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Baylor University Marketing Professor Jim Roberts, Ph.D., has been studying consumer behavior and spending habits for decades. He is recognized internationally for his research and commentary on the subject. He said the consumer response during the current coronavirus pandemic -- evidenced by the frequent image of empty shelves of essentials -- is concerning and advises shoppers to refocus their actions on the good of the community. “This crisis is an ethical litmus test. I strongly suggest that people not horde essentials, but that they buy only enough for the near future. I am deeply disappointed when I see shoppers with carts full of water, Purell, toilet paper, etc. Essentially, they are saying, ‘Every man for himself,’ instead of, ‘What can we do to survive this crisis together?’ Working with each other always leads to better results. The Golden Rule should dictate at times like these as well as every day of our lives.” ABOUT JIM ROBERTS, PH.D. Jim Roberts, Ph.D., The Ben H. Williams Professor of Marketing in Baylor University’s Hankamer School of Business, is a nationally and internationally recognized expert on consumer behavior and has been quoted extensively in the media. He has appeared on CBS’ Early Show, ABC’s World News Tonight, ABC’s Good Morning America and NBC’s The Today Show. He has been quoted and/or featured in The New York Times, The Wall Street Journal, USA Today, National Public Radio, Cosmopolitan Magazine, Glamour and U.S. News and World Report, among many other newspapers, magazines, websites and television outlets.
Jon Quinn, lecturer in marketing at the Indiana University Kelley School of Business, who has served in senior marketing positions in the financial and food services industries, explains why many Americans may be unnecessarily hoarding supplies and seeking comfort through retail shopping. “The pandemic and the constant reporting of it is creating a significant threat and disruption to consumers’ perceived control over their daily lives, similar to a hurricane. This leads to a reduced feeling of security and well-being, driving us downward in our hierarchy of needs. When this happens, we rely more on our instinctive behaviors of self-preservation. We cease thinking logically and think and act more impulsively or even primitively. “As consumers, we have been conditioned to address problems and challenges by consumption-based solutions. We need to restore some sense of control and security, so we look for consumption-based solutions. In cases such as coming natural disasters or a pandemic, those solutions are everyday staples and items specific to protecting ourselves from the specific threat.” What should we do? -- “In a situation like this, retailers have to act with the greater good of society in mind. However, acting in such a way is also in their own best interest in the long-term. Putting quantity limits on products that are being purchased out of panic is the right thing to do, but retailers need to do a better job at explaining why. They can do this through social media, point-of-purchase and public relations. “This is an opportunity for retailers to build or fortify trust and loyalty and they can do that through dependability – avoiding stock outages as much as possible – as well as open and timely communication (explaining unit purchase limits) and accurately managing customer expectations (if they are out of stock, when will the items be back in stock). “Consumers should resist the natural and conditioned impulses and think logically. The greater the proportion of society that is protected, the greater the likelihood the spread will be contained and the greater the likelihood you and those close to you can remain healthy. Consumption will not make you safer. “Consumers will respond better if the media identified society-benefitting behaviors and demonstrated them by how these behaviors will benefit them personally. I have not seen such a message widely disseminated – but it needs to be.” Quinn can be reached at 614-390-1287 (m), 812-855-4671 (o) and jonquinn@iu.edu.
It truly has been a roller coaster of a month for those working in, invested in, or keeping a close eye on the financial markets this past month. It’s been the perfect winter storm of plunging oil prices, jittery investors and even a much over-due market correction. And now, with a pandemic declared, it looks like financial markets will continue on their wild ride due in part to COVID-19. If you are a journalist covering the markets and have questions about what possibly lies ahead – then let us help. W. Todd Roberson, Indiana University Kelley School of Business senior lecturer in finance, can discuss changes to financial markets, including stock markets, bond markets, interest rates and Fed policy changes. Professor Roberson can also give his thoughts and perspectives on what it means for investors and what investors should know and do in response to changing market conditions. Professor Roberson is available to speak with media, and if you would like to arrange an interview contact Teresa Mackin at tmackin@iu.edu or 317-274-2233.
