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Baylor Sports Marketing Expert Discusses NBA, NCAA Coronavirus Decisions
On Wednesday, the NBA took the unprecedented step to suspend its season following the revelation that one of its players tested positive for coronavirus. In addition, the NCAA announced that the March Madness basketball tournaments will be played, but without fans present. Baylor University’s Dr. Kirk Wakefield is a nationally recognized expert on sports marketing, sports psychology and fan/consumer response. He has conducted research on the sports retail market – including the NBA and all major national organizations – for more than 20 years. In this brief Q&A, he shares his thoughts about these two decisions. Q: This was an unprecedented action by the NBA to suspend the season due to coronavirus. What does this mean for the teams? A: We’ve had work stoppage before with labor lockouts. Fans were angry then, but the majority won’t be now. Most won’t blame the league or the teams. We might see even more passion for the teams as fans are anxious for play to resume. Q: Based on your understanding of the decision-making process, does this seem to be an action that was done thoughtfully? A: It was carefully considered. No one wants to be the one who could have prevented a catastrophe and didn’t take prudent steps. Just like after lockout years, the leagues will recover. Q: The NCAA tournament will be played – but without fans. What does this mean for college sports teams and the NCAA? A: Obviously, viewership will increase – which is good for sponsors with heavy broadcast and digital assets. Sponsors and venues/teams who are reliant on gate revenue will be hit the hardest. ABOUT KIRK WAKEFIELD, PH.D. Kirk Wakefield, Ph.D., is the Edwin W. Streetman Professor of Retail Marketing and executive director of Sports Sponsorship & Sales at Baylor Unviersity's Hankamer School of Business. His research on retailing covers more than two decades and focuses primarily on sports psychology, team sports marketing, entertainment marketing, and fan and consumer response to pricing and promotional tools. He has conducted fan research in almost every venue in sports including the NBA, NFL, MLB, MLS, NHL and NASCAR. ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 18,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions. ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY At Baylor University’s Hankamer School of Business, integrity stands shoulder-to-shoulder with analytic and strategic strengths. The School’s top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 16 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has campuses located in Austin and Dallas, Texas. Visit www.baylor.edu/business and follow on Twitter at twitter.com/Baylor_Business.
Concerns over the spread of COVID-19 leading companies to move annual meetings online
Amid decisions to cancel or postpone large gatherings and events, many corporations – including Starbucks and Qualcomm -- are choosing to move their annual shareholder meetings online. Public interest advocates fear that this trend could become permanent at companies hoping to avoid scrutiny. Matthew Josefy, an assistant professor of strategic management and entrepreneurship who has studied the issue, said it’s unclear whether virtual meetings should be classified as an emerging habit of well-governed or poorly governed firms. “On the one hand, moving meetings online technically reduces the cost for investors to monitor the company, as they no longer need to travel to attend. Thus, we are investigating whether the presence of far-flung investors is a contributing factor to firms moving online. Further, it is unclear whether meetings even have the same cache as before, given the regular release of information and issuance of management guidance,” he said. “On the other hand, going online severely limits the opportunity for shareholders’ to gain unfiltered access to management. Many have noted that the upcoming democratic debate will be very different without a live audience due to concerns regarding COVID-19,” Josefy said. “Similarly, a shareholder meeting conducted without any live reactions in the meeting room also results in a different ‘feel.’ Accordingly, firms who are subject to greater pressure by activists may also have a greater propensity to move online as they may be able to reduce the likelihood of ‘unscripted’ moment. When there is not a physical location, it may be harder for protesters to find a way to attract the attention of either investors or management, and in turn more difficult to obtain media coverage highlighting their efforts and concerns. “While many retail investors pay little attention to directing their proxy votes on such issues, one could argue that this is an important element of democracy moving forward. As firms have become more engaged on socio-political issues, shareholders can potentially influence the positioning of their firms.”
