• Texas A&M undergraduate students join founders from Cornell University, New York University, and others for inaugural cohort
  • Each venture will receive $10,000 grant and participate in 10-week development program with Techstars mentors and support from Blackstone

The team of Ben Omonira ’20 and Elise Hackney ’20, students of Texas A&M University College of Engineering, was selected as one of seven startup teams to join the “LaunchPad Lift” program. Their startup, Lazarus, provides a specialty ammunition that penetrates a threat while minimizing blood loss post-penetration to preserve life.

Ventures were selected after the second annual LaunchPad Training Camp, an event hosted by Blackstone and Techstars designed to supercharge top collegiate entrepreneurs from the LaunchPad global network. Lazarus attended the conference on behalf of the McFerrin Center for Entrepreneurship and Texas A&M’s Blackstone LaunchPad powered by Techstars . Hosted in New York City, the 2018 LaunchPad Training Camp brought together a group of top performing student ventures, who, over the course of two days, heard from experts on entrepreneurship topics and received mentoring from Blackstone employees and members of the Techstars global mentor network.

As part of Blackstone and Techstars partnership to support collegiate entrepreneurs, Blackstone LaunchPad powered by Techstars “LaunchPad Lift” program identifies top-performing student teams from across the LaunchPad global network and pairs them with resources and opportunities to help their ventures succeed.

…Read more

Categories: Centers, Entrepreneurship, Featured Stories, Mays Business, McFerrin Center for Entrepreneurship, News, Students, Texas A&M

The Mays Business School’s Center for Executive Development (CED) at Texas A&M University was announced as the winner of “Best New Program” and the runner-up of “Best Custom Program.”

The 2nd Annual Conference on Management & Executive Development (CMED) Program Awards took place during the annual conference in Orlando, FL., hosted by the ProEd Corporation (ProEd). The ProEd Corporation produces events for executive education professionals.

Joe Bork, president of ProEd, explains that the CMED Program Awards Competition “was created to assemble individuals that would compare and contrast Executive Education, Continuing Education, and Management Development outreach programs as a way to listen, learn, and possibly adopt current and new learning opportunities at their university.”

To be nominated, conference attendees submitted proposals reviewed by a designated selection committee. Fourteen schools from across the globe were chosen to present their programs to conference peers. Winners were selected by peer vote.

The CED’s Weatherford Leadership Development Program was recognized as runner-up for “Best Custom Program.” According to ProEd, programs in the Custom Program category must “demonstrate exceptional design and development of new services and content specifically for the customer.” The CED teamed up with Weatherford’s Talent Development office to create a program that identifies and develops strategic leaders, fosters engagement and commitment to moving Weatherford forward, and empowers leaders to make optimal decisions rooted in Weatherford Core Values & Leadership Competencies. In 2018, a total of 94 leaders and high potential employees completed the Weatherford Leadership Development Program with more programming scheduled for 2019.

The Executive Certificate in Business Essentials by the CED was named the leader in “Best New Program.” Programs must have been delivered within the last 18 months to be considered “new.” The Executive Certificate in Business Essentials was developed for busy professionals responsible for business decisions who hope to refine their business acumen. A range of business topics are covered, including numerous management/leadership sessions, financial acumen, marketing, supply chain, etc. With its unique structure of one two-day session per month over a course of six months, this program accomplishes the goals of participants with limited interruption to their professional lives. For more information on the Executive Certificate in Business Essentials, visit tx.ag/BizEssentials.

Brandi Plunkett, executive director of the CED, shares that “the team is so honored to be recognized for our programs, which are truly a result of tireless effort and tremendous talent on the part of our clients, faculty, and staff.”

The Center for Executive Development (CED) at Mays Business School provides fully customized executive education programs for companies and open enrollment programs for individuals that cultivate ethical leaders. Embodying the Texas A&M core values, the staff at the CED welcomes an on-going dialog with clients in order to meet their objectives and empower them to lead with excellence.

 

 

Categories: Center for Executive Development, Centers, Featured Stories, Mays Business, News, Programs, Spotlights, Texas A&M

Five students from the Center for Retailing Studies (CRS) traveled to Montreal, Québec on Nov. 15-17 to participate in the inaugural (R)Tech Global Retail Challenge.

