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Another way to think about dating! The Business of Dating Applying economics and simple business concepts in dating game Tuesday, August 27, 2013

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Page 1: Dating game

Another way to think about dating!

The Business of DatingApplying economics and simple business concepts in dating game

Tuesday, August 27, 2013

Page 2: Dating game

Understanding the Basic Model

Tuesday, August 27, 2013

Page 3: Dating game

Law of Demand

Law of demand:

When the price falls, the quantity demanded rises, and vice versa

other things held equals.

Y axis: Price

X axis: Quantity

Demand curve

P1

P2

Q2Q1

As Price 1 (P1) falls to Price 2 (P2), Quantity

increases from Q1 to Q2

Tuesday, August 27, 2013

Page 4: Dating game

Law of Supply

Law of supply:

When the price rises, the quantity supplied rises, and vice versa.

other things held equals.

Y axis: Price

X axis: Quantity

Supply curve

P2

P1

Q2Q1

As Price 1 (P1) rises to Price 2 (P2), Quantity increases from Q1 to Q2

Tuesday, August 27, 2013

Page 5: Dating game

Redefining The Terminology

Price (P)

The efforts & hardships your target/targets have to “pay” to get your attention

The rewards you deserve from your target/targets before/after you give in your efforts & hardships to get your his/her/their attention

Tuesday, August 27, 2013

Page 6: Dating game

Redefining The Terminology

Quantity = Gifts & surprises + Revealing your self culture & stories + Flirting & touching + Making contacts + providing Solutions and comments + Care and concerns

Q = G + R + F + M + S + C

Notes: what “quantity” contents can be varied accordingly to the targeted “consumers” (the one or ones you are going for).

Tuesday, August 27, 2013

Page 7: Dating game

Definitions & Short Notations

Gifts & surprises (G )

amount of gifts you buy and amount of surprise you give

Self cultures & stories (R)

Stuff about your life, experiences, believes, values, background, likes, and culture

Flirting & touching (f)

amount of flirtatious conversation you make

amount of touching you do on your target/targets

Making contacts (M)

Initiating a communication such as:

texting, calling, FB-ing, etc

Providing solutions & comments (S)

Telling people what to do, right or wrong, good or bad.

Care & Concerns (C)

the degree of giving care and concerns about your target/targets

Tuesday, August 27, 2013

Page 8: Dating game

Demand & supply model In terms of Dating

Y axis: Price

X axis: Quantity

Demand curve

P1

P2

Q2Q1

AS The efforts & hardships your target/targets have to “pay” to get your attention fall, your targets tend to

consider you more

Y axis: Price

X axis: Quantity

Supply curve

P2

P1

Q2Q1

AS P rises, you are motivated to provide more efforts to get your target/

targets attentions

Tuesday, August 27, 2013

Page 9: Dating game

Changes in Demand & SupplyDemand & Supply curve shift:

In time, demand/supply curve might shift its position to left or right

Assume Price is consistent, and the entire curve shifts, the demand and supply for dating market changes. Quantity (Q) changes to Q* or Q**

Q Q*Q** Q Q*Q**

more demand, Q* increases @ all price

level

lesser demand, Q** drops @ all price

level

more supply, Q* increases @ all price

level

lesser supply, Q** drops @ all price

level

Tuesday, August 27, 2013

Page 10: Dating game

Factors that cause shiftings

Examples of factors that cause demand/supply curve to shift in time:

taste: people may change their taste time to time

wealth/Social status: It causes you/your targets to upgrade or downgrade preferences.

Expectation of the future: what you/your targets expect in future, determines how much they want you to be their mate now.

