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Expert Podcasts: In Corporate Valuation, Customers are King
From investors to managers, business leaders need to understand the true value of companies, but many of the traditional methods are outdated and incomplete. Emory University Goizueta Business School's Professor Dan McCarthy joins to discuss customer-based corporate valuation, including the critical role customer lifetime value plays in driving a company’s success. For more insight and if you're interested in knowing more, then check out Dan's conversation that includes why customer data points are most important to monitor and how investors and managers stand to benefit from this approach. It's right here on the Goizueta Effect podcast. Dan is an Assistant Professor of Marketing at Goizueta Business School. His research centers on customer lifetime value, limited data problems, data privacy, and the marketing-finance interface. He is regularly featured as a key expert, with recent coverage in the Harvard Business Review, Wall Street Journal, Fortune, The Economist, and CNBC. If you're looking to connect or arrange an interview – simply click on his icon now to book a time today.
Expert Perspective: Unpacking the Innovation Process
Have you ever looked at a table or chair, stool, or other household item and thought, “I can use this another way”? If you have, you might be an innovative hacker, someone who operates from a product-first search process, which is the opposite of the “classic” problem-solving method. Tian Chan, assistant professor of information systems and operation management, worked with long-time friend and fellow researcher, Shi-Ying Lim, assistant professor of information systems and analytics at the National University of Singapore, to see if starting with a product generates more novelty (or uniqueness). And they used IKEA furniture as the basis for their research. “Problem-first searching is the ‘classic’ way we think about problem solving. It starts with a problem, such as needing a swing, before identifying possible solutions, like a person turning an IKEA stool into a swing,” explains Chan. Whereas product-first searching “starts with a product in mind,” such as this IKEA hacker having a stool and wanting to make it into something different, then “searching through alternative needs” to identify the most viable option for the stool’s new life. This same method of problem-solving created the jogging stroller, says Chan. It just took one parent, frustrated with pushing a standard four-wheel stroller, to invent a more effective stroller for runners. Ultimately, the research, which involved hours upon hours of searching for examples of IKEA hacking, revealed that traditional, problem-first thinking remains the most effective way to both solve a problem and create a novel, new use for an item. However, product-first searching presents many opportunities for creative uses of everyday things. IKEA hacking is popular for a few reasons: The furniture is popular, inexpensive, and usually requires self-assembly. - Tian Chan It’s particularly the self-assembly aspect that invites novel uses for common items. During his research, Chan uncovered examples of people taking an IKEA coffee table, flipping it upside down, and attaching it to the ceiling for pets to perch from. “Users are endowed with such a large variety of interesting problems,” says Chan. “Companies should look toward users if they wish to more effectively identify novel uses for their existing products.” Interested in knowing more? Tian Chan is an Assistant Professor of Information Systems & Operations Management at the Goizueta Business School at Emory University. Simply click on his icon now to connect with him today.
Expert Podcasts: Ready for Career Growth? Advocates are Key!
Career advocates are critical to career growth. In fact, employees with advocates are 23% more likely to advance at work. Emory University Goizueta Business School's Professor Renée Dye joins to discuss the key role and critical attributes of advocates, how you can cultivate and attract influential players to meet your goals, and the impact of remote work on relationship management and organizational culture. For more insight and if you're interested in knowing more, then check out Renée's discussion right here on the Goizueta Effect podcast. Dye also has an intriguing blog as well - it's worth the visit : If you're looking to connect or arrange an interview – simply click on Dye’s icon now to book a time today.