Professor Barry Branch, Ledbetter Professor of the Practice at Scheller College of Business was a featured author in the article “National Rent Report for January 2020 Shows Growing Number of Renters” in the online magazine RENTCafe. Branch discussesd national trends that are leading more young people to rent rather than purchase a single-family home. “Young professionals are increasingly attracted to multifamily projects near their jobs. These buildings are attractive if they offer cutting edge technology that enables residents to work from home; attractive amenities that provide a healthy lifestyle and greater interaction with others; proximity to a variety of retail, food and entertainment attractions as well as public greenspaces; a significant reduction in their reliance on automobiles and access to public transportation; and greater flexibility to adjust to job changes and changes in their personal circumstances,” he said. In the piece he acknowledges the stable economy but notes that increased uncertainty in national, political, and economic environments may lead many people to resist the commitment to purchase a home. However, Branch points to the possibility that a larger demand for rental units may provide less inventory and therefore, an increase in rent prices. He states that “an offsetting factor among renters is the current trend towards rapidly increasing rental rates in many markets, which threatens their ability to manage their cost of living.” To offset these adverse factors, he cites low-interest rates that will incentivize developers to build more units and government programs for creating affordable housing as just a few factors that will continue to keep the rental market thriving. Are you a journalist looking to know more about this topic? Then let our experts help. Barry Branch is Sr. Professor of the Practice of Real Estate Development at Scheller College of Business, Georgia Institute of Technology. He is co-founder of The Branch-Shelton Company, LLC, a private investment management and financial advisory firm. Barry is available to speak with media regarding this important topic – simply click on his icon to arrange an interview.
Economic Impact of Macy's Closures, Sephora Openings
On February 4, Macy's announced that it will lay off 2,000 employees at corporate-level positions and close 125 stores over the next three years. They will also look to open smaller store concepts in shopping center locations, which have become more popular destinations for consumers than shopping malls. On the same day, Sephora announced it was going to open 100 stores in 2020. Villanova's David Fiorenza, an assistant professor of economics, has provided comments on both retailers' moves: "Macy's closing about 125 stores with a couple thousand jobs lost is basic economics. Supply and demand has been changing for many years, as people are shopping online, visiting boutique stores, travelling to smaller stores in strip malls, and visiting the urban-style malls that are popping up in suburban towns. These town centers, like King of Prussia Town Center, offer everything a mall or city shopping district does—but with smaller stores such as Sephora or Ulta." "Specialty stores like Sephora and Ulta will continue to see good growth in 2020 and beyond, as this is one area of retail that cannot be replaced with online shopping. The servicing of makeup, cosmetics, hair salons and fragrances needs to be experienced in a store with a knowledgeable sales representative." "The cosmetics counters in the large stores that are anchors in malls, such as Nordstrom, Neiman Marcus and Bloomingdale's, continue to show strong sales. However, in other departments within these stores, the sales are flat or declining." "Most of the smaller strip malls and suburban town centers do not have the competition you see at the larger malls." "Since the economy has been thriving for some time now, people have more discretionary income to spend. This is another bonus for Sephora and even Ulta to expand." "Macy's is a great organization but some of the stores look old and tired, similar to what happened with Toys 'R' Us' shops. I can see Macy's opening smaller boutiques, like what Best Buy has done, or discount stores, like Nordstrom Rack." "Landlords in these small strip centers and urban centers look for a certain type of business, and the large format of Macy's does not work at this point."
Curious about who’s cashing in on Superbowl Sunday? Let our experts help!
