The Power of Multidisciplinary Marketing

The Chicago Approach to marketing grounds students in the core disciplines of economics, psychology, and statistics. This foundational knowledge equips students with essential scientific tools and analytical frameworks that prepare them to formulate effective strategies, make optimized decisions, and effectively lead in today’s rapidly evolving, data-driven business climate.

Our Approach

What Is The Chicago Approach to Marketing?

There are three foundational elements to The Chicago Approach:

Our Approach Applied:

Leveraging Data to Improve Revenue

In “A Structural Model of Sales-Force Compensation Dynamics: Estimation and Field Implementation,” Booth marketing professor Sanjog Misra and his coauthor, Harikesh S. Nair, PhD ’05, analyzed real-world, sales-force compensation schemes to improve contracts for a large contact lens manufacturer in the United States.

 

$12 Million

Misra and Nair found that the new contract resulted in $12 million in incremental revenue annually. Their results illustrate that when dynamic programming-based solutions are combined with structural empirical specifications of behavior, it can significantly improve marketing decision-making and firms’ profitability.

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Francisco Vasquez “Booth prepared me with the knowledge to be able to talk about a wide array of industries, and the tools and frameworks to feel comfortable drawing conclusions from data.”

–Francisco Vasquez, ’16
Jean-Pierre Dubé Video Jean-Pierre Dubé Video

The ROI of The Chicago Approach

Hear the faculty director of the Kilts Center, Booth professor Jean-Pierre Dubé, explain how The Chicago Approach to marketing sets Booth apart from its peers.

A Transformative Marketing Curriculum

A Transformative Curriculum

At Booth, students are exposed to cutting-edge marketing courses that are grounded in core business disciplines. In Marketing Strategy with Simulation (BUS 37100 - password protected), for instance, students not only learn the fundamentals of marketing strategy, such as customer analysis and product strategy, but they also work with computer simulation and XLSTAT software to create optimal, team-based marketing strategies, which they then use to compete against other teams in the class.

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Uncovering Our Aversion to Algorithms

Are You Smarter Than An Algorithm?

The next time Amazon suggests a related product that you want to buy, send a thank-you note to an algorithm. But do people trust algorithms to make good decisions for them? Research suggests they don’t. Berkeley Dietvorst, assistant professor of marketing at Booth, has been shining a light on a phenomenon he calls “algorithm aversion.” Through his research, Dietvorst suggests that people tend to use their own decision-making processes, even when they have information that an algorithm could do a better job.

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