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Another way to think about dating!
The Business of DatingApplying economics and simple business concepts in dating game
Tuesday, August 27, 2013
Understanding the Basic Model
Tuesday, August 27, 2013
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
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
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
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
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
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
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
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
Applying the model
Tuesday, August 27, 2013
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
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
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
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
The Strategy
Tuesday, August 27, 2013
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
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
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
Applying Business ConceptMaking sure the demand curve @ the “right” place
Tuesday, August 27, 2013
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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