Friday News Roundup – Harvard Online Expanding and Joshua Harris Giving Back to Wharton
Let’s take a look at some of the biggest stories from this week, including Harvard Online expanding its program.
Wharton School Receives $10 Million Gift from Josh and Marjorie Harris – Wharton News
The Wharton School of the University of Pennsylvania recently announced a major gift that will strengthen the school’s programming in alternative investments.
The Joshua J. Harris Alternative Investments Program brings students, faculty, and leaders in the industry together to explore the latest advancements in hedge fund management, private equity, investment management, and venture capital. Named for 1986 grad Joshua Harris and his wife, Marjorie, the donation of $10 million will not only enhance the curriculum, but will also enable Wharton to sponsor multiple events on the latest developments in this class of investing.
“The Harris’ extraordinary gift … will significantly expand student opportunities, advance new knowledge, and meaningfully engage the University community, which are key priorities for Penn,” says University President Amy Gutmann.
Josh and Marjorie Harris are also founders of the Wharton Private Equity Professorship, and Josh is a member of Wharton’s Board of Overseers. The couple’s support of the school extends also to endowments for scholarships and Penn athletics. Josh Harris is founder of Apollo Global Management, a worldwide leader in alternative investment. His business ventures have brought him to the world of sports management. Currently, Josh is a majority owner of the nearby Philadelphia 76ers and the NHL’s New Jersey Devils. He is also a current minority owner of Crystal Palace in the EPL.
Of his involvement at the school, Harris says:
“I know first-hand that Wharton students are creative, entrepreneurial, and eager for new challenges—attributes that the great leaders of the industry possess. I look forward to the Harris Program inspiring our students to pursue transformative opportunities and develop into future leaders of the industry.”
You can read more about the Harris family’s donation here.
The Future of Healthcare Symposium – Pepperdine News
On March 21, 2019, the Pepperdine Graziadio School will host its 5th Annual Future of Healthcare Symposium, which will address the growing presence of artificial intelligence and smart machines in healthcare delivery systems.
Keynote speakers are Jeff Stibel, Ph.D., author, USA Today columnist and Vice Chairperson of Dun & Bradstreet; and Professor Eric Topol, MD, Founder and Director of The Scripps Translational Science Institute and Executive Vice President of The Scripps Research Institute.
Dr. Stibel received an honorary doctorate from Graziadio, and is also the recipient of a brain and behavior fellowship from Brown University. His company, BrainGate, has employed AI to treat neurological disorders. Stibel is also a thought leader on methods of keeping the brain healthy in the digital age.
Dr. Topol’s presentation, Deep Medicine: How Artificial Intelligence Can Make Healthcare Human Again, will examine the ways in which smart technology can humanize medical treatments as opposed to distancing patients from their caregivers. He will also explore genomics and digital medicine in the training of medical staff.
Panelists will discuss the ways in which technologies such as AI have enhanced patient experience while improving business models at various organizations.
For more on the symposium, click here, and check out some highlights of last year’s event below.
Harvard Business School Online Announces Two New Courses, Leadership Principles and Global Business – Harvard Newsroom
Harvard Business School online will offer two new courses this spring, expanding choices for those who pursue the degree as they advance their careers.
The new Leadership Principles course aims to give students practice in developing a leadership style, or in honing an existing style for the best workplace outcomes. Students will have the opportunity to interact with their peers via case studies and presentations during this course.
In the Global Business course, professors who are also heads of global organizations will address macroeconomic indicators and the power of effective public policy.
Patrick Mullane, Executive Director of Harvard Business School Online, says of the new offerings:
“We’re pleased to offer these new courses to help leaders better drive their businesses and propel their careers during volatile times … Professors Joshua Margolis and Tony Mayo are extraordinary faculty who will instill confidence and strengthen leadership capabilities for professionals ready to take the next step. Forest Reinhardt is a world-class economist who will equip participants with the tools they need to anticipate and capitalize on global developments.”
Visit Harvard’s online course guide for more info on cost, dates, and program details.
Findings: Should I Extend My Brand? – Tuck News
Kevin Lane Keller, the E.B. Osborn Professor of Marketing at Dartmouth College’s Tuck School of Business recently shared some knowledge on the concept of ‘brand stretching,’ in which companies known for one exceptionally popular product decide to diversify. His research was recently featured on Tuck’s news page.
