The Diderot Effect: Why We Want Things We Don’t Need?

This article was originally written by James Clear at https://jamesclear.com/diderot-effect  The famous French philosopher Denis Diderot lived nearly his entire life in poverty, but that all changed in 1765. Diderot was 52 years old and his daughter was about to be married, but he could not afford to provide a dowry. Despite his lack of wealth, …

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Courage and Creativity – Can they be taught?

Courage, like creativity, cannot be taught. If taught, that particular way of creativity or courage becomes a method in practice and is no more considered creative or courageous. Read the below masterpiece on courage by Neel Burton. https://www.psychologytoday.com/us/blog/hide-and-seek/201207/can-courage-be-taught

Hypothesis Testing with Controlled Experiments: Computing P-value using Z-statistic

Fake Professor

Google the word “experiment”, the answer returned is, “a scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact”

While “Experiment” is a broader term, a controlled experiment specifically is about testing impact of a single factor /variable while the other variables remain constant.

Confused? Don’t worry, read ahead. I will attempt to explain this using a scenario.

Imagine Saidulu is an ice-cream manufacturer who wants to increase the sales of his product “Kya toh bhi Ice-cream”.  His friend, Panthulu, suggests him to double the sugar content in ice-cream in order to achieve higher sales.

Will Saidulu go ahead and increase sugar in his ice-cream? That’s a bad business move. Fortunately Saidulu is smart, he conducts a controlled experiment. Voila!

How does he do that?

First, Saidulu tries to understand his customer segments. He narrows down attributes of his major consumer segment on the parameters…

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Marketing Information Systems

Marketing managers rely mainly on MIS systems and reports generated for the same to establish marketing plans. Marketers rely on three sources of information: internal information, marketing intelligence, and market research. Internal Information Marketing managers need to have an internal analysis to determine where does their own company stand. For these they need regular sales …

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