Aston University photonics expert elected as Fellow of Optica
• Professor Edik Rafailov is head of the Optoelectronics and Biomedical Photonics Research Group • He is a member of Aston Institute of Photonic Technologies, a world-leading photonics research centre • Optica is the leading organisation for researchers and others interested in the science of light. A photonics expert at Aston University has been elected as a Fellow of Optica (formerly OSA), Advancing Optics and Photonics Worldwide. Professor Edik Rafailov is head of the Optoelectronics and Biomedical Photonics Research Group in the College of Engineering and Physical Sciences at Aston University and a member of Aston Institute of Photonic Technologies (AIPT), one of the world’s leading photonics research centres. He was elected for his ‘contributions to novel gain media for semiconductor lasers at wavelengths from 750nanometres to1300nanometres’. Optica is the society dedicated to promoting the generation, application, archiving and dissemination of knowledge in the field of photonics. Founded in 1916, it is the leading organisation for scientists, engineers, business professionals, students and others interested in the science of light. Fellows are selected based on several factors, including outstanding contributions to business, education, research, engineering and service to Optica and its community. Satoshi Kawata, 2022 Optica president, said: “I am pleased to welcome the new Optica Fellows. These members join a distinguished group of leaders who are helping to advance the field optics and photonics. Congratulations to the 2023 Class.” Director of AIPT, Professor Sergei Turitsyn said: “I am delighted that Edik has received this prestigious fellowship. “AIPT has one more Optica Fellow, that is a high honour in the field of photonics. “Edik joined Aston University in 2014 and since then his research has contributed to the Institute’s world-leading position in the fields of fibre and semiconductor lasers and bio-medical photonics, making impact on industry, scientific communities and society.” Fellows are Optica members who have served with distinction in the advancement of optics and photonics. As they can account for no more than 10 percent of the total membership, the election process is highly competitive. Candidates are recommended by the Fellow Members Committee and approved by the Awards Council and Board of Directors. The new Optica Fellows will be honoured at the Society’s conferences and events throughout 2023.
• University expert helps clothes designer measure and tackle their carbon emissions • Upcycler, ‘Missfit Creations’, has saved CO2 equivalent of three tonnes • Call to COP27 to issue a protocol to measure all garments’ environmental impact. 8 November 2022 | Birmingham UK As policymakers at COP27 are to discuss the effects of the fashion industry on the environment, an Aston University scientist has been helping a clothes designer measure and tackle their carbon emissions. Debbie Murphy runs Missfit Creations which provides an alternative to fast fashion. She saves clothes from clogging up landfill by restoring and reworking second-hand and vintage clothing, from de-mob suits and 1970s psychedelia, to the present day. Dr Maria Pimenta da Costa Ocampo, a researcher from the Energy & Bioproducts Research Institute (EBRI) at Aston University, has been identifying the impact the business is having on reducing carbon emissions. By analysing the recirculation of second-hand clothes alone, she found Debbie’s current fashion collection has the potential to save the CO2 equivalent of three tonnes – equal in size to at least three semi-detached houses. The support provided to Tamworth-based Missfit Creations was through EBRI's European Regional Development Fund (ERDF) programme that helps West Midlands companies develop low carbon goods and services. Debbie said: “It was eye-opening to work with Aston University. “I collect and restore a huge amount of old, unwanted clothes that would otherwise have ended up in landfill, so I decided to find out what impact my business has on the environment. “I knew my business would help tackle the effects of fast fashion, but I didn’t realise I’ve been able to prevent the production of so much CO2. “Raising awareness of second-hand clothes over fast fashion, and the increased awareness of clothing care efficiency will help reduce the carbon footprint of the textile industry.” The Aston University report also suggests ways the business can further decrease emissions. As a result, it will be introducing a ‘take-back’ scheme, offering vouchers or exchanges in return for previous purchases. Debbie will also be changing production methods by ensuring all packaging is biodegradable, ironing fabrics less and switching to a more sustainable energy provider. The COP27 fashion charter event (11 November 2022) will explore whether the sector’s planned transformation to net zero is underway, practical solutions that are being applied and what is needed to achieve the goal. However, Dr Pimenta-Ocampo said: “Every single action taken towards the production and recirculation of clothing has an environmental impact. “For example, we calculated that by recirculating vintage clothing, Missfit Creations was reducing CO2 equivalent by almost two tonnes just by diverting clothes from landfill. “And by outsourcing their vintage clothes for cleaning services that don’t use tumble driers, not taking into account transport emissions, Missfit Creations is reducing CO2 equivalent by another one tonne. “There is a great need for the textile industry to monitor and provide accurate data and to become more transparent, specially when global supply chains are involved. “However, the creation of a protocol and standardisation of the Life Cycle Assessment, which measures a product’s environmental impact from raw material to final disposal, is also required. Without it, it will be impossible to produce results that can be representative.”
