What People Want (and How to Predict It) Harvard Case Solution & Analysis

Historically, neither the creators nor the distributors of cultural products such as books or movies using analytics - data, statistics, predictive modeling - to determine the likelihood of success of its proposals. Instead of relying on the brilliance tastemakers to predict the formation and that people will buy. Creative solutions and experience will always play an important role in creating, shaping and marketing of cultural products. But the balance between art and science is changing. Companies today have unprecedented access to data and advanced technology, which allows even the most well-known experts to weigh factors and consider evidence that was not available just a few years ago. And with the increased costs and risks associated with the creation of cultural products, it has never been more important to get these decisions right. In this article, the authors describe the results of the research, forecasting efforts and recommendations of various cultural products. They discuss the various approaches used to make predictions, the contexts in which these projections will be applied, and the barriers to wider use, including the problem of decision-making prior creation. They then discussed two aspects of market forecasts. First, the need to improve the prognosis for distributors of cultural products, and secondly, the ability for a business model around the weather equipment. "Hide
by Thomas H. Davenport, Jeanne G. Harris Source: MIT Sloan Management Review 11 pages. Publication Date: January 1, 2009. Prod. #: SMR298-PDF-ENG

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