Monday 29 September 2008

Singapore Grand Prix > Game Theory > Hotel Marketing

What I Learnt from Watching the Grand Prix in Singapore Yesterday.


Renault F1 demonstrate Game Theory

"Be daring, be different, be impractical, be anything that will assert integrity of purpose
and imaginative vision against the play-it-safers, the creatures of the commonplace,
the slaves of the ordinary."
Cecil Beaton


Pat Symonds of the Renault F1 Team subscribes to something called Game Theory.

Definition: A mathematical method of decision-making in which a competitive situation is analyzed to determine the optimal course of action for an interested party, often used in political, economic, and military planning. Also called theory of games. Answers.com

This in a very simple form was explained as follows.

In Grand Prix terms the theory says that if you are in the pack on the grid and you want to get to the front do something completely different and completely unexpected.

Because ...

If you only do the same as the others around, but with a bit more quality or a bit more efficiency then all that can happen is that you will only be a bit better - and still in the mid pack at the end of the race.

Do the different thing and you could end up first by a country mile as Alonso did!

Having looked up Game Theory on the Web (Google 10,500,00o results in 0.26 seconds!) I cannot find anywhere that says the above, however, it does propose a lot of interesting counter intuitive approaches to situations.

The main thing for me is that it encourages the different after all as Einstein said

"Insanity is defined as doing the same thing over and over again and expecting different results."

Whether it is in creating the brand, Search Engine Optimisation Strategies, Web 2.0 Strategies, Rate Distribution or Yield Management, we all need to look to alternative ways of doing things.

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