It was hosted by the Retail Industry Leaders Association (RILA) and Bensadoun School of Retail Management at McGill University.

The Aggie team finished in first place.

The event marked CRS’s first international student trip.

The international event exposed students to the retail challenges of sustainability and the circular economy, equipping students to find innovative solutions. The competition showcased new ideas for the future of retail for the next generation of industry leaders.

…Read more

Categories: Business Honors, Center for Retailing Studies, Centers, Faculty, Featured Stories, Marketing, Mays Business, News, Spotlights, Students, Texas A&M

In a nationwide search, Texas A&M University has been ranked as a top university for graduate and undergraduate students interested in entrepreneurship. It was part of the Princeton Review Top Undergraduate Entrepreneurship Programs 2019.

Coming in at #22, Texas A&M boasts a dynamic entrepreneurial ecosystem that includes the McFerrin Center for Entrepreneurship, Startup Aggieland, Blackstone Launchpad, and the Texas A&M I-School.

More than 300 schools reported data about their entrepreneurship offerings and rankings are based on entrepreneurial curriculum, student, faculty and staff entrepreneurial ventures, extracurricular offerings, and scholarships and aid provided to students pursuing entrepreneurship.

Categories: Centers, Entrepreneurship, Featured Stories, Mays Business, McFerrin Center for Entrepreneurship, News, Students, Texas A&M

Returns are typically viewed as costly and problematic for retailers, particularly with shoppers who abuse return policies. But can legitimate returns be used as a way to build stronger relationships with customers and increase profits?

Professor James Abbey, in conjunction with Michael Ketzenberg and Rich Metters in the Department of Information and Operations Management at Mays Business School, highlight this concept in their recent MIT Sloan Management Review Article, “A More Profitable Approach to Product Returns.”

According to Abbey and colleagues, retailers are missing out on a large group of consumers who never make a return when they find a product unsatisfactory. These, often, one-time purchasers simply never return in every sense: no future purchases and no returned products. Using recent advancements in data analytics, the research team discovered that retailers can use legitimate returns as a profitable marketing tool to better meet the needs of these unsatisfied shoppers.

“Roughly 50 percent of customers never make a return. We refer to them as ‘non-returners.’ They make a couple of transactions, then poof – they’re gone. It’s as if they never existed, but you don’t want to lose these customers,” explained Abbey. “What we’re learning is they’re finding a flaw with the product or they don’t like something about it. Yet, these customers never give the retailer a chance to provide a better option.”

The researchers pose the question: What if companies took these dissatisfied non-returners who walk out the door, and convinced them to become occasional returners who continually come back as regular customers?

“A customer is someone who makes repeated purchases. They are the lifeblood of any business. Retailers incur substantial acquisition costs to attract new purchasers. One-time buyers may often cost the retailer more than they make from the sale,” added Kelli Hollinger, director of the Center for Retailing Studies at Texas A&M University.

Abbey’s team suggests that retailers look at non-returners as an opportunity to upsell or cross-sell a product to better meet the customer’s needs, which can lead to an increase in customer satisfaction and retailer profitability. In effect, focus on building a long-term relationship using returns as a selling tool.

“The people who never make the returns provide only a small fraction of the profit compared to customers making frequent returns. If you could find a way to create more loyalty and build a stronger relationship to get them to try more products, you can train these customers to be occasional returners,” Abbey noted.

“The question we’re really posing is not that continual abusive returners aren’t a problem. On the contrary, such abuse can cost millions of dollars per year. Rather, we’re thinking of how to re-engage with customers who don’t make returns. Retailers need to entice them to come back,” Abbey explained.

In order to convince these shoppers to come back, retailers need to understand their consumers. Abbey’s team advocates that data collection and analysis of transaction patterns of shoppers can be valuable tools in figuring out a path to draw these customers back. These factors could include more competitive pricing, targeted incentives, easier return options, or availability of complementary products.

“It’s really gotten easier to understand a customer, to understand their patterns, and understand what it means to get them back in the store,” said Abbey. “If a person truly does not return products and you see this in their pattern, and you can say hey, look if you waive your right to return, we’ll go ahead and give you an extra 10 percent off. This technique is already in action at WalMart’s online portal Jet.com.”

For some non-returners, such a discount could build loyalty because it rewards their preference to avoid returning items.

