Led by Dr. Jeff Cornwall, Belmont’s Center for Entrepreneurship conducted their “Entrepreneurial Challenge” at Centennial High School yesterday. The full-day event challenged 72 honors economic students to research and develop business ideas and then pitch their concepts to judges from the local business community. Visit Belmont News for more information about the event.
[Authored by Mr. Jose Gonazalez, Instructor of Entrepreneurship and International business]
I recently returned from leading a group of our MBA students to Chile, South America. While in Santiago, the capital city, we had the opportunity to visit several companies. We studied the business climate and explored the Chilean culture.
One of the most memorable visits we made was to Araucania Yarns, an entrepreneurial venture that sells artisan fibers for weaving and knitting. The company’s founder Michelle Boisier captivated our group as she shared her remarkable entrepreneurial journey. Araucania provides employment for about 40 people and exports 100% of its production mostly to the United States.
I’ve always been a strong believer in Entrepreneurial training, especially for high potential micro entrepreneurs, so I was interested when Michelle commented that her business wouldn’t have gotten off the ground like it did, had it not been for an organization I wasn’t familiar with: Endeavor.
Endeavor’s mission is to transform the economies of emerging markets by identifying and supporting high-impact entrepreneurs. It’s worth taking a look at their model and impact. Endeavors’ work throughout the world, is another great example of what entrepreneurial education can do to transform ‘industries, communities and entire countries."
Authored by Mr. Jose Gonazalez, Instructor of Entrepreneurship and International business
A total of 18 Massey MBA and MACC students arrived safely in Santiago, Chile this past weekend, while a separate group arrived in New Delhi, India. Each group began their international study abroad course experience scheduled to last through the coming weekend. The trips are two of four such international visits abroad scheduled annually by the Massey School and one component within the MGT 6350 - International Business Study Abroad experience course required of all graduate business students. Mr. Jose Gonazalez, assistant professor of entrepreneurship and international business, is leading the Chile trip, while Dr. Jane Finley, professor of accounting, heads up the India study experience.
Since 2000, Massey students and faculty have traveled on 45 such course experiences to locations ranging from China and India to Brazil and Argentina to Ireland and the Czech Republic. Additional 2009 trips are scheduled later this year for Dublin, Ireland and Copenhagen, Denmark. Scheduled trip locations for 2010 include Amsterdam, Buenos Aires, Istanbul, and Seoul.
At last report on Tuesday morning, the Chile group was just leaving a tour of the largest steel manufacturing facility in Latin America and headed to a fruit packing facility after lunch. Dinner on Monday evening included an outstanding meal at a restaurant positioned at the top of a hill overlooking the Santiago skyline--an amazing view! On Wednesday, the group is scheduled for one of its cultural activities--whitewater rafting in the Andes Mountains. Additional business visits are set to occur through this Friday. Both groups are scheduled to begin their return flights back to the U.S. on Saturday.
[Authored by Patcharee Noiboonturm, MBA Candidate] Today, it does not seem unusual for a consumer to spend more than $100 on a pair of sunglasses. Brands such as Maui Jim, Revo, and Prada can easily command $200 or more. However, when I purchased my first pair of Oakley sunglass more than 15 years ago, paying $130 for sunglasses seemed outrageous considering the number of cheaper alternatives. How was Oakley able to convince a limited-budget college student to purchase its product then and how has it been able to keep me as a loyal customer now? As discussed in Chapter 4 of Kotler and Keller's Framework for Marketing Management text, Oakley had to create customer value, satisfaction, and loyalty. Prior to making my first Oakley purchase, I had to consider the total value of the product versus the total cost. The difference is the customer perceived value (CPV) and is a key factor in whether an actual purchase decision is made.
