Monthly Archives: June 2016

Good Analysis May Require Small Data, Too

Over the past few years, many universities, companies, and analytics experts have become greatly enamored with “big data,” now that such data are  easier to collect and analyze. Nonetheless, there still remain many instances when “small data” can be quite useful.

Consider these observations from Jessica Stillman, writing for Inc.:

“Ask Google how many people are searching for the term ‘big data’ and you’ll get a graph that resembles a steep mountainside. The concept has become incredibly hot over the last few years and it shows no signs of cooling anytime soon. And why not? Every day, our devices spew out an incredible amount of data on our behavior, preferences, and relationships. What could be wrong with our newfound obsession with combing through numbers for profit-boosting insights and previously unnoticed correlations?”

“The trouble according to Martin Lindstrom, author of Small Data: The Tiny Clues That Uncover Huge Trends, is when we overuse data to the point that we forget to actually talk to people. In an interview with Knowledge@Wharton, Lindstrom argues that what he terms ‘small data,’ i.e. face-to-face conversations with actual, real-life customers often in their own homes, is a more reliable source of great business ideas than massive databases and sophisticated number crunching. ‘I think it’s fair to say if you take the top 100 biggest innovations of our time, perhaps around 60 percent to 65 percent are really based on Small Data,’ Lindstrom claims, citing breakthroughs ranging from the idea for Snapchat to the resurgence of Lego as examples of the fruits of small data.”

Click the clever image to read more from Stillman.

CREDIT: Getty Images

 

In Today’s Competitive World, Targeted Ads Are a Must Globally

Unlike in the past when firms could use universal themes in their ads around the globe, with just minor changes, today, companies need to use a more tailored approach in the face of stiff competition.

As an example, KFC has really stepped up its advertising strategy — and not just in the United States. Here are a selection of tailored ads from around the world. We feature YouTube ads from SEVEN countries here.

From the USA YouTube Channel: There is now an “extra crispy” Colonel Sanders played by actor George Hamilton, known for his perpetual tan.

From the India YouTube ChannelThe new limited edition KFC Watt A Box will not only fill you up but also your smartphone.

From the UK and Ireland YouTube Channel: KFC Rollerskater — Bring home the weekend with KFC.

From the South Africa YouTube Channel: Through #‎TasteGuarantee, KFC is making sure that customers are happy and satisfied with every meal, and continue to get the great tasting food you know and love!

From the Hong Kong YouTube Channel: “Finger Lickin’ Good Edible Nail Polish.” [This ad is in Chinese.]

From the Philippines YouTube Channel: For those preferring hot tasting chicken, KFC Hot Shots is getting customers all fired up! 

From the Thailand YouTube Channel: The legend is back by popular demand — KFC crispy chicken Chilliwack, cheese, onions, peppers, dark burn. [This ad is in Thai.]

 

Most Valuable Global Brands: A Multimedia View

The 2016 BrandZ most valuable global brands report by WPP’s MillwardBrown is now available.

This year, a lot of FREE information about valuable brands is presented online, in addition to what is shown visually in our post. To access these other materials, click the links provided below the three visuals we highlight.

When you have finished looking over all of these materials, click here for a fun quiz.

The infographic reveals a lot of information about the 2016 report in an easy-to-read format. Click the image for a larger version.

The full 2016 report (141 pages) may be accessed by clicking on the image.

Here is a video on the fastest-rising brands.

Other information about global brands:

 

HAMA Recognized with Award

The Hofstra American Marketing Association (HAMA) was recently awarded the 2016 Reginald Andre ’04 Endowed Award for Zarb School of Business Student Activities. This award is granted by Reginald Andre (BBA ’04) and sponsors a new program, event, or initiative.

In the fall of 2016, HAMA members (some of whom are pictured below) will be organizing a marketing pitch competition. Groups will be led by one alumni each, and together they will create a marketing plan for the different companies that are selected. A panel of marketing professionals will judge the competition and network with students and alumni. The goal of this event is to cultivate alumni connections and assist the local business community while also improving students’ presentation, communication and teamwork skills.
 

 

GEICO and the Zarb School Team Up to Better Understand Millennials

Once again, GEICO and the Zarb School of Business have worked together in a successful manner. Click here for our earlier GEICO success.