Levis, for example, once attempted to launch a line of three-piece suits. Which, rather predictably, did not sell. The suit concept was too far a departure for consumers that were accustomed to Levis jeans. The company then launched Levis Cotton Dockers, which (for better or for worse) became such a huge-seller that Levis was able to drop their name from the brand now known simply as “Dockers.”
After the commercial disappointment of Levis’ ill-fated three-piece suit concept, the jean manufacturer learned the hard way that consumers do not typically respond well to major aesthetic departures.
Keller’s theory is that company’s can expand best into new product lines with small incremental steps.
“By introducing a series of closely related but increasingly distant extensions, brands can enter product categories that would have been much more difficult, or perhaps even impossible, to enter directly,” Keller notes. Another example of this is Crayola, which was known at one time for just crayons, but which then expanded ultimately to become the leading brand for kids’ craft-based products of all types.
This kind of brand expansion takes time, Keller cautions, and companies should be wary of expecting success at the outset of any new product venture. He offers three distinct elements for brand stretch success. An expansion must be desirable from a consumer standpoint, differentiated from a competitive standpoint, and deliverable from the company standpoint.
Keller points out the fact that most new products fail, so developer are wise to focus on the ‘differentiation’ part of brand expansion.
Double Victory for MBA Teams at UCLA Energy Competition – Haas Newsroom
Teams from Berkeley Haas School of Business recently earned both first and second place in UCLA’s 6th Annual Challenges in Energy Case Competition on February 8-10, 2019.
The teams were faced with the challenge of how to monetize the state of California’s race toward electric transit, particularly in light of the 2028 Olympic Games coming to Los Angeles. The teams were allowed to be involved at any part of the product supply chain, and they were allowed to model themselves as either new or existing companies.
The LA Cleantech Incubator is collaborating with local government and business, including the electric utility SoCal Edison to surpass the city’s goal by 25 percent for use of electricity for transportation. The first place team, Team Vinculara, proposed a blockchain-based platform that would aid in distributing low carbon fuel standard credits to owners of electric vehicle fleets.
Second place Team Metromile proposed combining Metromile’s (California’s pay per-mile auto insurance program) with a cash advance to encourage use of electric vehicles, while pushing the company to become the preferred provider of auto insurance.
“All the teams worked really hard and we were honored to be chosen as finalists … When the judges announced that both first and second teams went to Haas, I felt especially proud to share the stage with my classmates,” says CiCi Saekow of Team Metromile.
For the full press release, visit Berkeley Haas’ website.
5 Questions With Pasquale Quintero, MBA Director at the TCNJ School of Business
In our latest installment of the MetroMBA “5 Questions” series, we speak with Pasquale Quintero, MBA Director at the at the TCNJ School of Business. Quintero talks about the school’s new MBA program, the “T-Style” curriculum, and the best food you can get in Trenton, NJ.
Why do you believe TCNJ introduced its new MBA program?
“The College of New Jersey School of Business is delivering a contemporary, relevant, highly competitive MBA education that provides both near-term and long-term benefits to early career professionals. Employers want employees with strong skill sets in a specific area and a broad understanding of business on which they can build. Employees want to build successful and stable careers. Therefore, the School of Business determined students need immediate applicable specialized skills, hence the creation of the ‘T-Style’ curriculum.”
What can you expect for the first year of the program?
“The ‘T-Style’ offers students the ability to specialize in Data Analytics, Finance, or Strategy, Innovation and Leadership during their first year of study. In the second year, students will round out their education by taking courses designed to equip them with the tools to be effective managers. This approach provides the student with depth, breadth, and an early return on investment with a graduate certificate after their first year of study.”
“Third, the program is offered in a hybrid format (online and face-to-face), which will allow students to enroll in the MBA program without disrupting their personal and professional obligations,” Pasquale notes.
What are the differences between the TCNJ MBA and other business schools?
• “First, our unique ‘T-Style’ curriculum offers students the benefit of deep dive learning in a specialization in Data Analytics, Finance or Strategy, Innovation and Leadership during their first year of study. Students will gain enhanced skills to apply in their day-to-day decision-making.
• Second, the program will have a business practitioner associated with each course. The faculty will use the practitioner to help reinforce and expand upon the application of MBA concepts in practice.
• Third, the program is offered in a hybrid format (online and face-to-face), which will allow students to enroll in the MBA program without disrupting their personal and professional obligations.
