The New Pepperdine STAPLES Center Classroom, and More – Los Angeles news
Happy Friday! Let’s take a look at some of the biggest news coming out of Los Angeles this week.
Want Better Growth? Toss Out The Marketing Playbook – CGU Drucker School News
Claremont Graduate University’s Drucker School Chair in Management and the Liberal Arts, Bernie Jaworski, suggests that to compete in today’s emerging markets, traditional ‘by the book’ strategies must take a back seat.
Jaworski recently co-authored The Organic Growth Playbook: Activate High-Yield Behaviors To Achieve Extraordinary Results – Every Time with Robert Lurie. In it, they explored the stories of four companies who achieved rapid growth by eschewing standard marketing approaches.
Through their research, Lurie and Jaworski discovered that a “more holistic approach to customers’ purchasing behaviors” leads to long term revenue increases. The authors believe that the underlying consumer behavior behind the success or failure of certain products is the key to making the right decisions.
Lurie is the current Vice President of Corporate Strategy at the Eastman Chemical Company. The Organic Growth Playbook is available now from the American Marketing Association.
Graziadio Forms New Classroom in the STAPLES Center – Pepperdine Newsroom
The Anschutz Entertainment Group (AEG) and Pepperdine University’s Graziadio Business School are teaming up to establish a classroom in the STAPLES Center. The class will serve as a hub of programming for Graziadio’s sports and entertainment management programs.
Students in this one of a kind classroom will gain the opportunity to hear a ‘best-in-class’ speaker series hosted by AEG, which will allow them a glimpse at the operations of one of the nation’s most popular sports and entertainment venues.
Pepperdine President Andrew K. Benton says of the partnership, “As the exclusive education partner of STAPLES Center … we look forward to providing our sports and entertainment students with a premier educational experience that will uniquely prepare them to shape the future of their industries.”
The new STAPLES Center classroom from Pepperdine Graziadio features seating for up to 30 students, and it can be converted into an event space for up to 50 attendees.
You can learn more about the brand new classroom opening here.
V For Victory – USC Marshall News and Events
USC’s Marshall School of Business offers Global Leadership Program (GLP) students a chance to see a side of business school that many aren’t accustomed to—the side occupied by veterans of the U.S. armed forces.
Ninety-five freshmen in the GLP joined with thirty-two Master’s of Business for Veterans (MBV) students for military-style exercises meant to enhance physical discipline while developing their leadership, strategy, and communication skills.
Professor Emeritus Robert Turrill, Academic Director of the MBV program, says, “We wanted our vets interacting with our freshmen. We thought there was a lot of sharing to take place … They hear a lot about corporate leadership, and I wanted them to hear about military leadership and see where the overlaps are. This group of veterans knows leadership quite well, and they have a lot to give.”
GLP students are just embarking upon their educational experience, but they were able to offer the vets a glimpse into their lives which was just as valuable.
Eugenia Hang (GLP ’22), says, “I think this is really important for the students to experience and reflect on these concepts, like integrity, [and] communication … One of the takeaways I got was sacrificing personal gains for the collective benefit.”
You can read more about the recent USC Marshall event here.
LeBronomics: UCLA Professor Explains What to Expect in Los Angeles
When basketball ultra-star LeBron James inked his new deal with the Los Angeles Lakers, it was more than just a big move for him and fans: it was a big move for the Los Angeles economy. That’s because a star such as James can create a significant financial imprint in any city he plays, according to a study co-authored by Harvard University Associate Professor Daniel Shoag and Stan Veuger of the American Enterprise Institute.
The LeBron James Effect
“James has a statistically and economically significant positive effect on both the number of restaurants and other eating and drinking establishments near the stadium where he is based, and on aggregate employment at those establishments,” the study explains. “Specifically, his presence increases the number of such establishments within one mile of the stadium by about 13 percent, and employment by about 23.5 percent.”
It’s easy to see the difference that James’ presence can make when you take a look at the course of his career. He spent the first seven years in Cleveland, left for Miami for four years, and then returned to Cleveland in 2014, and there’s a definitive impact to the economy each time. Specifically, the effects were felt most strongly within one mile of the arena, but even within seven miles, a difference was still obvious.