“In the end, the vast majority of customers who make returns are significantly profitable. In fact, the data shows that customers making sizable returns generate the greatest profit,” Abbey concluded. “Instead of considering all returns as a failure or undesirable outcome, there’s an opportunity to tailor your return options for customer’s needs as a means to form a long-term, profitable relationship.”

ABOUT MAYS BUSINESS SCHOOL

At Mays Business School, we step up to advance the world’s prosperity. Our mission is to be a vibrant learning organization that creates impactful knowledge and develops transformational leaders. Mays Business School educates more than 6,400 undergraduate, master’s and doctoral students in accounting, finance, management, management information systems, marketing and supply chain management. Mays consistently ranks among the top public business schools in the country for its programs and for faculty research.

Categories: Center for Retailing Studies, Centers, Featured Stories, Mays Business, News, Research, Texas A&M, Uncategorized

The Center for Retailing Studies of Mays Business School hosted its annual Retailing Summit on Oct. 11-12 at the Westin Galleria in Dallas.

The conference featured keynotes from Blue Bell, Dunkin’ Brands, Walmart, Sephora, JCPenney, REI, YETI, Orangetheory, Citi, Mattress Firm, Root Inc., and Brierley+Partners.

Key themes for the 2018 Retailing Summit included:

  • Inspiring retail stories
    Creating meaningful customer experiences
  • Brand authenticity
  • Adapting to meet the needs of consumers
  • Dealing with change

…Read more

Categories: Center for Retailing Studies, Centers, Featured Stories, Former Students, Marketing, Mays Business, News, Students, Texas A&M

Competition is no stranger in the SEC. Whether it’s athletic or academic prowess, students at each university are driven by the desire to be recognized as “#1.” The 2018 SEC Student Pitch Competition boasted an unrivaled level of innovation, skill, and grit that could only be found in the Southeastern Conference.

This year’s competition was hosted at Texas A&M University by the McFerrin Center for Entrepreneurship. …Read more

Categories: Centers, Entrepreneurship, Featured Stories, Mays Business, McFerrin Center for Entrepreneurship, News, Students, Texas A&M

The Center for International Business Studies (CIBS) at Mays Business School has been awarded a four-year federal grant totaling $1.23 million. The U.S. Department of Education awards the funds as part of its Center for International Business Education (CIBE) program. The grant commences on Oct. 1 and will cover the 2018-22 period.

Mays was among the 15 high-impact business schools in the country – and the only one in Texas – to be awarded the grant out of some 50 applicants. CIBS has successfully competed nationally for the four-year award since 1990.

…Read more

Categories: Center for Business International Studies, Centers, Faculty, Featured Stories, Mays Business, News, Programs, Texas A&M, Uncategorized

Retailers are stocking fewer goods on their shelves, but have companies taken inventory reduction too far? A number of academic studies of U.S. retailers have revealed an overall decrease in product inventories.

Rogelio Oliva and Gregory Heim, professors in the Department of Information & Operations Management at Texas A&M University’s Mays Business School, are two of the researchers behind a study that examines this issue using data from 114 U.S. retailers during 2000 to 2013. …Read more

Categories: Center for Retailing Studies, Centers, Faculty, Featured Stories, Marketing, Mays Business, News, Research, Texas A&M

If you entered the Grand Stafford Theater on the evening of August 13, you would have been surrounded by some of the biggest proponents of entrepreneurship in Bryan/College Station. Business owners, Texas A&M University faculty, and members of local agencies such as the Brazos Valley Economic Development Corporation came together around one common interest: Startup Aggieland.

The McFerrin Center for Entrepreneurship hosted the Startup Aggieland Reveal Party after hinting that those in attendance would have a chance to “meet the new Startup Aggieland.” Attendees were treated to canapés provided by Chef Tai Lee and enjoyed the industrial-chic atmosphere of the historic downtown Bryan concert venue. Conversations drifted among clusters of attendees, each of them buzzing about what exciting new plans the McFerrin Center had in store for Startup Aggieland. …Read more

Categories: Centers, Entrepreneurship, Faculty, Featured Stories, Mays Business, McFerrin Center for Entrepreneurship, News, Spotlights, Staff, Startup Aggieland, Texas A&M, Uncategorized