• Students meet in class for eight hours on Saturdays, six times in the fall and spring, plus four times in the summer. When not meeting face-to-face, students will complete their coursework online. Winter courses will be offered 100 percent online.
• Finally, the program is price competitively.”
What is one major advantage TCNJ provides in the new program?
“The innovative ‘T-Style’ curriculum as it is taking a different approach to graduate management education. After just one year students can demonstrate real progress in a specialty area after just seven courses.”
Where can I get some good food in Trenton?
“On campus there are some great restaurants such as Mexican Mariachi, Piccolo Pronto, and Yummy Asian Cuisine. I’ve heard good things about Cafe ’72 near campus, and there are plenty of great restaurants to choose from in downtown Princeton.”
Drexel LeBow MBA Admissions Answers 5 Questions
In our latest installment of the MetroMBA “5 Questions” series, we speak with Kate Sonstein, Associate Director of Graduate Recruitment & Admissions at the Drexel University Lebow College of Business. Sonstein discusses the importance of experiential learning and the quality of the students, staff, and faculty at LeBow.
1. What advice would you give an MBA candidate interested in Drexel LeBow?
“There are so many great things to think about when coming back to get your MBA, and sometimes it can be overwhelming. My best advice includes two simple things: be yourself and put your best foot forward on your application.
It’s important that you’re true to your personality and qualities in the admissions process because you are looking for an MBA that is the best fit for you, not your friend or colleague. You are on a search to find a home for the next 1.5-2 years of your life, and it is important that the MBA you select meets your individual needs at an academic, personal, and professional level. Otherwise, you could end up with a program that does not provide the type of interaction that is the best fit for you.
You also need to gain an understanding of the program and school where you are applying and demonstrate that in your essay and communications. Don’t just Google a few classes and stick them in your essay—believe me, we can tell. Big tip: spell check everything! And make sure your recommenders know why you are applying so they can write you an impactful letter. The best applications are those that are unique and showcase your strongest qualities, but also those that are genuine.”
2. What is Drexel LeBow’s greatest asset and what do you wish MBA students knew more about?
“Drexel LeBow is a community of ambitious, hard-working people who are striving to be the brightest and the best in their field. At Drexel LeBow, we are your greatest asset—our faculty, both with high impact research and industry collaboration; our staff, including our experienced career services team and involved college leadership; our advisors, guiding you through your experience every step of the way; and our students, go-getters always striving to be the best in every aspect of their experience.
I think our MBAs are still learning more about our newest feature in the curriculum: graduate minors. Graduate minors at Drexel are an opportunity to build an additional functional area of study at the graduate level through courses offered in other subject areas. Minors are offered across the university in over 50 different disciplines including data science, health administration, project management, and business analytics management. Minors can be built into the Drexel LeBow MBA plan of study without any additional courses—students simply put their 18 free elective credits towards their minor.”
3. What opportunities, outside of the classroom, does LeBow offer MBA students to get hands-on experience?
“Hands-on experience is crucial to the graduate experience, particularly in an MBA program. At LeBow, both our full-time and part-time students have the opportunity to participate in experiential learning opportunities, regardless of what other commitments they manage outside the classroom.
Consulting courses and projects are a key aspect of experiential learning at LeBow. Our students work with many industry partners through our Business Solutions Institute to solve complex business problems, working with decision makers and company leadership alike. Students can opt to work with a for-profit or not-for-profit company in a consulting course, or work on a consulting project through the Institute.
LeBow also offers the opportunity for residency-based courses, both domestically at one of our two Pennsylvania campuses or internationally. Domestic residencies are offered based on topical learning, such as Six Sigma or Negotiations for Leaders, or as a consulting course option. Our international residency course includes 10 weeks of study about a specific foreign market, and then concludes with a trip to that country (or countries) in the last week of term.”
4. How does LeBow support its MBA students for post-graduation?
“Throughout the MBA experience, our Graduate Career Services Team works closely with all our MBAs, regardless of their specific career goals. Opportunities including workshops, one-on-one coaching, and industry engagement events are integral to the MBA experience.
As an alumnus, we also strongly encourage involvement and engagement with the College and our current students. In addition to our University and College level alumni groups, we have the Drexel LeBow Graduate Alumni Association for our MS and MBA alumni that is quite active. The group hosts a number of events each year, including our signature night of Alumni Networking each April.
