Mastering Quantitative Marketing Example

Mastering Quantitative Marketing Example Mastering Quantitative Marketing – Assignment Example The organization of today faces a number of challenges in a tough competitive environment; a significant challenge among these is managing change. Long gone are the days when organizations relied on traditional right brained quantitative approaches (MERKLE, 2004). With out a progressive quantitative approach, it is impossible to succeed in this dynamic environment. The marketing of today revolves around information; this can range from information of media and channels to events and customers. Thus to be successful as a marketer, it is imperative that all this information should be arranged in efficient formats, for analysis and interpretations. There a number of applications of quantitative analysis in marketing. A very important factor in any marketing strategy is the profit driver; these are actually the only thing that can change market performance. Usual profit drivers from any marketer perspective can be Audience, offer, Contact, media etc. To measure and use all these profit d rivers in order to maximize your revenues an organization must use quantitative statistical techniques to measure and analyze them. For example changing demand trends are measured using surveys and interviews. Marketers than apply statistical tools on them to understand correlation with different variables that could have caused these changes. Comparative analysis helps marketers analyze customer switches and identify weak spots for their own organization. Demand forecasts are basis of any marketing strategy; quantitative marketing techniques are used to determine demands for different products and services. There is thus a growing need to move towards structural models which predict behaviors with market data (Chintagunta, 2006). In the marketing terminology, qualitative assumptions are taken as truths, but facts can only be drawn based on quantitative research. For the purpose of this discussion we will follow the consensus theory of truth because it is the most relevant to our topic (Nicholas, 1995). Truth according to the consensus theory is what is usually agreed upon. Fact on the other hand is a ‘pragmatic truth’, this usually refers to a statement that can be checked, proved and confirmed. This pragmatic statement is a contrast to opinions and beliefs. In management science terminology we can take fact to be a verifiable objective terminology that has been proven by empirical evidence. In market qualitative statements are usually taken as truth, a valid example is expecting girls to always like pink. These are usually common flaw that in an era of customization are not valid and pertain again to qualitative marketing. How can we differentiate a truth from a fact? This is a question all marketers consciously or subconsciously; face regularly. The only solution is to apply quantitative techniques and use empirical evidence when the line between truth and fact is thin. A valid example will be conducting a survey to calculate the number of girls who actually like pink. Turning truth into facts can some times be costly and requires a lot of work and cost but can save organizations huge amounts of money in form of sales and cost of sales. A number of other analysis tools such as Regression, correlation, covariance etc can help establish facts about relationships and observations, thus differentiating fact from truth. References Barry, G.W. (1997). Scientific Method: A Historical and Philosophical Introduction. Routledge. ISBN 0415122821 Nicholas, R.N. (1995) Pluralism: Against the Demand for Consensus. MERKLE. (2004). Mastering Quantitative Marketing: CREATING AND LEVERAGING INFORMATION TO IMPROVE MARKETING PERFORMANCE. Chintagunta, P.C. , Erdem, T.E. , Rossi, P.R. , Wedel, M.W. , (2006). Structural Model in Marketing: REVIEW AND ASSESSMENT. Market Science, 604-616.

Sharpie Pen Tie Dye - Use Science to Create Wearable Art

Sharpie Pen Tie Dye - Use Science to Create Wearable Art Normal tie dye can be messy and time-consuming. You can get a really cool tie-dye effect using colored Sharpie pens on a t-shirt. This is a fun project that even young kids can try. Youll get wearable art and may learn something about diffusion and solvents. Lets get started! Sharpie Pen Tie Dye Materials colored Sharpie pens (permanent ink pens)rubbing alcohol (e.g., 70% or 90% isopropyl alcohol)white or light-colored cotton t-shirtplastic cup Let's Do Tie Dye! ... except you dont have to tie anything. Smooth a section of the shirt over your plastic cup. You can secure it with a rubber band if you want.Dot a Sharpie to form a circle in the center of the area formed by the cup. You are aiming for a dotted ring about 1 in diameter. You can use more than one color.Drip rubbing alcohol on the blank center of the circle. I used the extremely low-tech method of dipping a pencil in the alcohol and dotting it on the shirt. After a few drops, you will see the alcohol spread outward from the center of the ring, taking the Sharpie ink with it.Continue adding drops of alcohol until you are satisfied with the size of the pattern.Allow a couple of minutes for the alcohol to evaporate before moving on to a clean section of the shirt.It doesnt have to be a circle. You can make stars, triangles, squares, lines... be creative!After your shirt is completely dry (alcohol is flammable, so dont use heat on a damp shirt), set the colors by tumbling the shirt in a hot clothes dryer for ~15 minutes.You can wear and wash your new shirt like other clothes now. How It Works The ink in a Sharpie pen dissolves in alcohol but not in water. As the shirt absorbs the alcohol, the alcohol picks up the ink. You can get new colors when different colors of ink mix together. The wet ink will diffuse, or move from areas of higher concentration to lower concentration. When the alcohol evaporates, the ink dries. Sharpie pen ink doesnt dissolve in water, so the shirt can be washed. You can use other types of permanent markers, but dont expect great success using washable markers. Theyll dissolve in the alcohol to make the tie-dye pattern, but theyll also lose color as soon as you wash them.