Everyone is keeping a close eye on the economy. Whether on a global scale or at the kitchen table - it's a topic that is at the top of everybody's mind these day. Simon Medcalfe, PhD is the Cree Walker Chair in the Hull College of Business at Augusta University and resident expert on the economy, and he shared his thoughts on where the economy stands as the final months of the year approach. Q: The Gross Domestic Product report was up, what should we take out of that? “The GDP was interesting because it was actually up. The first two quarters were negative growth, so the economy had shrank. This time, the growth figure came in at 2.6%, but closer reading suggested it was actually a worse reading then the negative readings we had because consumer spending by firms was essentially flat. The growth was seen in net exports or government spending or things like. Consumers were kind of pulling back a little, which is why earnings were a little lower as well.” Q: The economy needs to slow down a little, doesn’t it? “I mean, yes, if you’re thinking about the Fed, that’s what they are worried about right now, inflation, because the economy is so incredibly hot, particularly with regards to prices. They’re raising interest rates with the aim at slowing down the economy. Unemployment is historically very, very low, if not at record levels in different places, so we could probably sustain a little slowing of the economy without impacting the labor market too much and try to get this general inflation under control.” Q: The economy could use a little unemployment, it’s that kind of counter intuitive? “Some unemployment is not bad. Economist use to suggest in the long run, the natural rate of unemployment is about 5-6%. Now we have unemployment in the 2-3% range in places. We have a little bit of wiggle room to see that increase.” Q: What's the difference between frictional and structural unemployment? "Economist talk about frictional unemployment and structural unemployment. Frictional unemployment is more of a job match or job search problem. So it’s a lack of information. Structural unemployment is because of the changing nature of industry within an economy. An example being people working in textile manufacturing and it’s hard for them to go straight into computer science coding because they don’t have the skills. This is more long term than frictional and in some cases can be quite detrimental to regions and people.” Q: The Fed is likely to raise interest rate by .75%, are there signs of this slowing down? “I think they’ll start slowing that down over time, but I think their projection is about 4.6% and we’re like 3.25% now. They’re looking at all the economic indicators. Not looking at any one or two, but everything. They’re looking at inflation, and have different measure of that. They’re look at the breakdown of inflation like how much of it is due to the war in Ukraine, and what areas of the economy it may be impacting. They’re looking at the labor market, definitely looking at manufacturing output, etc. The one thing they don’t generally look at is financial markets. They would look at the housing market though and different sectors of the real economy, not the financial economy.” Dr. Simon Medcalfe is a highly regarded economics expert in the Hull College of Business at Augusta University. Medcalfe is available to speak with media regarding the economy and its outlook – simply click on his icon now to arrange an interview today.