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.
What Coronavirus Means for the Workplace
As the World Health Organization (WHO) has declared the coronavirus (COVID-19) a pandemic, organizations, schools and large public events have been scrambling in an effort to figure out what will happen next. But what if your employer doesn't have a formal work from home (or remote) policy? "Given that a high percentage of families have two working parents, managers need to understand that their usual expectations for productivity are going to have to adjust," says Narda Quigley, PhD, professor of management in the Villanova School of Business. In addition, it will be a completely different dynamic for the manager-employee relationship. Deadlines and tasks will need to be fluid in a more virtual workday, Dr. Quigley says. "It is impossible to expect that there wouldn't be an extreme impact on the processes that organizations depend on for day-to-day functioning, and so the goals have to change accordingly. Productivity goals and expectations probably need to be tabled (or at least dramatically decreased) until more about COVID-19 is understood. The organizations that are able to be nimble in the face of an unknown and developing situation, yet understanding of the urgency of public health directives and the needs of their employees, will emerge from this situation with valuable experience that may help them weather the next unexpected situation." Dr. Quigley also notes that women may be negatively impacted by an extended work from home period. "As work transitions to the home sphere, one question to consider is whether this disruption will have a longer-term adverse impact on the careers of women, rather than men. Given the continued prevalence of traditional gender roles and expectations around caretaking in many American families, women will likely be expected to focus less on work when they are working from home, particularly if they have children at home or individuals in their families who are sick. "Upon transitioning back into their regular working lives, women may find themselves further than ever from their next promotion. Organizations must be cognizant of this and understand that there are likely 'hidden' ways that women are contributing to their ongoing ability to operate—and without this activity, their ability to continue with business-as-usual would grind to a halt. However, this would require a fundamental, culture-wide rethinking of how we value what stands as work in this society, as American cultural norms are so strongly gender-specific."
Recognizable companies including Google, Twitter and Eli Lilly all are encouraging their employees to work at home to prevent spread of the coronavirus. Research on the benefits and drawbacks of “working from home is still in its infancy, but researchers have generally found that telecommuting can function as a double-edged sword, said Erik Gonzalez-Mulé, assistant professor of organizational behavior and human resources at the Indiana University Kelley School of Business. “On the one hand, telecommuting can increase productivity because it enhances employees’ feelings of control and autonomy. With the freedom to choose when and how to do their work, employees generally experience greater motivation and satisfaction,” Gonzalez-Mulé. “Of course, there is a caveat here, in that managers should take care to maintain the same performance management systems they use for ‘in-residence’ employees, such as setting specific goals, ‘checking in’ on goal progress, using regular performance evaluations, and the like. “The idea is to communicate to employees that, as long as the work gets done -- which managers can assess with performance management systems -- they can choose when and how to do it,” he added. “On the other hand, recent studies show that telecommuting can increase feelings of isolation. This is because telecommuting workers have significantly less face-to-face contact with their manager and colleagues, which can lead telecommuters to feel alone and socially disconnected. One way to ameliorate these effects is to use technologies that involve virtual face-to-face contact, like Zoom or Skype, or to have at least some ‘real’ face-to-face contact, such as some meetings that are conducted in-person.”