Incidence: something happens that changes you/targets’ decisions by force or by will

numbers of Competitors (supply) / numbers of targets: if you have more competitors, your chances is lesser, or vice versa, and Other things held equal. If, suddenly, you have more selections, more targets are interested in you, you might supply your efforts lesser

discovery: as you/your targets learn more about one another deeper, it could change your/their perspectives in demand and supply

Tuesday, August 27, 2013

Page 11: Dating game

Applying the model

Tuesday, August 27, 2013

Page 12: Dating game

The Model

Putting both demand & supply curve into the same graph

When P & Q reach a point when P = Q, it is called the equilibrium

It is the point when your targets’ demand is equal to what you are willing to supply your effort to have a date

Y axis: Price

X axis: Quantity

demand curve

supply

curv

e

P*

Q*

Tuesday, August 27, 2013

Page 13: Dating game

Reading the model

If the price is lower than the equilibrium

@ the supply curve

supplied quantity is Q’

@ the demand curve

demanded quantity is Q”

It indicates that, the quantity demanded by your targets exceeds the amount you offer to them.

Y axis: Price

X axis: Quantity

demand curve

supply

curv

e

P’

Q’ Q”

Example

Tuesday, August 27, 2013

Page 14: Dating game

Reading the model

Consequently, your targets will be happy to offer high Price, P”, to obtain your attention, observe the point @ demand curve

At this point, You are highly demanded in the dating game

However, you will be tempted to offer more effort to capture your targets with that kind of price. observe the point @ supply curve.

Y axis: Price

X axis: Quantity

demand curve

supply

curv

e

P’

Q’ Q”

P”

P*

Q*

Example

Tuesday, August 27, 2013

Page 15: Dating game

Reading the model

If you cannot resist the temptation of P”, and irrationally you decided to supply more than the equilibrium quantity, Q”, your market value would drop. In other words, Your targets would begin to have less appreciation on you, observe the point @ demand curve

As a result, your efforts become cheap @ P’

Y axis: Price

X axis: Quantity

demand curve

supply

curv

e

P’

Q’ Q”

P”

P*

Q*

Example

Tuesday, August 27, 2013

Page 16: Dating game

The Strategy

Tuesday, August 27, 2013

Page 17: Dating game

The Strategy!!!

create a ceiling price lower than the equilibrium & a quantity wall less than the equilibrium

Do your best to maintain

P < P*

Don’t give them such a hard time to get your attention

Never expect or ask your target/targets return a price equal or higher than what they would offer @ P*

Q < Q*

only supply what they demand. In fact, answer only to reasonable & achievable demands.

Y axis: Price

X axis: Quantity

P*

Q*

ceiling price

quan

tity

wal

l

Tuesday, August 27, 2013

Page 18: Dating game

The Strategy!!!

Result is, demand of you, will always remain high

you will have high possibility to get engaged in a relationship with your target/targets

Notes: limiting your efforts and the desire to have greater

returns do not mean That you should supply 0 quantity of efforts to your target/targets!!!

Y axis: Price

X axis: Quantity

P*

Q*

ceiling price

quan

tity

wal

l

P

Q Q`

targets’ demand quantity exceeds supply

quantityP`

targets are willing to offer this price

Tuesday, August 27, 2013

Page 19: Dating game

The Strategy!!!

However, in time,

Demand curve might shift to left

targets might loose interest in you

P

Q

ceiling price

quan

tity

wal

l

Tuesday, August 27, 2013

Page 20: Dating game

Applying Business ConceptMaking sure the demand curve @ the “right” place

Tuesday, August 27, 2013

Page 21: Dating game

Value Creation

You are the producer, you are the enterprise, and you are the goods and services

Develop your “product” with three crucial concerns.

balance the 3 crucial concerns: the trinity of value creation

What your target/targets want?

What do you want?

What do you have?

Tuesday, August 27, 2013

Page 22: Dating game

Target Costumers

What do you want? Make a criteria list and slowly define what kind of target/targets you are seeking for.

remember, eventually when you are in a relationship, you ought to accept and embrace whoever and however he/she really is.

Criteria: physical appearance, wealth, social status, social grace, knowledge, inner person, values, mind set, believes, etc

Tuesday, August 27, 2013

Page 23: Dating game

Detecting demands

“Researching” Sufficient information about your target/targets to give you a clear direction before you go after your target and make unnecessary scarifies

by communications and conversations with your target/targets, people who know he/she/them

Read some psychology books, articles, tips from internet: dating book, discoveries about sex & genders, etc.