Alumni also have lifetime access to our Graduate Career Services Team. The team consists of a variety of professionals with different backgrounds and expertise who are available as they transition to multiple roles throughout their career, or simply for professional development advice and feedback. We encourage our alumni to be as involved as possible—it’s all about who you know!”
5. What’s your favorite online blog that you would recommend for students?
Overlooking the Schuylkill River, between West and Center City Philadelphia.
“I’m not originally from Philadelphia, so some of my favorite blogs are about Philly and all the amazing things it has to offer. My [number one] choice is always Uwishunu.com (if you say it out loud it sounds like “You wish you knew”) and it always delivers. They do weekly and monthly city happenings and highlight some of the best events and food spots in the city.
Our main campus is also located in the University City area of Philadelphia, and they have a great blog that I love to use to keep up with our neighborhood. Philly is a city filled with culture, history, art, and some of the best food you will eat so there is always something to explore!”
Wharton Talks Marketing Lessons Learned from Payless Publicity Stunt
What would you do and what would you think if you paid hundreds of dollars for shoes that sell for less than $20? That’s the dilemma that faced a select group of social media influencers who were invited to a private launch party for Italian shoe designer Bruno Palessi. What they found out later was that the hundreds of dollars they thought they spent on fancy footwear was just a ruse by Payless ShoeSource.
It was all part of a marketing ploy by Payless to highlight their new shoes and inexpensive designs. The question that’s on everyone’s minds now is, “Did the stunt work?” According to Wharton Marketing Professor Barbara Kahn and Lehigh University Assistant Marketing Professor Ludovica Cesareo, it was an elaborate ploy that paid off big time.
In the most recent Knowledge@Wharton radio show podcast on Sirius XM, the professors discussed what marketers could learn from the success of Payless.
Plan Ahead
A prank like the one Payless pulled off takes lots of planning of every single detail. The marketing team had to make sure nothing was missed if they were going to dupe their influencers, and they got it right.
“They did an incredible execution,” Kahn said. “The location they picked, the way the store was set up, the way they filmed it, the way they highlighted the shoes themselves while hiding the original brand and [adding] this very clean black-and-white logo. They did a fantastic job, from Payless’s perspective.”
Perception Frames Reality
The Payless shoes that the influencers were presented were no different than you’d find in any of their other stores, but by changing their location, packaging, and environmental clues, they made the influencers think that what they were getting was luxury. Payless proved that fancy packaging and clouding the judgment of a consumer can impact how they evaluate quality. The reality is that shoe quality won’t be revealed until weeks of wearing them.
Social Media is Powerful
Payless utilized the power of social media to get their stunt out to a huge audience and generate buzz. They realized that social media influencers could be just as powerful if not more powerful than retail marketers, fashion journalists, and designers in getting the word out to consumers. Social media is also why the prank worked so well. “They made something surprising and emotional, and therefore it’s much more likely to be posted,” Kahn said.
Publicity is Priceless
Payless has had poor publicity for a while now, but the stunt helped to turn things around and garner the company good press that they’d severely lacked in recent months.
“There are two things you want to get” from this kind of stunt, Kahn said. “The first thing is to build [positive brand] awareness. Payless has been in the news for very bad reasons recently — a lot of stores are closing down; it’s facing bankruptcy. It’s all been negative press. This is really turning the press around.”
Don’t Expect Long-Term Change
However, in the end, both Kahn and Cesareo don’t think that the stunt will impact Payless stores in the long term. While it might help bring in young customers who may not have shopped there before, Payless stores are still cluttered and unappealing compared to the fake store, so the long-term customer experience won’t impact sales.
Still, both Kahn and Cesareo agree that Payless got a lot of “bang for their buck” with the stunt.
This Wharton marketing article has been edited and republished from its original source, Clear Admit.
Lehigh Announces New Philly Focus for Flex MBA
In early 2019, Bethlehem, Pennsylvania’s Lehigh University College of Business and Economics will roll out its brand new Philadelphia-focused coursework for those interested in the Flex MBA program.
Upcoming December MBA Application Deadlines
As winter approaches and December comes into clear view, let’s review all the major upcoming MBA application deadlines for December and January. Get those applications in ASAP so you have more time to enjoy the holidays with friends and family as you await your acceptance letter in 2019. Best of luck, and Happy New Year in advance! Continue reading…
