KnowNOW!

Tags

Management

Syndication

Recent Posts

Archives

  • Yahoo Buys Tumblr

    CBS MoneyWatch reports , "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business," Yahoo said in an unusual pledge for a formal acquisition announcement. Tumblr founder and CEO David Karp will continue on in his role. Yahoo said the "service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators." Do you have a Tumblr account? Do you have a Yahoo email address? Which Internet sites do you visit regularly? What does Tumblr have that Yahoo needs? Is buying "hip" Tumblr a good management decision for "old" Yahoo? Explain.

  • Problem or Opportunity?

    Not every successful business starts with a great idea. Sometimes, a business starts with a problem. That's how the Slurpee started. (See story below.) Successful managers listen to employees, as well as customers. They understand that problems can be opportunities. Omar Knedlik's problem was his machinery. Break downs meant that customers would not have cold drinks. He solved the problem by putting the drinks in the freezer and then inventing a machine to freeze the drinks. The rest they say "is history." What other business problems have become opportunities for managers? What is a problem that you have? Can you think of a product or service to solve the problem? Like so many great inventions, the Slurpee was created by accident. In the late-1950s, Omar Knedlik of Kansas City owned an old Dairy Queen whose machinery was always breaking down. When his soda fountain went out, he improvised by putting some bottles in the freezer to stay cool. However, when he popped the top, they were a little frozen and... [via Mental Floss]

  • Parody of Netflix CEO on SNL

    Not all managers make good decisions. That's why decision making is taught in management classes! Bad decisions not only affect the business, but a bad decision can end up as a comedy routine on television. That's what happened to Reed Hastings, CEO of Netflix. when he decided to raise prices and move to digital streaming. Mail order DVDs were under a new company, Qwikster. It is important to learn from mistakes. Here's what Hastings told James B. Stewart in the New York Times . " I realized, if our busines is about making people happy, which it is, then I had made a mistake. The hardest part was my own sense of guilt. I love the company. I worked really hard to make it successful, and I screwed up. The public shame didn't bother me. It was the private shame of having made a big mistake and hurt people's real love for Netflix that felt awful." Why do you think Hastings made the decision to spin-off Qwikster? Was it a mistake? Explain.

  • KFC Reinvents Its Brand

    Managers at KFC are staking their future on boneless chicken. They say this may be the brand's most important decision since it was founded 60 years ago. As managers reviewed the external enviornment, they realized that most young adults had grown up eating chicken without bones, such as McDonald's chicken nuggets. The American consumer wants convenience. Everyone is busy. So, consumers can save time eating boneless chicken. Will boneless chicken be a turnaround for KFC? Explain. <

  • Henry Mintzberg on Decision Making

    Think of a decision that you have made. Did you do, see, or think first? Tell us about your decision and the process you tried.

  • The Problem with Media Today

    In this video, Keith Kelly, media reporter of the New York Post, answers a one minute question for the Mr. Magazine™ Minute. What does he think is the main problem with the media today? Does his answer surprise you? What does this tell us about management decision making? What should managers do with this information?

  • Love Sells

    According to Catholic historians , Saint Valentine was a third century Roman bishop who secretly married soldiers and their lovers because it was forbidden by the ruling emperor, Claudius. He wanted his soldiers to be aggressive and believed that marriage made soldiers physically and emotionally weak. Claudius was wrong! Love sells and has made many businesspeople stronger and wealthier. Valentine's Day is one of the top holidays for consumer spending, behind Christmas and Thanksgiving. You can see the love all around you at businesses. It isn't a formal holiday, but millions of people exchange gifts. Some say Valentine's Day was invented by Hallmark. According to the National Retail Federation , consumers will spend more than $18 million, with the average person spending $130.97. Most will give candy and flowers. How much money did you spend? What decisions did mangers make which most influence what you bought to celebrate Valentine's Day?

