Philly News: UD Promotes Gender Equity and More
Let’s visit some of the biggest news coming out of Philadelphia business schools this week.
LeBow Students Help Dow Chemical Use Customer Feedback—Technical.ly Philly
Teams of students and faculty at Drexel University’s LeBow College of Business are on a mission to help companies utilize massive amounts of untapped data. Recently, LeBow students have been helping university partner Dow Chemical in a quest to glean insight into consumers’ responses to products.
According to the project’s supervisor, Professor of MiS Murugan Anandarajan, “Our students not only extract, clean and explore data—they also derive valuable insights that can be used to make decisions. Students transform data points to convey potential strategies that companies should implement.”
Using online reviews of Dow products, students created an interactive dashboard to map out patterns in reviews. With an accessible map of this data, the company can easily use trends in consumer feedback to improve its products and marketing.
Read more about LeBow’s work with Dow Chemical here.
Lerner College to Host Women’s Leadership Initiative Launch—Delaware Business Now
The World Economic Forum predicts that it will take 158 years to reach true gender equality in North America alone. Luckily, schools like University of Delaware’s Alfred Lerner College of Business and Economics are committed to promoting gender equity now. In fact, this International Women’s Day, Lerner is hosting the Women’s Leadership Initiative Launch at the Roselle Center for the Arts.
According to UD’s website, the Women’s Leadership Initiative (WLI), “… is the preeminent driver of learning to propel transformational women leaders and advance gender equity in the workplace.”
The free event at the Roselle Center will feature prominent alumni speakers like Terri Kelly, president and CEO of W.L. Gore and Associates, Inc., Mary Ellen Payne, former VP of sales and marketing at Verizon Communications, and several others.
Read more about the Women’s Leadership Initiative Launch here.
Wharton Professor Claims Brainstorming Meetings Stifle Creativity—CNBC
In a recent interview with Amazon, Adam Grant, famed author and professor at The Wharton School at University of Pennsylvania, detailed the flaws with using brainstorming meetings to find creative solutions. According to Grant, bringing colleagues together to think out loud is a surefire way to limit the scope of their ideas. Shyer or less assertive members of the team may go unheard, fear of embarrassment may make others “play it safe” by expressing only their most conventional ideas, or the members of the group may fall into convergent thinking, wherein the majority of people support one idea and less popular suggestions fizzle out.
Grant promotes having everyone write out their ideas before sharing them. In fact, Grant says that the way to reach maximum creativity is to write out 200 ideas. Grant, organizational psychologist, has authored several books and was recently named to Fortune’s 40 Under 40 list.
Read more about Adam Grants views of creativity in business here, and check out the Amazon video below.
What Should You Study? Finance vs. Marketing MBAs
George Harrison, in his final album Brainwashed, has a line in a song that goes, “We pay the price with a spin of a wheel / with a roll of a dice / Ah yeah, you pay your fare and if you don’t know where you’re going / any road will take you there.”
Comparing The U.S. News Full-Time and Online MBA Rankings
When it comes to business school rankings, U.S. News & World Report issues one of the most comprehensive annual lists. The annual rankings includes separate lists for the “Best Business Schools” and the “Best Online MBA Programs,” but deciding which format is right for you can still be tricky. Continue reading…
Why More Male Celebs are Advertising Diet Products, According to This Wharton Prof
Americus Reed, marketing professor at University of Pennsylvania’s Wharton School, recently contributed his insight to an article in USA Today that explored diet firms’ trend toward utilizing male celebrity endorsements to promote their plans and products.
Male celebrities like ’80s wunderkind Rob Lowe (Atkins Nutritionals) and hip-hop producer DJ Khaled (Weight Watchers) have become the new male faces of these diets. Diet companies are shifting their advertising approach in order to draw in a male demographic and expand the reach of their products.
Women like Oprah Winfrey, Kirstie Alley, and Jennifer Hudson have been endorsing diet plans for decades, but the move toward male celebrity spokespeople is newer in the industry.
It makes sense that USA Today capitalized on Reed’s knowledge of consumers, as on his website, he is credited as the only “identity theorist” in Wharton’s Marketing Department. His research specifically addresses the effects of consumers’ senses of self on their shopping habits.
According to Reed, using celebrities to advertise is effective because fame comes with a great deal of power.
“Celebrity endorsements tap into that,” Reed says. ‘”I want to be like Rob Lowe, Kim Kardashian, Zac Efron, Taylor Swift. They use product X. I want to use X.’ It’s that straightforward of a persuasion.”
In reference to the company’s new marketing strategy, Scott Parker, the chief marketing officer of Atkins Nutrtionals, said, “We identified as a primary target for growth what we call self-directed people who are interested in eating better. The self-directed target is pretty evenly split between men and women … Clearly, needing to lose weight and lead a healthier lifestyle isn’t restricted to females.” Parker also indicated that Rob Lowe as a spokesperson appeals to both male and female demographics.
USA Today is not the first publication to benefit from Reed’s expertise. The New York Times and CBS Philly have quoted him in articles as well.
Hot Jobs for MBAs: Becoming a Pricing Analyst
MBA graduates looking to apply their skills to a fast-growing and high-paying career may be interested in pursuing a role in Pricing Analysis. Named among the 100 best jobs in America by CNN, working as a Pricing Analyst is a perfect way for an MBA graduate to make use of their strong education combining skills in marketing, finance, and analytics.