It’s time to embrace it: We’re in peak fall mode. But other than Instagram photos of crimson foliage and shearling boots, how does mainstream society observe the season? Two words: pumpkin spice. AdAge reports that the seasonal flavor is now a $500 million annual industry. So, what gives? "Seasonal products or limited-time offerings have a long history in marketing," says Tyler Milfeld, assistant professor at the Villanova School of Business. "These products are designed to connect to a broader cultural context." And pumpkin spice is undoubtedly a part of Western fall culture. Candles, snacks, drinks, eye shadow palettes, dog treats… the list goes on. But what drives consumer interest? Is it the packaging? The taste? The coziness factor? "Because of their seasonal or limited-time nature, products like these inspire consumer urgency, brand connection and word-of-mouth, three cornerstone marketing objectives," says Milfeld. "For example, candy companies have a long affiliation with the holidays through seasonal packages and flavors." But let’s be honest, there’s no pumpkin spice without Starbucks. "Starbucks' pumpkin spice latte is a terrific example of an in-season tie-in. Starbucks has leveraged consumer demand for the product by creating a buzz around the latte’s debut," says Milfeld. "It's interesting how pumpkin spice latte fans made videos and posted on social media about the launch date! In this way, product marketing is delivered through influencers, social media, and popular press. This year's product debuted in late August, allowing the brand a long run-up to the peak period." And it’s no coincidence that we see seasonally branded items popping up the most in grocery stores and restaurants. "Food products are ideal for seasonal offerings because certain ingredients enjoy strong associations with certain times. For instance, consumers associate cranberry with the Thanksgiving and Christmas seasons," Milfeld says. "These products become cultural touchstones because they connect to a specific flavor, ingredient, recipe or color associated with the season and become an experience—for example, picking up a peppermint milkshake on the way home from holiday shopping or getting a 12-pack of cranberry splash for an extended family gathering. Marketers reinforce these usage occasions to strengthen the association for subsequent seasons. The product then becomes a tradition itself and a seasonal icon." The anticipation of a product's return becomes a marketing event. Thus, the holiday and consumer product become inextricably entwined. So, here's to the "basic" PSL lovers amongst us. Enjoy your festive treat without that extra side of embarrassment. After all, we're just celebrating the season.
Drop! Cover! Hold On! Are you prepared for International Shakeout Day this Thursday?
Drop! Cover! Hold On! That’s what the more than 43 million people around the world who participate in International Shakeout Day will do on Thursday, Oct. 20, at 10:20 a.m. The National Earthquake Information Center now estimates 20,000 quakes – an intense shaking of the Earth’s surface caused by the crust’s constantly moving tectonic plates – occur each year across the globe. That’s approximately 55 per day! The death toll – about 20,000 each year, according to Business Insider – is magnified by a lack of preparation for this natural but deadly phenomenon. Great Shakeout drills around the world – including the Great SouthEast ShakeOut, which consists of states along the East Coast from Maryland to Florida – aim to minimize the loss of human life. University of Mary Washington's Grant Woodwell, a Professor of Earth and Environmental Science at UMW’s Earth and Environmental Sciences Department, is an expert in seismology, the branch of science concerned with earthquakes and related phenomena. A structural geologist, he studies how the crust of the earth deforms, such as during earthquakes, and teaches a UMW class on plate tectonics. If you’re a journalist looking for an expert to speak about earthquakes for this year’s International Shakeout Day, contact Dr. Woodwell. Simply click his icon now and we'll arrange an interview today.
• Menopause: Continuing the Conversation will premiere at 12 noon on 18 October • The news-style programme features key industry interviews and news-style reports along with sponsored editorial profiles • It includes a film of Aston University staff telling their own stories. Aston University has joined forces with the British Menopause Society and ITN’s bespoke production hub, ITN Business, to contribute to a programme which raises awareness of the menopause for World Menopause Day. Menopause: Continuing the Conversation features key industry interviews and news-style reports, along with sponsored editorial profiles. It is anchored by television presenter and journalist Louise Minchin and will premiere at 12 noon on 18 October 2022 on the British Menopause Society's YouTube channel. The programme takes a holistic look – from lifestyle to changes in workplace policy - to support and empower women embarking on the perimenopause and beyond. Staff from Aston University tell their own stories in a film which forms part of the programme. World Menopause Day is held every year on 18 October. The day was designated by the International Menopause Society (IMS) to raise awareness of the menopause and to support options to improve health and wellbeing for women in mid-life and beyond. The theme for World Menopause Day 2022 is cognition and mood. According to research by the Chartered Institute of Personnel and Development (CIPD), three out of five working women between the ages of 45 and 55 who are experiencing menopause symptoms say it has a negative impact on them at work, nearly two-thirds of women surveyed said they were less able to concentrate, more than half said they experience more stress, 30 per cent of women said they had taken sick leave because of their symptoms and only a small minority said they told their managers about the real reason for taking sick leave. Beth Lloyd, associate director of organisational development at Aston University, said: “We are excited to announce our involvement in a news-style programme Menopause: Continuing the Conversation in partnership with ITN Business and the British Menopause Society for World Menopause Day. “Menopause is not just a gender or age issue; it is an organisational issue. It can impact on colleagues both directly or indirectly. Awareness on this topic is fundamental to reduce the stigma attached to it so that more people will talk openly about it so it can begin to be normalised and people can get the support they need. “Aston University has taken a proactive approach to raising awareness of the topic including hosting a range of workshops for managers and staff, introducing menopause mentors and creating an informal networking group. Our hope is that these activities will create a truly inclusive workplace and achieve our goal of becoming a recognised menopause friendly employer.”