Privacy Issues in Using Facial Recognition Software by Law Enforcement
The Atlanta Police Department is just the latest in criminal investigation units across the U.S. that have adopted facial recognition software to assist in police investigations. But privacy experts are cautiously watching the acceptance of this type of software for possible infringements of a citizen's privacy. The software uses a person’s photograph to search the internet including social media accounts for additional images of a suspect. The process is called “scraping” and Deven Desai, associate professor for law and ethics at Scheller College of Business at the Georgia Institute of Technology expresses concern over the use of the controversial technique, which is becoming more commonly used by hundreds of police departments across the U.S. “The issue becomes one of what we like to call “technical accountability,” said Desai, who cites the reliability of the software, the privacy of citizens, and the length of time images are stored by the departments as just a few factors to consider. How long will a person's photograph be kept and for what means? These are just a few of the questions that continue to raise concerns among some experts who see this new technology as a potential for harm to the public at large. Before fully embracing facial software, the accountability for using this form of spying should be studied in more detail before the practice is adopted widely.
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.
The Markets never lie – and it looks like Wall Street is smiling about Joe Biden
The Markets never lie – and it looks like Wall Street is smiling about Joe Biden It wasn’t just the Joe Biden campaign celebrating after a monumental Super Tuesday – so too was Wall Street. Dow (INDU) futures were last up more than 580 points, or 2.3%, after the former US vice president was projected to win many as nine states including Texas, Virginia and Minnesota. Sanders captured Utah, Vermont and Colorado, and was leading in California. Futures for the S&P 500 (INX) were up 1.8%, while the Nasdaq Composite (COMP) increased 1.9%. Wall Street has been unnerved by prospect that Sanders, who wants to ban fracking, break up big banks and institute a wealth tax, could win the Democratic nomination and eventually the presidency. March 04 – CNN Business But what impact and influence will investors and indexes have on the actual outcome of the primaries? Will voters be convinced or swayed by the markets or is this result simply a by-product of an election result? It is interesting for sure, and if you are a reporter covering this topic – then let our experts help with your coverage. Jeff Haymond, Ph.D. is Dean, School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
FAU Experts Available to Speak on Coronavirus and its Impact Worldwide
Coronavirus has now earned global attention and Florida Atlantic University experts are available to speak with media about the impact of coronavirus on areas related to this worldwide epidemic, including hospitality, tourism, employment sick leave, and politics. If you are a journalist covering the progress of this virus and how it is impacting various sectors and segments of society – then let us help with your stories, questions and ongoing coverage. LeaAnne DeRigne, Ph.D., MSW, associate professor in FAU’s Phyllis and Harvey Sandler School of Social Work LeaAnne DeRigne is an expert on paid sick leave and its impact on the health and financial security of individuals, families and public health in general. Her recent research on the importance of paid sick leave benefits has received wide press coverage,and has been cited around the country by policy makers, lobbyists, and advocates pushing cities and states to mandate sick leave coverage. Key findings from the study, which are representative of the nation, showed that regardless of income, age, race, occupation, full-time or part-time work status, health status or health insurance coverage, workers without paid sick leave were three times more likely to delay medical care than were workers with paid sick leave. She also conducts research on other workplace benefits such as flexible work, vacation time and pensions. Peter Ricci, clinical associate professor and director of the Department of Marketing and Hospitality Management in FAU’s College of Business Peter Ricci is a hospitality industry veteran with more than 20 years of managerial experience in segments including food service, lodging, incentive travel, and destination marketing. While filling the role of hotel general manager for almost a decade, Ricci served as a part-time educator before entering academia full time as both a clinical associate professor and administrator. Kevin Wagner, Ph.D., professor and chair of FAU’s Department of Political Science in the Dorothy F. Schmidt College of Arts and Letters Kevin Wagner’s research and teaching interests include presidential and judicial politics, political behavior and legislative behavior. He is also a research fellow of the FAU Business and Economics Polling Initiative (BEPI). Wagner has lectured extensively on American politics and has served as an expert in many leading newspapers including the New York Times, Boston Globe, New York Newsday, the Dallas Morning News, and the Miami Herald. He has been featured as the political analyst for CBS 12 in West Palm Beach and on national television including NBC’s “Today.” All of the experts listed above are ready and available to speak with media. To arrange an interview simply click on an expert’s profile or email Lisa Metcalf at lmetcalf@fau.edu.