As a quick example, the study put together two charts showing the number of restaurants within a one-mile radius of the stadium in both Miami and Cleveland during his presence and without.
Note: The figure shows the number of restaurants within one mile of the Quicken Loans Arena in Cleveland for each year between 2006 and 2016. LeBron James left Cleveland Cavaliers in 2010 and rejoined in 2014. The horizontal line represents the average number of restaurants within one mile of the stadium before 2010.
Note: The figure shows the number of restaurants within one mile of the American Airlines Arena in Miami for each year between 2006 and 2016. LeBron James joined Miami Heats in 2010 and left in 2014. The horizontal line represents the average number of restaurants within one mile of the stadium before 2010.
So, based on all this information, what can Los Angeles expect from the James effect? We talked to Jay Tucker, the executive director for the Center of Management of Enterprise Media, Entertainment, & Sports (MEMES) at the UCLA Anderson School of Management, to get his opinion. With more than 20 years of experience in the sector, Tucker was able to offer a detailed look at James and the Los Angeles economy.
The LeBron James Effect In Los Angeles
“Selfishly, I’m excited that he’s coming,” Tucker starts out. “LeBron James is a generational athlete. He’s also a champion of social causes and a shrewd businessman. His arrival will create many opportunities for Los Angeles.” Those opportunities range from easily quantifiable variables such as more local restaurants and bars to less easily definable improvements that could cover everything from better public transport to increased merchandising and new business interests.
In general, Tucker sees Los Angeles as an excellent location for James because of the city itself and the team. LA, being more spread out and without a major city center, could gain even more restaurants, bars, and hangouts than other cities. Part of the reason is because Los Angelenos are already used to driving long distances to get to games at the Staples Center.
At the same time, the Lakers have a solid brand identity that is tied very closely to the city. This will make it even easier for LeBron James to create an impact because Lakers’ fans are already ready and willing to show support for their team. The truth of the matter is that Lakers game attendance is already impressive without James, with James it will only grow.
In addition, Tucker sees many opportunities for LeBron James on the business side. “LeBron has a lot of business interests, and there’s a good possibility that he’ll bring many of those interests here to LA,” Tucker said. “Who knows what the impact could be if LeBron invests in a local talent agency or line of entertainment. There are a ton of opportunities for him to plug into the LA ecosystem and be a part of Silicon Beach, so it will be interesting to see what happens business-wise. It’s really hard to imagine someone as smart, talented, and driven as James sitting back and playing basketball without getting involved in what the rest of LA is doing.”
As for downstream effects that Tucker expects, they’re difficult to quantify but could cover a wide range. For example, studies have shown that successful sports teams improve city moral. Then there’s the fact that as more fans try to attend Lakers games from around the city, there will be a higher demand for public transportation, which could encourage updated infrastructure.
However, Tucker does warn that Los Angeles can’t just sit back and rest on its laurels if the city wants to gain the full economic impact of James. Just as the city already offers packages for individuals looking to visit all the theme parks—Six Flags, Disneyland, Universal Studios, Sea World—the city should also look into creating Lakers’ game packages. This would be a great way to partner with different initiatives around LA and bring in outside visitors.
“With respect to LeBron’s larger business interest, the Chamber of Commerce should get involved as well,” Tucker says. “It would be smart to get the team into meetings to talk about the unique business opportunities in the area.”
What MBA Students Can Learn From LeBron James
Lastly, we asked Tucker what MBA students should take away from the James effect and his overall career. One of the first things he pointed out was James’ positive reputation.
“We live in an era where the media is at your fingertips 24/7,” Tucker says. “And one of the most interesting things about James is that in an environment where anything you do for good or ill can be tweeted out, he’s managed to maintain an image of someone who is socially responsible, who handles himself professionally, and who is a family man. That is something that many people fail to do.”
In addition, Tucker feels that students should pay attention to James’ ability to be multi-faceted. Not only is he deeply invested in his basketball career, but he also has business interests, social interests, and more. James does well on and off the court.
“There’s plenty to learn from his life examples and experience,” Tucker explains. “Some of what can be learned is based on his personal choices, but it’s also about the larger environment he’s in and the scope of opportunities he represents.”
Kobe Bryant Speaks at USC Marshall, and More – Los Angeles News
Take a look at some of the biggest news stories of the week from our favorite Los Angeles business schools.