Study their social networks to analyze things they care, don't care, like, and don’t like.

Do Not Stalk!!!

Never Jump to Conclusion & Make Your Assumptions, without thoroughly understanding your target/targets demands!

Tuesday, August 27, 2013

Page 24: Dating game

Picking the right target does matter

notice the distance of P&Q from both graphs?

Graph A: targets have less interest in what you can offer and only willing to pay a very low price

Graph B: targets are fond of you. they are willing to give up equally as much as you can provide.

Q*

P

Q

P

QQ*

P*

P*

Graph A Graph B

Tuesday, August 27, 2013

Page 25: Dating game

The Slope Matters

The stiffness of the slope indicates different condition in the dating game

It indicates deferent types of target/targets you are dealing with

do they have high market value, where tons of people are going after them, or

Low market value, where nobody care to lay an eye on them

Your market worthiness in the dating game

Are you extra ordinary enough that you are the “one and only” type of people that everybody adores

or you are some typical guy/girl in the street and anyone can replace you

Tuesday, August 27, 2013

Page 26: Dating game

The Slope

notice the area size of P1Q1 vs P2Q2?

Larger area size = higher satisfaction for both parties

Graph A:

targets have lots of selections other than you, you can be substituted anytime. Between you and your competitors, whoever accept cheaper P and willing to supply more Q, whoever will get higher satisfaction.

You are too ordinary, highly replaceable. To get satisfaction, you have to supply lots of effort, Q2, (@ point X) but you can only get low attention, P2, from your targetsQ1

P

Q

P1

Graph A

P2

Q2

Point x

Tuesday, August 27, 2013

Page 27: Dating game

Picking the right target does matter

P

QQ*

Graph B

Q1

P1

P2

Q2

notice the area size of P1Q1 vs P2Q2?

Larger area size = higher satisfaction for both parties

Graph B:

Compare with graph A, targets have only a few of selections including you. You are hardly replaceable.

You are extra ordinary, your targets need you a lot. To get satisfaction, you don’t have to supply a lot of effort, Q2, (@ point Y) but you can get high attention, P2, from your targets

Point y

Tuesday, August 27, 2013

Page 28: Dating game

Size does Matter!you are replaceable

you need to give a lot of effort to obtain higher total satisfaction (Compare blue box & orange box)

You are lowly demanded by your target/targets (compare yellow box in graph A & B)

P

Q

P

Q

Graph A Graph B

Q*

P*

Q*

P*

you are hardly replaceable

you don’t need to supply a lot of effort to obtain a higher total satisfaction (Compare blue box & orange box)

You are highly demanded by your target/targets (compare yellow box in graph A & B)

How your start your first step determines your business journey, when all else equal

Tuesday, August 27, 2013

Page 29: Dating game

Self evaluation

Knowing yourself better is often useful, so that you can make sure whether your target/targets are compatible with you. Both of you can gain equal benefits from one another. That means, “fair”, and “less stress” in the relationship.

Area that you should know about yourself: physical appearance, wealth, social status, social grace, knowledge, inner person, values, mind set, believes, etc

Tuesday, August 27, 2013

Page 30: Dating game

Product DevelopmentWith enough information about your target/targets demands, what you want, and about your capability, develop yourself, and equip yourself with some skills

Conversation skill

Making friends skill

Make yourself look presentable

Compare with your competitors, what you have they don’t have, or vice versa

make improvements on your weakness & bad habits, **before that, you need to understand yourself thoroughly first

Consider reasonable advises from others

Tuesday, August 27, 2013

Page 31: Dating game

A Reasonable Businessseek for a reasonable balance

evaluate what you can offer (including money), and how much you can achieve to satisfy/suit your target/targets’ needs/desires/satisfactory

reasonable, go ahead!!

extremely difficult, for example, you need a brand new self, put it a halt till you are capable to,

or seek for a new target

Tuesday, August 27, 2013

Page 32: Dating game

Marketing

manage informations about you

your social media content

what you want people to know about you

build yourself a good public image

looks presentable, well mannered, well behaved, aware of your body language @ all time

