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Copyright: © 2013 The Wharton School of the University of Pennsylvania
The event was a contest designed to highlight the ways that advanced marketing science can improve the bottom line. The place was the recent Practice and Impact of Marketing Science 2007 conference held at Wharton. And the winner was the National Academies Press (NAP) the book-publishing arm of the National Academy of Sciences which presented information on how marketing research had helped it realize a common but often elusive goal -- reaching as many customers as possible at the highest attainable price.
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A generation ago the only financial goal for a superstar African-American athlete at the peak of his career -- beyond a large contract -- was to nab a lucrative endorsement deal with a big sneaker company like Nike or a national brand such as McDonald’s. The idea was to earn several million extra dollars before his skills began to wane. Those short-term goals remain but today many in the National Basketball Association or the National Football League want something more substantial -- like a long-term piece of the action. A panel at the recent 34th Annual Whitney M. Young Jr. Memorial Conference looked at the business deals and humanitarian activities that today’s stars are conducting well after their days on the playing field are over.
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Anyone who has popped open a bottle of wine will agree with George Taber that it is one of the few sounds in the world that brings true joy to the listener. But if the opponents of cork have their way that sound might disappear as Taber a veteran business journalist and author explains in his new book To Cork or Not to Cork: Tradition Romance Science and the Battle for the Wine Bottle (Scribner). As Taber tells it although cork has been used to seal virtually every bottle of wine for nearly three centuries that dominance is now under attack by other forms of closure including screw caps plastic seals and glass stoppers. Taber talks with Knowledge at Wharton about the battle and his book.
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McDonald’s operates the biggest restaurant chain in France. The company’s franchisees are French as are their employees and they also source their supplies from France. And yet most people in that country regard McDonald’s as an American firm that is undermining the French way of life. That is a good example of how the question of corporate identity has become complex and confused today because of globalization according to Hamid Bouchikhi professor of management and entrepreneurship at ESSEC and Wharton management professor John Kimberly. The two are authors of a new book titled The Soul of the Corporation: How to Manage the Identity of Your Company (Wharton School Publishing). How can a company cut through this confusion and use the notion of identity as a source of competitive advantage? Kimberly answers that question and others in an interview with Knowledge at Wharton.
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Almost every day a new twist seems to appear in the subprime crisis drama. This week the investment arm of the government of Abu Dhabi announced an infusion of $7.5 billion to acquire a 4.9% stake in Citigroup which has been slammed by enormous losses in the credit market. The announcement came on the heels of a report from Bank of America that the subprime mess is about to get messier as interest rates ”reset” -- or rise -- on more than $360 billion worth of adjustable rate subprime mortgages. Has the crisis run its course? Knowledge at Wharton asked that question and several more to Richard Herring a Wharton finance professor and co-director of the Wharton Financial Institutions Center.
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On November 19 Amazon.com CEO Jeff Bezos announced the launch of an e-book device called Kindle. It weighs 10.3 ounces costs $399 and can be used without a computer offering instead a free high-speed wireless data network from Sprint. Users can download books in less than 60 seconds as well as newspapers magazines and blogs (for a fee). The device uses an eye-friendly screen and lets readers increase the type size as needed. Will it be a hit even though most other e-book efforts have been unsuccessful? We asked marketing professor Peter Fader Don Huesman senior director of information technology and management professor Dan Raff to give us their reviews.
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Not long ago a global corporation decided it wanted to help children in the southern African nation of Namibia -- and so it spent millions to donate scores of new computers and television sets for the classrooms in a particular region of the country. They should have talked to someone like Jonathan Johnnidis first. The rural aid worker had information the large corporate benefactor apparently did not -- that there is no electricity grid in that area. Johnnidis and others talked about aid initiatives in Africa during a panel discussion on ”New Partnerships in Business and Leadership Development ” part of the recent 15th annual Wharton Africa Business Forum.
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On October 4 Microsoft launched HealthVault a free web-based service that allows users to store their medical records online and eventually share them with doctors. On October 17 an executive at Google noted the company’s interest in health information services. And on November 19 23andMe announced a program that will allow consumers to pay $999 for the privilege of exploring their own genomes. These efforts could give patients more control over their medical records and let them share information with doctors nutritionists or athletic trainers among others. But the concept also faces serious hurdles such as privacy concerns the absence of an accepted standard for sharing medical information and a health care industry that is reluctant to change according to experts in the field.
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The recent departures of two chief executives -- Stanley O’Neal of Merrill Lynch and Charles Prince of Citigroup -- in the wake of major financial losses at their firms have focused renewed attention on the issue of succession planning. Published reports speculated that both positions would be filled by outside candidates and on November 14 Merrill Lynch announced that it had chosen John Thain CEO of NYSE Euronext to succeed O’Neal. While such a move is not surprising for a board wanting to signal a fresh start to investors Wharton faculty say that increasingly companies are looking to fill top spots with external candidates while spending less time on grooming future leaders and managing talent in general.
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Meet the new consumers of the new media age. They want things to be better faster cheaper and even more important free according to AOL vice chairman emeritus Ted Leonsis who is considered an Internet pioneer and whose business portfolio over the years includes an impressive array of online companies. ”We’re living in a world where consumers have taken control of everything ” he noted. Leonsis a keynote speaker at the recent Wharton Entrepreneurship Conference 2007 offered his thoughts on making money the Internet age contradictions in today’s consumers the global marketplace blogs and philanthropy among other topics.
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