological, legal
● Macroenvironment: firms need to analyze developments in the market
- Kodak had difficulties adapting to the changing business circumstances
- Kodak invented the roll film and was a lead in the market
- Kodak didn‘t capture the full potential of digital photography on time
- What did Fujifilm do differently?
Print out the pictures right away, because a lot of photos you don’t look back at. In
the Asia market, it is popular to have an Instax.
They used materials used in makeup
3
, ● Industry: defining a relevant industry
Defining the Relevant Market (Industry Boundaries) is an Essential First Step For Analyzing
Competitive Forces
- The main competitor of
BMW is Google
● What makes street music successful?
- Empirical field study
80,000 pedestrians
And 72 street musicians
→ Research design and data collection: look at street musicians and people on the
street giving money, and look at environmental aspects
The quality of the performance is also important
Groups with children on the most
Females are more likely to donate
People who are together are more likely to donate
The environment also matters, people donate more when it is cold outside. The
individual likelihood increases
The Sunday effect: people are more likely to donate on Sunday
● A conceptual model to measure the effect of street musicians
4