With a predicted 10-year job growth of 41.2 percent and roughly 280,000 total jobs available, business students who think they might be interested this fast-growing career can start preparing while still in school through specialized study in marketing or finance. Armed with the special skills in data analysis in addition to the strong business background of an MBA, students looking to enter the field after graduation will have a competitive advantage as they begin their career.
We’ve rounded up the most important things to know about a career in Pricing Analysis to help you decide if it’s the right role for you.
What is a Pricing Analyst?
A company’s pricing analyst is responsible for figuring out the appropriate price for a business to place on a product or service. Using a variety of data and different metrics, the Pricing Analyst will determine the perfect price that will both appeal to consumers and produce an appropriate profit for the company.
Pricing Analysts must be able to track marketplace trends and implement a strategy that will benefit both the company and consumer. Someone in this role must be able to effectively communicate to a number of other departments such as supply chain, sales, marketing, finance, and be able to work with these groups in making pricing recommendations and decisions based on their analysis.
Pricing Analysts may be needed at wide variety of companies and organizations, ranging from construction companies, colleges and universities, banks and financial institutions, pharmaceutical companies, and more.
What Skills Does a Pricing Analyst Need?
Those who succeed in the role of Pricing Analyst typically have strong skills in mathematics, analytical thinking and problem solving. It is also important that Pricing Analysts are able to effectively communicate, as they are often required to explain their research and analysis to others in order to make important decisions.
Other skills employers may seek in a Pricing Analyst may be:
- An interest and skill working with numbers and data.
- Being a detail oriented and proactive worker.
- Have the ability to work with minimal supervision.
- Experience in back-office and billing systems and database management programs,
Pricing Analyst Salary
Pricing Analyst salaries, according to PayScale, may vary according to a number of factors, such as education, terms of the job, and type of employer. On average, Pricing Analysts can earn anywhere from $52,000-61,000 depending on their level of experience. In cities like New York and Boston, that number is slightly higher.
A recent study from Deloitte found even more impressive figures: 62 percent of respondents in a survey of pricing professionals reported salaries of greater than $100,000 and 83 percent of respondents said they were also eligible for an annual bonus.
EVEN MORE MBA JOBS: Verizon is on the Lookout for MBA Students and Grads
MBAs For Pricing Analysts
While most MBA programs do not offer a direct concentration in pricing analysis, a number of programs still provide specialized pricing education through other departments, like finance and business analytics. Below are just a few examples of pricing-related courses available at some of the top MBA programs in the country:
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Scheller College of Business – Georgia Institute of Technology
The Scheller College of Business offers a course in pricing strategy as part of their Business Analytics MBA concentration. The course, marketing Analytics and Pricing Strategy, helps students gain skills in making effective pricing decisions through the understanding of important economic and analytical concepts associated with customer behavior and competition.
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The Wharton School – University of Pennsylvania
FNCE717, or Financial Derivatives, at the Wharton School focuses students on making strategic corporate decisions, particularly when it comes to pricing. Students will learn several different approaches to pricing and how to apply such skills for investment and risk-management.
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Rutgers School of Business, Newark and New Brunswick
The MBA program at Rutgers’ Newark and New Brunswick location offers a class in Supply Chain Pricing Strategy. The course recognizes the importance of pricing in driving profits and the extreme negative impact poor pricing decisions can have. Students will learn how to approach pricing from both a strategic and tactical level and be able to apply it to a number of fields and industries.
Do You Actually Need an MBA for the Job?
While an MBA is not necessarily a requirement of all Pricing Analyst jobs, it is by far the most common degree held by those in this role. According to the aforementioned Deloitte survey, 43 percent of respondents held MBA degrees, while just 26 percent—the next highest percentage—held undergraduate degrees in business. Earning an MBA and demonstrating specialized coursework in pricing will give those in the field a competitive edge and open the door to higher level management positions in the field.
Warby Parker Co-Founder Talks About Wharton Days
Dave Gilboa, co-founder and co-CEO of the eyewear company Warby Parker, recently spoke with The Atlantic, wherein he gave insight into the process of starting a business. The interview was a part of The Atlantic’s “On the Shoulders of Giants,” series. The publication calls the series and exploration of, “The possibilities and pitfalls of mentorship.” Gliboa was a fitting choice for the series, since, according to the entrepreneur, a huge part of starting his business was reaching out to those with greater experience in business as well as those who had more knowledge of his particular industry.
“We spent a ton of time getting advice and or mentorship from people who had either started a business before, or who had expertise in a specific area—like optometry, fashion, design, or e-commerce,” Gilboa said.
The idea of starting an affordable online eyewear business came to Gilboa and his collaborators while they were pursuing their MBAs at University of Pennsylvania’s Wharton School. One of the students, Neil Blumenthal, had already run VisionSpring, a nonprofit that empowers women in impoverished areas to provide eye care services. Though Blumenthal had some experience in the eyewear industry from VisionSpring, the team still had a lot to learn before they could successfully get such an unconventional idea off the ground.
Jordan Kassalow, the founder of VisionSpring, offered significant support to the budding Warby Parker team. Kassalow is an optometrist, and asked them critical questions based on his expertise while expressing genuine enthusiasm for their idea.
Gliboa said that one of the most important thing he learned from his mentor was, “That there are hundreds of millions of people around the globe that need corrective lenses and don’t have access to them, and that getting someone a pair of glasses is one of the most effective poverty-alleviation tools in the world.”
The mentorship relationship was mutually beneficial, as Warby Parker has partnered with Kassalow’s nonprofit, VisionSpring, and for every pair of glasses Warby Parker sells, a pair is donated to someone less fortunate.