Founded in 1975, Oakley has long been known as a leader in athletic eyewear. According to its company profile, Oakley has “a legacy of innovative, market-leading optical technology.” It was this cutting-edge image that first drew my attention to Oakley’s products. However, the product also had functional benefits that were important to me as an athlete. The sleek, wind-resistant styling and optical clarity were key features. Ultimately, my perceived value was greater than my perceived cost, and I bought my first pair of M-frame sunglasses.
http://www.velonews.com/article/3202About six months after I bought my Oakley’s, I accidentally sat on them and cracked the frame. Sadly, I knew I would not be able to afford replacing the expensive $130 sunglasses. After telling my story to other loyal Oakley owners, I was told to call Oakley’s customer assistance center. Apparently, these owners had good experiences in the past and believed that the company would step in to help a first-time customer in the hopes of building a lasting relationship. In fact, they did just that. Although the sunglasses had been broken through no fault of their own, Oakley sent me a brand new replacement frame for only $25. This single act was enough to attract me to the brand as a repeat customer.
Years later, I continue to purchase other Oakley products, mostly for their features (quality, technology, etc.), but also for their reputation with customers. However, I did not consider myself to be “loyal” to the brand until I read a story about how the company stood by Lance Armstrong during his battle with cancer.
Oakley’s marketing strategy depends heavily on the sponsorship of elite athletes. In his book, It’s Not About the Bike, Lance describes how few sponsors stuck with him once they learned of his cancer (he was an up-and-coming rider and had not won a Tour De France at the time). Caught in between pro cycling teams, Lance also learned that he had no health insurance. Oakley not only stayed with Lance as a sponsor, the company also insisted that their corporate insurance agent cover Lance’s treatment, even though Lance was not an employee (article link: http://www.velonews.com/article/3202). Reading this attracted me even more to the brand. It showed that the company was concerned about cultivating long-term relationships and reaffirmed my own past experiences supporting this belief.
Authored by Patcharee Noiboonturm - MBA Candidate
Belmont’s College of Business Administration would like to congratulate the 48 new members recently inducted into Belmont’s Chapter of Beta Gamma Sigma. Membership in Beta Gamma Sigma is the highest recognition a business student anywhere in the world can receive in a baccalaureate or post-baccalaureate (master’s) program at a school accredited by AACSB International.
Those inducted at the March 4, 2009 ceremony were Anthony J. Bartish, William Wells Beckett, III, Payten T. Butler, J Antonio Castro, Andrew Paul Chapman, Michael C. Chapman, Jay Standley Crosson, Meredith A. Cucuel, Robert Noah Curran, Carol Ann Dawson, Jared L. Egli, Trevor R. Foote, Sara Joy Gibson, Shannon R. Hall, Sheridan T. Hare, Timothy A. Harms, Rachel E. Hawtrey, Matthew Scot Howlett, Stephen K. Hughes, Cara E. Kovolisky, Isaac M. Lewis, Holly Ann Litwiniuk, Ann Charlotte Magnus, John M. Maslyn, Brittany S. Meeks, Courtney Blair Minges, Jennifer L. Moncuse, Aaron Wade Murdock, Jane S. Nicholson, Patcharee Noiboonturm, Heidi A. Pedersen, Ryan Houston Schultz, Johnathan R. Shaw, William A. Shipp, III, Jeremy Allen Smith, Joseph C. Smolira, Hoyt T. Steel, Lindsey Karine Stickline, Michael G. Teutsch, Kelly N. Thomas, Brittany Nicole Thune, Amanda J. Tincher, Lysa M. Trimple, David A. Vigil, Eric A. Welch, Amy Thran Wolanski, Justin R. Wood, and M. Elizabeth (Beth) Woodard.
Management faculty member, Dr. Susan Williams, was recently recognized by the Tennessee Center for Performance Excellence (TNCPE) as the 2009 Recipient of the Ned. R. McWherter Leadership Award. The award is for Susan’s longtime commitment to helping organizations achieve performance excellence and her service to the TNCPE. The organization works within the State of Tennessee to help promote and implement the criteria for the Malcolm Baldrige National Qualityl Award. Williams previously served as a judge for the national Baldrige program which is administered through the U.S. Department of Commerce on behalf of the President.
Former Tennessee Governor McWherter’s warm remarks about Susan at the recent TNCPE banquet made it clear that she is held in the highest regard by her friends and peers in the performance excellence community. The reputations of Belmont University and The College of Business Administration are significantly enhanced by Susan’s commitment to excellence as well as the award she received from the TNCPE.