The big day is almost here! Fans around the world are getting squares ready, chili cooked, and prop-bets placed. Superbowl Sunday is America’s biggest day for television and sports. This year, it will be all eyes on the Kansas City Chiefs and San Francisco 49ers as they land in Miami to prep and promote for Sunday’s kickoff. There’s big money to be made this week, and a lot of it is going around, according to CNBC – last year was a windfall and most expect this year to be even bigger. Super Bowl ad spots are the most expensive on commercial TV in the U.S. by far, with a 30-second slot costing $5.25 million. That works out at roughly $175,000 per second. Last year, the winners of the Super Bowl made an estimated $112,000 each, while their opponents made $56,000 each. Referees, meanwhile, make between $4,000 and $10,000 a game, according to an estimate by CBS, and their annual salary is about $201,000. Stores are set to make $14.8 billion in sales around the game, with most of that money spent on food and drink to consume while watching, according to a survey carried out by Prosper Insights & Analytics for the National Retail Federation last week. That equates to $81.30 per person, up from last year’s $81.17. Are you a journalist covering this Sunday’s big game? If you have questions about the marketing or economics of the Superbowl, the let our experts help with your stories and coverage. Professor Andrew Wonders joined the faculty of the School of Business Administration at Cedarville University in 2013 following a 13-year career in the sport industry. He is an expert in the areas of major sporting events and the business of sports. If you are looking to arrange an interview with Professor Wonders – simply click on his icon to arrange a time.
Can America’s Infrastructure Withstand The Digital Economy?
When a city like New York is facing a continuous delivery stream of more than 1.5 million packages a day, something has to give. The growing number of sales by Amazon and other online retailers, combined with rapid delivery options, is choking streets within major metropolitan cities. This issue was recently featured in The New York Times — and when the journalists needed an expert perspective, they contacted Rensselaer Polytechnic Institute. Here's an excerpt: The average number of daily deliveries to households in New York City tripled to more than 1.1 million shipments from 2009 to 2017, the latest year for which data was available, according to the Rensselaer Polytechnic Institute Center of Excellence for Sustainable Urban Freight Systems. “It is impossible to triple the amount,” said José Holguín-Veras, the center’s director and an engineering professor at Rensselaer, “without paying consequences.” Households now receive more shipments than businesses, pushing trucks into neighborhoods where they had rarely ventured. And it could be just the beginning. Just 10 percent of all retail transactions in the United States during the first quarter of 2019 were made online, up from 4 percent a decade ago, according to the Census Bureau. — The New York Times, October 28, 2019 If you are a reporter covering this or a similar topic, let our experts help! Professor José Holguín-Veras is the Director of the Center for Infrastructure, Transportation, and the Environment (CITE) at Rensselaer. He is a leading authority in freight transportation and humanitarian logistics. Professor Holguín-Veras is available to speak with media regarding the ongoing difficulties cities are facing as shopping moves online and to the streets. Simply click on his icon to arrange an interview.
It may be the most wonderful time of the year, but for those delivering packages to houses and homes across America this holiday season it’s also the busiest one. In fact, it’s expected that Amazon alone will ship close to 300 million packages for Christmas. Customers want their purchases quicker and cheaper and it’s changing how the landscape works. It's estimated that free shipping will cost Amazon more than a billion dollars this quarter alone. This explains why shippers are looking at some radical new technologies to cut the cost of the last mile – and this is not just limited to the retail shopping industry. “Technology-driven innovations such as delivery drones or driverless vehicles not only facilitate last-mile delivery, they help with the inclusion of new sets of “customers, especially those in remote locations or rural areas with poor infrastructure, says Morvarid Rahmani, assistant professor of Operations Management at Scheller College of Business at Georgia Institute of Technology. For instance, companies like UPS, CVS, and WakeMed are exploring the idea of drugs and other health-related items being delivered by drones. In a first, collaboration between the FAA and UPS partner Matternet made deliveries from a CVS pharmacy in Cary, North Carolina as well a customer’s retirement community in November. Rahmani thinks this type of delivery shows promise. “Using drones to deliver medical packages can give rural communities access to products and medical supplies, which they would not be able to access otherwise. This delivery model is a way of incorporating social concerns and conditions of underserved populations into business practices. Using drones to deliver medial packages is a great example of collaboration between a governmental agency and for-profit companies, which is toward the dual goals of promoting efficiency and inclusion,” she notes. So, while most consumers are coming to terms with drone technology as a means for the Amazons of the world to replace it’s fleet of trucks, many customers are seeing the future of receiving essential, potentially life-saving drugs to their doorstep. “These technologies enable inclusive retailing and distribution for large (excluded) communities all over the world, says Rahmani. “Successful implementation of inclusive business practices requires collaboration of for-profit firms with the public sector, civil society organizations, and communities”.CBS News - December 15, 2019 Morvarid Rahmani is an Assistant Professor of Operations Management at Scheller College of Business at Georgia Tech. She is an expert in the areas of research is on collaboration in work processes such as new product development, management/IT consulting, and education. Dr. Rahmani is available to speak with media regarding this topic – simple click on her icon to arrange an interview. About Scheller College of Business The Georgia Tech Scheller College of Business is located in a state-of-the-art building in Georgia Tech’s vibrant Technology Square, the core of the Atlanta’s high-tech business community. The College offers an internationally recognized business education, including full-time, evening, and executive MBA options as well as undergraduate and Ph.D. degrees, to approximately 2,000 degree-seeking students each year. Scheller College collaborates across Georgia Tech to offer joint MS degrees in quantitative and computational finance and business analytics. Custom and open enrollment programs for executives and professionals are offered through the Huang Executive Education Center, located within the College. Interdisciplinary centers for teaching and research within the College enrich the educational experience, the campus and the community by providing a direct connection with the real world. They fuel collaborative teaching and research in some of the most relevant areas in business today: leadership, innovation, sustainability, the global enterprise, and business ethics. For more information, contact media@scheller.gatech.edu
At first glance, it just seems like an obvious next step as online retail and same day delivery are pushing forward at lightening speeds. But recently, companies like UPS, CVS and WakeMed are exploring the idea of drugs and other health related items being delivered by drone. An M2 drone developed by UPS partner Matternet made the deliveries. The drone flew autonomously but was monitored by a remote operator who could intervene if needed. In each case, it hovered about 20 feet above the delivery destination and lowered its package to the ground using a winch and cable. The deliveries mark an expansion of UPS' partnership with Matternet, established in March to deliver medical samples using unmanned drones at WakeMed's flagship hospital and campus in Raleigh, North Carolina. The partnership has logged more than 1,500 drone deliveries at WakeMed so far. UPS subsidiary UPS Flight Forward (UPSFF) plans to build out its ground infrastructure to expand to other industries. "UPS is exploring and developing drone delivery in various industries, including some that need drone delivery to homes," said company spokesperson Kyle Peterson. The residential deliveries also represent an expansion of UPS' partnership with CVS. UPS began setting up package pickup and return locations in CVS stores nationwide this summer. The two are collaborating to develop drone delivery options, and UPS plans to expand drone deliveries beyond healthcare facilities. November 08 - TechNewsWorld https://www.technewsworld.com/story/86342.html It’s fast, and convenient – but is it right? Morvarid Rahmani has these findings that relate to the newest drone capabilities and approval to move forward from the FAA: It is exciting to hear about the FAA approval of using drones for delivering medical packages. Using drones to deliver medical packages can give rural communities access to products and medical supplies, which they would not be able to access otherwise. This delivery model is a way of incorporating social concerns and conditions of underserved populations into business practices. ·Successful implementation of inclusive business practices requires collaboration of for-profit firms with the public sector, civil society organizations, and communities. Using drones to deliver medial packages is a great example of collaboration between a governmental agency and for-profit companies, which is toward the dual goals of promoting efficiency and inclusion. Technology-driven innovations such as delivery drones or driverless vehicles not only facilitate last-mile delivery, they help with the inclusion of new sets of “customers”, especially those in remote locations or rural areas with poor infrastructure. Delivery drones are results of “technology push,” i.e., the solution came prior to the identification of the problem. These technologies enable inclusive retailing and distribution for large (excluded) communities all over the world. We know other retail giants (Amazon, Walmart, etc.) are going to use drones in the future but are they eyeing this option too or do they already have a plan ready? Do the risks outweigh the reward when it comes to safety and ensuring the proper prescription reaches the right patient? Is there enough oversight to ensure that criminal elements or corruption are kept at bay? Who is liable for the delivery? Or, is this just part of our evolving world that is coming and that it needs to be regulated by accepted? There are a lot of questions about the technological advancement of drones in supply chain – if you are a journalist covering this topic – let us help with your coverage. Morvarid Rahmani is an Assistant Professor of Operations Management at Scheller College of Business at Georgia Tech. She is an expert in the areas of research is on collaboration in work processes such as new product development, management/IT consulting, and education. Dr. Rahmani is available to speak with media regarding this topic – simple click on her icon to arrange an interview.
