Professor Elea Feit
Experiments for Business Decision Making
Creating an effective experiment, one that provides value to the organization, requires measures of management, creativity, and technical skill. This course will alternate lectures and homework exercises on statistical methods, readings and guest lecturers.
In the past decade, the shift of advertising dollars to measurable digital marketing channels has suddenly made tactical experiments an economically feasible way to inform marketing decisions such as how advertising should be designed and targeted, what types of promotions are most effective, what products should be offered, how sales staff should be compensated, which sales channels should be emphasized, etc. Many marketers engaged in online retailing, direct marketing, online advertising, media management, and service operations are rapidly embracing a “test and learn” philosophy and most digital marketing platforms now support rigorous field experiments. The rapid rise of the “test and learn” philosophy in marketing has created a huge demand for those who can design, field, and analyze experiments. Through this course, you will learn about, discuss and practice a wide range of critical skills for experimentation, from the statistical methods used to design and analyze experiments to the management and strategy required to execute an experiment and act on the results. Although our cases and examples will focus on marketing problems, the material covered can be applied in a number of other domains particularly operations, people management and product design.