Kobe Bryant, at USC Marshall Event, Shares His Grit and Competitive Edge – USC News Room
The Performance Science Institute, a multidisciplinary center at the USC Marshall School of Business, recently hosted five-time-NBA champion, Los Angeles icon, venture capitalist, and recent Academy Award-winner Kobe Bryant, who spoke to a sold out crown at USC’s Bovard Auditorium. Bryant discussed a number of topics, from his early days of playing basketball to the challenges of changing course from basketball to business. Bryant has become a leader and innovator in the field of business in addition to his basketball success. He established a $100 million venture capital fund in 2013 and debuted Granity Studios, a media and animation studio, after his retirement in 2016.
Bryant speaking at USC / Photo via William Vasta
The event also included the awarding of the Jake Olson Vision Awards, a new scholarship established by USC student leader Jake Olson. The scholarship, which was established as an award for students who have had to overcome adversity to join USC, was awarded to Cailin Stroyke and Isiah Dixon at the start of the event.
To read more about Kobe Bryant and his visit to USC Marshall, click here.
The 29 Most Powerful Business Degrees in the World – Business Insider
A new ranking covered by Business Insider names the Anderson School of Management at UCLA among the most powerful business degrees in the world. Along with the Haas School of Business at UC Berkeley and the Stanford Business School, Anderson is one of three schools from California to make the list.
The ranking was compiled by the education company QS, which compiles a list of top business degrees around the world each year. The ranking takes into consideration factors such as an institution’s reputation among employers and in the academic community, in addition to the number of research citations the school gets in published papers within the fields of business and management. The Anderson School of Management dropped two places this year from 16th to the 18th highest ranked business degree in the world. While the list includes several schools from throughout the United States, top schools from the U.K. and Europe—like the London Business School—as well as top schools from Australia also make the list.
Click here to read more about the most powerful business degrees in the world.
Digital Transformation: At a Crossroads – UCI Paul Merage School of Business Newsroom
The Paul Merage School of Business at the University of California, Irvine recently hosted the annual Road to Reinvention conference at the end of March, hosting a number of top speakers within the industry to share their insights on digital innovation. The event was hosted by the Center of Digital Transformation (CDT) at Merage, with the CDT’s founder—professor of information systems and computer science Vijay Gurbaxani—as the keynote speaker.
“We are at a crossroads,” Gurbaxani said in his opening speech. “Technology is extraordinarily powerful and can lead to fantastic things for society and the economy. But, we have to manage the risks. It is incumbent upon every one of us to lead this change responsibly.”
Read more about the insights shared at the 2018 Road to Reinvention conference here.
Pepperdine Announces AEG Partnership, Offers New MBA
In an expansive new move, Pepperdine University has announced a partnership with Anschutz Entertainment Group (AEG) that will create classrooms in the Staples Center in downtown Los Angeles.
The home to the Los Angeles Lakers, Clippers, Sparks and Kings (which AEG has a 50 percent ownership stake in) will house new course programs that are directed to students pursuing careers in sports management.
“Internship programs, industry conferences and other educational events also will be created together,” writes Los Angeles Times reporter Rosanna Xia. “And Pepperdine will establish MBA opportunities for AEG employees interested in furthering their education.”
Jon Werbeck, vice president of AEG Global Partnerships spoke on the recent announcement, saying, “AEG will help Pepperdine build out a strategic, educational stronghold in the heart of Los Angeles’ preeminent downtown entertainment district, L.A. Live, while AEG will get a hand in sourcing, growing and supporting the next generation of sports and entertainment business professionals.”
“Pepperdine understood the vision and the mutual benefits to really build something special and unique that nobody has ever done in this capacity,” Werbeck says. “Cultivating educational opportunities is one of the ways we like to give back to the fans and neighborhoods that support us.”
“Working together, we are excited to develop this one-of-a-kind platform.”
Provost Rick Marrs also notes that through the new partnership, with courses officially beginning in 2017, the school is establishing certifications, masters and additional MBA programs. Guest lectures and an educational series focusing on business in the NHL are also said to be in the works.
Click here to read the entire Los Angeles Times article and check out our guide for Pepperdine’s Graziadio School of Management.