  • Social Media Strategy

    A study, What do Corporate Directors and Senior Managers Know About Social Media , was conducted in April 2012 by the Conference Board and the Rock Center for Corporate Governance at Stanford University . The results were published last October. The study found that CEOs are regular users of social media both for personal and professional use. They actively use Twitter. But, they passively use social media, such as blogs, videos, and discussions. In other words, CEOs read blogs, watch videos, read discussion boards and rating sites. Companies appear to be relatively unsophisticated when it comes to formally gathering data from social media and incorporating them into corporate strategy, operational plans, and risk management. Directors and executives do not request this information nor rely on it for decision making. However, those who do rely on this information find it useful in pursuing corporate objectives. The findings suggest considerable opportunity for companies that develop a reliable infrastructure for capturing data from social media and distilling them into an actionable, usable form for corporate decision makers. The authors of the report recommend companies engage in the steps below. Assess your current capabilities Determine how social media fits with your strategy and business model Map your company's KPIs and risk factors to information available through social media Implement a "listening" system to capture social media data and transform it into metrics Develop formal policies and guidelines for employees, executives, and directors Consider the legal and behavioral ramifications Read the attached report. Should managers actively engage in social media? Explain. Is a company doomed if it does not use social media? Explain.

  • Lynsi Torres, In-N-Out Burger Owner, is Youngest Female Billionaire

    America's youngest female billionnaire is Lisa Torres, heir to In-N-Out Burger . In this video, Sheila Dharmarajan reports on In-N-Out Burger restaurant's 30-year-old owner Lynsi Torres and the possibility she will maintain ownership after gaining full control of the franchise in five years. (Source: Bloomberg) Dharmarajan says there isn't a picture of Torres, but the Huffington Po st lists a picture of her onlline. Harry and Esther Snyder founded In-N-Out Burger in 1948 as a single drive-through hamburger stand in Balwin Park, California. They are the grandparents of Torres. She doesn't have a college degree or formal training in management, but she is the chain's owner and president. Today, In-N-Out Burger is worth over a billion dollars, according to the Bloomberg Billionaires Index .. Bloomberg explains the business. It doesn't franchise to outsiders so that it can maintain quality control. The menu is simple. "Butchers carve fresh beef chuck delivered daily to the company’s distribution facility in Baldwin Park, where hamburger patties leave for restaurants on 18-wheeled refrigerated trucks outfitted with over-sized tires so the In-N-Out logo can be better seen on the highway. The company only expands as far as its trucks can travel in a day, either from the Baldwin Park complex or a newer facility in Dallas, the only two places where the company makes hamburger patties." In-N-Out Burgers consistently rate as one of the best burgers. Do some more research on the company. What innovations and/or management decisions have led to its cult-like following?

  • Super Bowl Ad Decisions

    The Super Bowl is one of the most watched television shows each year. As a result, the price of Super Bowl commercials has gone up every year since the Super Bowl began. In the first Super Bowl in 1967, a thirty second advertisement cost $40,000; today that same spot costs $3.5 million. Source: http://online.wsj.com/article/SB10001424127887323854904578264374027897816.html According to a January survey from the Retail Advertising and Marketing Association (RAMA) , conducted by BIGinsight , more than three-quarters of respondents reported that they viewed the commercials as entertainment, but only 10.5% said they were actually influenced to buy as a result of the spots. In other words, the ads are reaching people, but not moving them to buy. Source: eMarketer http://www.emarketer.com/Article/Super-Bowl-Commercials-Still-Draw-Their-Own-Audience/1009643#5LrWI0vFStDZmpdr.99 Is the cost of a Super Bowl ad a good management decision? Should ads lead to sales? How could ads be changed to emphasize customer preference?

  • Cookies and Behavioral Tracking

    Privacy is the state of being free from intrusion or disturbance. Security is the degree of resistance to, or protection from, harm. It is the freedom from danger, risk, etc. The video below, "How Advertisers Use Internet Cookies to Track," explains how advertisers use cookies to track your online habits. Is it a coincidence when you see Web ads for products that match your interests? Do managers use your information to provide you with better products and services? If so, what is the problem with advertisers using cookies to track?

  • The New American Airlines

    As it gets ready to come out of bankruptcy, American Airlines (AA) revealed its rebrand (a new logo and exterior for its planes) today. " Since placing our landmark aircraft order in July of 2011, we've been building anticipation toward a moment in time when the outside of our aircraft reflects the progress we've made to modernize our airline on the inside ," said Tom Horton, American's Chairman and CEO . " While we complete the evaluation of whether a merger can build on American's strengths, we remain steadfast in each step we take to renew our airline, a step we take with great respect for our name American. Today marks important progress in that journey as we unveil a new and updated look for the first time in more than 40 years ." The last time AA updated its brand was 1968. The brushed aluminum exterior was abandoned because the new airplanes are made of composite material which must be painted. The exterior color remains silver in honor of American's silver bird legacy. " Our new logo and livery are designed to reflect the passion for progress and the soaring spirit, which is uniquely American ," said Virasb Vahidi, American's Chief Commercial Officer . " Our core colors - red, white and blue have been updated to reflect a more vibrant and welcoming spirit. The new tail, with stripes flying proudly, is a bold reflection of American's origin and name. And our new flight symbol, an updated eagle, incorporates the many icons that people have come to associate with American, including the 'A' and the star ." The video below is one of the ads from AA's new advertising campaign designed to showcase the new look. In general, it is inefficient for the same company, selling the same product, to change its logo. What do you think of AA's rebranding?

