Last night in our Advanced Marketing Management class we found ourselves engrossed in a deep discussion regarding the impact of social media technologies on consumer behavior. If we admit it, most of us in recent weeks have found ourselves in a situation where we were observing something happen (e.g., watching a movie at the theater, listening to a radio program while driving or a speaker's live presentation) and missed what we felt like was an important piece of information. Even though at the time you weren't actually watching TV or sitting at your computer, haven't you, even for a split second, ever found yourself thinking about how to push the button on your remote to rewind your DVR or clicking on your media player so you could replay what you just missed? If so, you may still be normal, as least what is becoming the "new normal."
The following article explains how technology is changing the way we think as consumers, as well as how we process and react to information. Check out Dan Tynan's article that was published earlier this week in PC World.
We received official word yesterday that The Jack C. Massey Graduate School of Business has once again made Princeton Review's list of Best Business Schools. This honor is especially meaningful in that it is based in part on feedback from surveys of graduate business students across the U.S.
According to Robert Franek, Princeton Review Senior VP-Publishing, "We are pleased to recommend The Massey School to readers of our book and users of our site, www.PrincetonReview.com, as one of the best institutions they could attend to earn an MBA. We chose the 301 business schools in this book based on our opinion of their academic programs and offerings, as well as our review of institutional data we collect from the schools. We also strongly consider the candid opinions of students attending the schools who rate and report on their campus experiences at their schools on our survey for the book."
This is the fifth consecutive year that Massey has made Princeton Review's list, the latest 2010 edition of which hits newstands today. "It further demonstrates that we are in the company of the elite business programs in the U.S.," said Dean J. Patrick Raines.
All the recent changes in the American Auto Industry can be confusing. This flow-chart makes it easy to see who did what. After seeing this, I'm giving props to Ford. [mint.com via Autoblog via Jalopink]
Our good friend and Massey Board Member Joe Scarlett, in his Open Letter to business leaders, provides a wonderful reminder to all of us on the importance of "personal integrity" as we go about making life's daily decisions. I encourage you to check it out as you begin this new week.
Are you tired of financial news? The past year provided a continuing stream of financial problems from the United States and around the world. It might be time to update your news perspective by looking at lessons learned from history. "The Ascent of Money" by economist, historian and author, Niall Ferguson, gives an alternative view of the historical antecedents of financial transactions that play into today's news.
"The Ascent of Money - A Financial History of the World" uses financial history as the backdrop for human progress, innovation, and change over the centuries. A simple definition of money as "the medium for exchange" is only the beginning of the story. The big story is neatly summarized by the author on page 341: "Today's financial world is the result of four millennia of economic evolution. Money - the crystallized relationship between debtor and creditor - begat banks, clearing houses for ever larger aggreations of borrowing and lending. From the thirteenth century onwards, government bonds introduced the securitization of streams of interest payments; while bond markets revealed the benefits of regulated public markets for trading and pricing securities. From the seventheeth century, equity in corporations could be bought and sold in similar ways.
The big news dominating the music business world over the last few months has been the proposed merger of entertainment-giant Live Nation Inc. and the largest ticket seller Ticketmaster Entertainment Inc., thereby creating Live Nation Entertainment, Inc. The merger is currently under review by the Federal Trade Commission for signs of monopolization of the entertainment industry. The biggest issue in the merger appears to be the size of each corporation.
Currently, Ticketmaster has a market share of 30% for all entertainment event ticket sales and 70% for all concerts. These ticket sales are completed through either the primary ticket sales company, Ticketmaster, or the secondary (resale) ticket sales division, TicketsNow. On the other hand, Live Nation estimates that it is three times the size of its nearest competitor in concert promoting, AEG.
Have you considered how changes in Population, Resources, Technology, Knowledge, Integration, Conflict, and Governments affect our future? Erik Peterson, Senior Vice President of the Center for Strategic & International Studies in Washington, D.C. has attempted to forecast key trends in those seven areas past the year 2025. He presented his findings at the personal/professional growth convocation sponsored by the College of Business Administration on Wednesday, February 11, 2009. Mr. Peterson took us back in time and showed his audience how far we have come in each of those seven areas and projected each area into the future. How old will you be in 2025? What do you envision your life to be at that point?
Earlier this week, Google announced its latest plans for promoting its online "PowerMeter" tool, a move that demonstrates the company is extending its mission from information management to managing personal energy data.
The new Google tool, which builds on last year's partnership with GE for smart grid technology, will allow consumers to monitor their home energy consumption through placement of a smart electricity meter on a user's iGoogle home page. There's even a component tie-in to President Obama's proposed stimulus program. Check out the following video clip for a brief overview of the program:
BusinessWeek’s “The World’s Most Influential Companies” report (Dec 22, 2008 edition) highlights ten companies leading their industries: Apple, Google, Huawei, JPMorgan Chase, Monsanto, News Corp., Saudi Aramco, Toyota, Unilever and Wal-Mart. I recommend reading the report. It is always helpful to consider what successful companies are doing right and think about how you might apply similar strategies to your own business.
A commonality among these innovators is the particular attention they give to the consumer, remaining cognizant of their needs and wants while continuously planning new ways to satisfy them. According to the article “A company’s physical assets are less important now than the force of its ideas. In the age of blogging and instant communication, consumers are less the recipients of corporate influence than powerful actors who help shape it.” So true. Working with the consumer is more important than ever as options abound and customer evangelism drives sales; they can be your greatest advocate or most dangerous foe. It is so important to talk with and really listen to them.
The report concludes by saying “Today, the best are trying to serve a global customer base while finding profitable ways to solve a range of societal ills.” I can’t help but think of the mission of Belmont’s College of Business Administration to prepare such leaders to do so.
To many, the celebration of Thanksgiving this week will ring in the hustle and bustle of the Christmas shopping season. Thursday will be spent enjoying delicious food and good times with family and friends, while bargain hunters rest up for an early morning of shopping on Friday. A few years ago, I decided to join in the early morning fun in hopes of purchasing a laptop. Though arriving in the wee morning hours, I still wasn’t there in time to be handed a voucher for the computer. I bought a digital camera instead.
According to Wikipedia, the term “Black Friday” originated in Philadelphia to describe the heavy traffic on the day after Thanksgiving. More recently, the term refers to the period in which retailers are in the black (profitable). Given the current economic situation, it will be interesting to see what happens this year as finding special deals is even more important while purse strings remain tight.
Enjoy the Thanksgiving holiday, and remember, some “Black Friday” savings are also available online!