As reported by Zarb’s Patricia CiavarelloGEICO and the Zarb School have partnered to better understand the engagement and retention of millennials and the expectations of auto insurance customers in rural versus urban markets. Students provided GEICO with evidence-based recommendations to improve outcomes and customer satisfaction.

Dr. Veronika Ilyuk’s marketing research class focused on the underlying differences between rural and suburban customers. Each team surveyed over 100 respondents from across the United States. The study examined factors that drive consumers’ decision making for auto insurance and the type of appeal that resonates most.

Dr. Janet Lenaghan’s human resource management course examined the millennial employee group. Millennials, or America’s youth born between 1982 and 2000, account for 83.1 million people and represent more than one quarter of the nation’s population according to the 2015 U.S. Census Bureau estimates. Their size exceeds that of the 75.4 million baby boomers; and they are more diverse than the generations that preceded them, with 44.2 percent being part of a minority race or ethnic group. Students conducted primary research using a variety of different methodologies and presented data-driven recommendations for new initiatives aimed at improving both the engagement and retention of millennials with GEICO.

First-place winners for the GEICO case study competitions included Joseph Marrone, Alessandra Villano, Valentina Corasaniti, Alec Eisenberg, Giana Horvath, Maegan Juul, and Caitlyn McGovern.

“It is extremely rewarding to work with Zarb students. Their recommendations are fresh ideas filled with creativity and executability. Not only are their data detailed and comprehensive but their deliverables are measurable. GEICO is proud to partner with faculty on case studies such as these as this which provides valuable information to GEICO while also contributing to experiential learning opportunities for students that they can utilize in their future careers,” stated Jeannie Toscano, regional college recruiter, GEICO.

 

 

Quants and Traders Association: Zarb Dean’s Grad Award

The 2015-2016 Zarb Dean’s Award for Outstanding Service by a graduate student group was awarded to the Hofstra Quants and Traders Association. This School of Zarb student organization was re-launched in 2015 and now boasts more than 103 members.

Hofstra Quants and Traders Association has hosted several academic events with the goal of increasing knowledge and quantitative skills for those interested in finance. For one of their events, “The CME Trading Challenge,” the group partnered with the Hofstra Investment Banking Association and ranked 16th place out of 400 teams. Students who participated used professional software to trade a variety of products from multiple asset classes in a simulated environment. Workshops are also given by Leo Murphy of Trading Technologies and Yun Cai, president of Hofstra’s Quants and Traders Association, to teach students how to use the professional trading software and build a trading strategy. The student organization also partners with GARP (Global Association of Risk Professionals) to learn best practices from professionals in dealing with model risk.
 

 

Zarb School Dean’s Faculty Awards for 2016

We are pleased to recognize the Zarb School Dean’s Award Winners for 2016. Four Zarb faculty members were honored — three for research and one for service. Here are  the honorees (as described by the ZSOB’s Patricia Ciavarello).

 

Dean’s Research Award (in alphabetical order)

The 2015-2016 Dean’s Research Award was presented to Dr. Debra Comer, Professor of Management and Entrepreneurship; Dr. Veronika Ilyuk-Morace, Assistant Professor of Marketing and International Business; and Dr. Andrew Spieler, Professor of Finance. 

Dr. Debra Comer’s article, titled “Highlighting Moral Courage in the Business Ethics Course” is published in the Journal of Business Ethics. Her article addresses a critical issue in business today and has significant contribution to literature, business life and educational programs.


 
Dr. Veronika Ilyuk Morace’s article titled “The Effects of Single-Serve Packaging on Consumption Closure and Judgments of Product Efficacy” is published in the Journal of Consumer Research and has major implications for marketers, consumers, and public policy.

 

Dr. Andrew Spieler’s article titled “Elective Stock Dividends and REITs: Evidence from the Financial Crisis” is published in Real Estate Economics It has major implications for investment policies and reducing risk under the conditions of financial volatility.

 
Dean’s Service Award

The 2015-2106 Dean’s Service Award was presented to Dr. Ralph Polimeni — Chaykin Endowed Chair in Accounting and Professor of Accounting, Taxation, and Legal Studies — for his completing 45 years of exemplary service to Hofstra University. His service in 2015-2016 alone was truly outstanding.