  • Apple Maps: Biggest Product Flop of 2012

    Photo from http://www.marketwatch.com/story/the-8-biggest-product-flops-of-the-year-2012-12-28 The editors of 24/7 Wall Street listed the top eight product flops of 2012, and Apple Maps was number one on the list. The editors explained how they determined a product flop. " To be considered a flop, the company that rolled out the product must have invested significant resources in its development and marketing. Once the product was released, the failure had to have happened quickly. None of the products on our list were on the market much longer than a few months before they were regarded as a flop. Finally, once the products failed, the companies took a sizable hit to both their reputation and, in some cases, their bottom line ." Read more: "The Worst Product Flops of 2012" 24/7 Wall St. http://247wallst.com/2012/12/21/the-worst-product-flops-of-2012/2/ When Apple upgraded its operating platform to the iOS6 in September 2012, managers decided to replace Google's Maps with Apple Maps. Mistakes in Apple Maps confused users. As a result, Apple CEO Tim Cook wrote an apology. " At Apple, we strive to make world-class products that deliver the best experience possible to our customers. With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps b etter." Read more: "To Our Customers" http://www.apple.com/letter-from-tim-cook-on-maps Some managers disagreed with the decision. The Wall Street Journal reported " executive Scott Forstall was asked to leave the company after he refused to sign his name to a letter apologizing for shortcomings in Apple's new mapping service ." Read more: "An Apple Exit Over Maps" http://online.wsj.com/article/SB10001424052970204840504578087192497916304.html The day after Google Maps returned to iTunes store, it became the most downloaded app. Why would Apple want to replace Google Maps with its own map app? What lessons can managers learn from Apple's product failure?

  • Target Matches Prices Year-Round

    Today, Target announced it will permanently match some competitor prices year-round. It originally offered price-matching as a holiday promotion. Target Price Match Guarantee - If you buy a qualifying item at a Target store then find the identical item for less in the following week’s Target weekly ad or within seven days at Target.com, Amazon.com, Walmart.com, BestBuy.com, ToysRUs.com, BabiesRUs.com or in a competitor’s local printed ad, we’ll match the price. Price match may be requested at Guest Services prior to your purchase with proof of current lower price or by bringing in your original Target store receipt and proof of the current lower price. Price Match Guarantee: the details The item must be the identical item, brand name, size, weight, color, quantity and model number. Limit of one competitor online price match per identical item, per guest. Price must be valid at the time the price match is requested. Retail price must be shown on the website or print ad. Online prices will be validated by a Target team member. Competitor online items must be in stock at the time a price match is requested. Competitor catalogs can be matched as long as the catalog displays a current date, retail price and meets all other competitor ad match qualifications. If item is not available in a Target store, a rain check will not be issued to match the online price or competitor’s print ad. We reserve the right to verify a competitor’s advertised price and the availability of the item. How might Target's price matching decision combat “showrooming” — customers browse Target stores to check out products and then go online to buy? How does Target's price matching decision give consumers confidence that Target offers competitive prices? How easy is it for Target shoppers to get the price match? How might price-matching affect Target's profit?

  • How to Break Habits

    Everyone makes decisions every day. But, many of our actions aren't decisions. They are habits. Charles Duhigg , author of "The Power of Habit: Why We Do What We Do in Life and Business," says a habit has three parts: cue, routine, and reward. "You can change to a better routine by planning for the cue, and choosing a behavior that delivers the reward you are craving. What you need is a plan." (See attached "Guide for Changing Habits" for more explanation.) What are the cues, routines, and rewards in your life? Identify a habit you'd like to modify. What reward are you actually craving? How to Change a Habit (The Power of Habit by Charles Duhigg)
1 2 3 4 Next >