How Not to Make the Wrong Assumptions and Hurt Your Business

by | Aug 25, 2015 | Marketing

And remember,

Ceteris Paribus

marriageEvery economics course – at least the good ones – will cover the idea of “ceteris paribus,” and its meaning: “all things being equal.”  While it’s central to every economics program, the term is taught early in the class, and then forgotten as the semester goes on, and unfortunately when the student becomes a business owner.

But it is essential that is remembered in business, and especially in decision-making.  In everyday language, ceteris paribus translates into “every business plan or analysis assumes certain assumptions that must be valid for the analysis to be useful.” (more…)

Do You Have a Marketing Plan?

Do You Have a Marketing Plan?

by | Dec 15, 2014 | Marketing

Do you have a marketing plan?  You don’t?  Then you’d better get one.  If you don’t have a road map for targeting the right product to the right people in the right way, keep your website on MySpace and start buying truckloads of lottery tickets.

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Demographics Do Not Lie

Demographics Do Not Lie

by | May 15, 2014 | Marketing

Social Media Demographics BreakdownDemographics is the study of how a population based on factors such as age, race, sex, economic status, education, income, and employment affect various outcomes. Demographics are typically used to learn more about a population’s characteristics.  Businesses must rely on demographics as a key method for planning.

Labor force

Back in 1960, the American labor force was dominated by 21-45 year old white males.  Today, we have a far more diverse labor force when viewed according to age, sex, race, and ethnicity.  These changes in the labor force require an entirely different structure of practices, strategies, and culture. (more…)