Winnipeg, MB, March 16, 2022 - Longing for your next adventure? Look no further because CAA Manitoba has unveiled a new set of luxurious travel packages designed for travellers who are ready to embark on an iconic Canadian adventure. As part of each package, travellers will be flying on a CAA chartered jet with all business class seating, offered in partnership with Air Canada. They will be joined only by those travelling on a Premier Collection tour. Itineraries are curated with affordable luxury in mind. “Our research has shown us that Canadians are looking to experience travel in a more intimate setting and at this time, many are still looking to stay closer to home,” said Susan Postma, regional manager, CAA Manitoba. “By coupling the best of Canadian culture, food and heritage, with the safety and luxury of travelling on a CAA chartered plane, we are confident that these packages will give travellers a delightful option to start exploring again.” Travellers will rediscover the nation’s greatest sights, sounds and smells on one of five journeys showcasing Canada’s unforgettable wonders and hidden gems. “For many of us, travelling again for the first time is a momentous occasion and we wanted to make that extra special by cultivating a premium experience with the utmost attention to health and safety,” said Postma. “Each destination encourages travellers to immerse themselves in every moment and create lasting memories.” Packages feature everything from stargazing to whale watching; enjoying a pancake brunch on a maple farm to World Famous “Digby Scallops” in Nova Scotia; witnessing the highest tides in the world in New Brunswick to taking in Quebec’s most breathtaking waterfall and many more unique experiences in between. “We are very pleased that CAA is recognizing our superior customer service in choosing Air Canada for its unique, luxury travel packages. Our private charter service, Air Canada Jetz, is specially designed for ultra-premium customers, such as pro athletes, celebrities and music stars, ensuring CAA’s explorers will travel in extraordinary style wherever their adventure takes them,” said Eric Bordeleau, senior director, Network Scheduling and Charters at Air Canada. Tours and dates include: Glorious Lakes and Glaciers: Banff, Jasper and Beyond (August 13-20, 2022) – 8 Days Savour Quebec: A Culinary Journey Through Quebec City, Charlevoix and Montreal (August 15 – 24, 2022) – 10 Days Rich and Enticing Quebec: Explore the Spectacular Gaspé Peninsula (August 15 – 24, 2022) – 10 Days Magical Maritimes: Acadian Culture, Delicious Flavours and Historic Charms (September 10-19, 2022) – 10 Days Platinum Journey - Mountains and Memories: Wonders of the West and Rocky Mountaineer (September 13-21, 2022) – 9 Days CAA Travel has over 50 years of experience in helping members plan and book unforgettable travel excursions around the world. CAA’s new Premier Tours Collection packages are part of CAA’s Extraordinary Explorations collection and range in price starting at $6,300 CDN. Extraordinary Explorations is CAA’s collection of unique travel adventures designed for adventurous travellers looking to embark on a luxe vacation for an affordable price. Experience one-of-a-kind destinations, intriguing itineraries and exceptional excursions. Available as escorted and hosted packages, every exploration is guaranteed to create lasting memories. The 2022 Premier Collection packages can be purchased at all CAA stores or by phone at 1-844- 202-8045. Click here for more information.