Experts in the media - Will Facebook, Google take over blockchain?
Banking and big tech are going ‘all-in’ on blockchain initiatives – and it is getting a lot of attention from investors, regulators and the industry. In an announcement this week, Facebook stated it was moving full speed ahead with its cryptocurrency ‘Libra”. With this announcement, Facebook isn’t just moving into the cryptocurrency space—it’s also setting itself up as a financial services company. Unlike many other cryptocurrencies, Libra will be specifically designed for use as a payment medium, rather than a speculative asset. Bitcoin, Ethereum, and other digital currencies are generally difficult to transfer back and forth for everyday payments, partly because the price of the tokens is based primarily on market demand. The value thus fluctuates dramatically. If it works, Libra should be much less volatile since it will be pegged to traditional financial assets, including a raft of government-issued currencies. Slate, June 18, 2019 Recently, Dr. Eric Overby, associate professor of information technology at Georgia Tech's Scheller College of Business was interviewed by Blockchain Tech News to get his perspective on what to expect now that Google and Facebook are adopting blockchain as part of their platforms. The interview is attached below. Eric Overby's research focuses on the transition from physical to electronic modes of interaction and its effect on market efficiency. Eric is available to speak to media regarding blockchain or any other technology related topics – simply click on his icon to arrange an interview.
Expert perspective on a trade war with China and how it could impact a Trump presidency
Trade negotiations between the United States and China have continued to deteriorate over the last few weeks. In efforts to pressure the Chinese to make reforms to trade-related issues such as forced technology transfer and intellectual property rights, the United States has raised tariffs on nearly all Chinese exports. While there is a consensus among experts that these trade issues harm U.S. producers and must be dealt with, there is not universal agreement that a trade war is the best way to make it happen. Who will feel the effects? It is apparent that both consumers and producers in the U.S. will feel the effects of the trade war. Producers will not be able to absorb the increased costs from the raising tariffs and will need to pass them along to consumers. Consumers will begin to see the prices increase on a host of retail goods, such as clothing and apparel, toys, and home goods. Partners replaced? In addition, as the Chinese retaliate with increased tariffs on U.S. exports, such as agricultural goods, producers from other countries with lower tariffs are stepping in to take the place of the U.S. exporters. For example, Brazilian soybean producers are more than happy to sell their product to China at a lower cost. Once lost, it may be difficult for U.S. farmers to regain these important Chinese markets. A political price to pay? It appears that the effects of the trade war may hit the Trump administrations base, in agricultural and manufacturing regions, disproportionately. However, the administration may see the trade war as beneficial to Trump’s 2020 reelection campaign, as Trump is being perceived as being tough with the Chinese and holding them accountable to unfair trade practices. That appears to resonate with his base. However, it remains to be seen how long his base will continue to support this approach as both producers and consumers continue to feel the economic pinch of the growing trade war with China. There’s a lot to know about the short and long-term impacts of a trade war with China and that’s where or experts can help. Matt has taught business and marketing courses at Saint Mary’s University of Minnesota since 2008. Prior to Saint Mary’s, he worked in both the banking and the non-profit sectors, most recently with a non-governmental organization (NGO) with operations in more than a dozen countries. Matt is an expert in political and economic development and is available to speak with media. Simply click on his icon to arrange an interview.