Make yourself known

build your network, know more people and broaden your chances to spot targets

Tuesday, August 27, 2013

Page 33: Dating game

Marketing

make yourself easy to be reached

answer your calls, and call back if you miss it

make your time flexible, to maintain high availability for dates

allow your target/targets to know your time so that they know how to adjust theirs.

try to schedule another time if you are not available to meet your target/targets

Tuesday, August 27, 2013

Page 34: Dating game

Marketing

release “signals” to your target/targets, “you are single and available”

signals = body language and hints during conversations

You don’t have to announce to anyone you come in contact that you are seeking for a date

Allow your target/targets to evaluate you

what they think about you: good and bad, weaknesses and strengths

accept it and review your performance. Make reasonable improvements

Tuesday, August 27, 2013

Page 35: Dating game

Marketing

Test market/stimulate market/reheat your “brand”:

when your business is “idle”, you need to do something!!!

Initiate some “special offers” or “promotion”

make an effort to please your target/targets by little surprises, special dinners, special gifts, showing extra concerns about the incidence or problem your target/targets facing, sweet talk, presents for your target/targets family, etc.

Like any marketing campaign out there! creativity is crucial!

Tuesday, August 27, 2013

Page 36: Dating game

Sales talk

Read your target/targets like a book

learn to detect body language and respond effectively

Learn to read facial expression and respond effectively

Improve your listening skills

pay attention and stay focus

Maintain eye contacts

Be patient, don’t try to sell yourself instead, release information about the similarities you share with your targets during your conversation

Tuesday, August 27, 2013

Page 37: Dating game

Team work

You need friends

make friends with your target/targets friends, so that they would support you, give you valuable information, and won’t talk bad about you

allow your friends to know your target/targets, so that they can support you at times

Tuesday, August 27, 2013

Page 38: Dating game

Quality Control

Accept criticism and make improvements appropriately

Maintain your performance at a good level and be consistent

Don’t give up easily

Make sure you deliver what you promise.

Tuesday, August 27, 2013

Page 39: Dating game

Manage your business

P

Q*

P*

Don’t forget, in time, demand curve shifts, and there are risks that it could shift to

left, or become flatter. Therefore,

Increase/maintain the size of the total satisfaction area

=Make your “business” grow

(better marketing,better sales talk,

better quality, etc)=

improve stiffness of the demand curve +

decrease the risk of lower demand

Tuesday, August 27, 2013

Page 40: Dating game

Finance

There’s no free lunch! You want to maximize your total satisfaction, it cost you time, efforts, passions, energies, money, and spirit!

Understand what “opportunity cost mean”

Manage your money, how you spend and how you save

spend carefully but not stingy

make sure you generate sufficient income, energy, passion to support your “business”

Stay healthy, eat right, rest well, work smart

If you cannot support your “business” anymore pick a new target

Tuesday, August 27, 2013

Page 41: Dating game

Opportunity Cost

Any decision you make, any action you take, you are giving up the second best option, and that will be your opportunity cost.

Opportunity cost high = the option you have given up is something that is highly important to you or it might bring you a greater potential of better outcome in future that you are yet to realize.

Do your best to reduce the risk of high opportunity cost

Be rational, do not let your emotion and feelings take over your decision making!

mind your speech, mind your attitude, mind your step!!

Tuesday, August 27, 2013

Page 42: Dating game

Final Tips

P

Q

P*

Q*

ceiling price

quan

tity

wal

lKeep in mind demand curve moves, and fluctuates! Using ceiling price & quantity wall to maintain a gap

Aware! Ceiling price and quantity wall too far from the equilibrium P*&Q*= smaller total satisfaction area = lesser happiness

If you have tried your best to manage your “business” and yet the demand curve keeps shifting to the left, adjust your ceiling price and quantity wall accordingly.

If the demand is increasing, and becomes quite stable, you can start loosening up your quantity wall and ceiling price closer to the equilibrium point P*&Q*.

Tuesday, August 27, 2013