Mays Distinguished Professor Emeritus Michael Hitt will receive an honorary doctoral degree from Jonkoping University in Sweden in May. He will also deliver a research presentation to the broader university community the day before the award ceremony.

This is a very prestigious honor – particularly given that Jonkoping has a strong worldwide reputation for excellence in entrepreneurship research.

Hitt was told he was selected for the award because of his “academic quality and his contributions to the success of Jonkoping University” as well as “research contributions to entrepreneurship and family business research.” Following is information about his relationship with Jonkoping University:

  • Visited the university, as a visiting scholar, for a period of time to work with Ph.D. students and faculty on their research projects
  • Served as an outside advisor and reader for a Ph.D. student’s dissertation
  • Served as an advisory editor and helped Jonkoping faculty develop a special issue of a journal called Organization Studies. Family business topics were the focus of the special issue. Family business is a core research topic for Jonkoping faculty.
  • Served as an advisory editor and wrote a forward for an edited book on family business research that includes chapters written by Jonkoping faculty.

“I am highly honored to be offered an honorary doctorate by Jonkoping University,” he said. Honorary doctorates are rare, and are almost always awarded to people who have made distinguished contributions in their field of endeavor. Hitt said it is also not unusual to award to people whom they consider to be or wish to be “friends” of the university.

Hitt is a big supporter for the academic quality of Jonkoping’s work. His connection to the university is through the Jonkoping International Business School. According to Hitt, the university’s world-renowned program in family business complements the entrepreneurship program at Texas A&M.

“Through our previous cooperation and exchanges, faculty there have conducted joint research with faculty here, and in addition, we have jointly co-authored articles which also include several of our Ph.D. students,” Hitt said. He believes that this type of cooperation could continue and perhaps be enhanced if desired. “I am certain that we can learn from their programs and successes in entrepreneurship and family business, and they can learn from our outstanding and encompassing entrepreneurship programs, as well.”

Executive Associate Dean Duane Ireland, a long-time colleague of Hitt’s, said Hitt has positively touched thousands of students’ lives while teaching at all levels – undergraduates, master’s, doctorate, and executive. “Mike has truly ‘done so much for so many,’” Ireland said.

While at Mays, Hitt served as a University Distinguished Professor in the Department of Management. He received his Ph.D. from the University of Colorado and has co-authored or co-edited 26 books and many journal articles. The Times Higher Education in 2010 listed him among the top scholars in economics, finance and management based on the number of highly cited articles he has authored. Hitt received awards for the best article published in the Academy of Management Executive (1999), Academy of Management Journal (2000), the Journal of Management (2006), and the Family Business Review (2012).

Categories: Business Honors, Faculty, Featured Stories, Management, Mays Business, News, Ph.D., Research, Spotlights, Staff, Students, Texas A&M

World Cancer Day 2018 observed on Sunday, Feb. 4 – is a global campaign that aims to save millions of preventable deaths each year by raising awareness and education about the disease. The objective is to get as many people as possible to talk about cancer, including on social media with the hashtag #WorldCancerDay, pressing governments and individuals across the world to take action in the fight against cancer.

Leonard L. Berry, a Texas A&M University healthcare expert from Mays Business School, advocates for practical improvements in cancer care services for both the patient and the family based on his ongoing study of how to improve the service journey that cancer patients and their families take from diagnosis through treatment, recovery and in some cases end-of-life care. “Cancer not only impacts the patient but also the family, and it is especially appropriate to take a holistic approach to cancer care in discussions on World Cancer Day,” Berry says. 

Drawing on Berry’s research conducted at 10 innovative cancer centers, he and his co-authors provide important guidelines for designing cancer care services that prevent avoidable suffering and improve the care experience. These guidelines focus on integrating humanity into a service that requires sensitivity and compassion.

Design cancer care services to be less stressful

Cancer care is a high-emotion service. The need for the service alone elicits intense emotions. The wonders of high-tech cancer care are best complemented by high-touch care. Guidelines for helping healthcare organizations deliver services to better anticipate and respond to patients’ and family’s emotional needs were developed based on interviews with more than 350 cancer patients, family members, oncologists, surgeons, oncology nurses, non-clinical staffers, and leaders of healthcare organizations: 1) Identify emotional triggers such as the need for cancer care services, 2) Respond early to intense emotions, including preparing patients for what’s next, 3) Enhance the patients’ control, and 4) Hire the right people and prepare them for the role. The complete guidelines are available in the Harvard Business Review.

Manage the clues in cancer care

Patients’ experiences, good and bad, accumulate as a result of clues embedded in these experiences. Clues are the signals patients perceive in using a service. When interacting with a system of care, patients filter clues, organizing them into a set of impressions. Patients may perceive clues rationally or emotionally, and clues may be defined by their presence or absence. Optimizing cancer patients’ service experiences requires sensitive management of the clues that comprise the overall service. Well-managed clues can evoke positive feelings, such as trust and hope. Poorly managed clues can exacerbate negative emotions, such as anxiety, stress, helplessness, anger, and fear.

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Categories: Departments, Faculty, Health Care, Mays Business, News, Research, Selfless service, Texas A&M

By Venkatesh Shankar, Mays Business School at Texas A&M University

Courtesy: The Financial Brand

As we near the end of 2017, what’s in store for 2018? Will it be economically better for us? What technological shifts will we witness? How will it change our and organizations’ behaviors? What will be the major business trends? How will marketing change? How will retailing transform? Marketing Professor Venkatesh Shankar of Texas A&M University offers his predictions for such questions.

The world and U.S. economies are expected to continue their growth in 2018. Although the world economy is predicted to grow by about 3.6 percent, developed economies are anticipated to grow just under 2 percent. The U.S. economy will grow in the low-to-mid 2 percent level. Unemployment in the U.S. will remain in the low four percent level. Inflation will continue to be modest. U.S. wages might rise by 3 percent, but U.S. healthcare costs will also likely grow faster, by 6 percent. China’s economic growth might slow a bit, but China will march on in economic prosperity. Interestingly, next year, Chinese tourists will far outspend American tourists, a trend that will continue until 2025.

Courtesy: cioandleader.com

2018 will witness the emergence of Gen Z or centennials (those born 1995 or after), the first generation born with devices in hand. Currently numbering 70 million, members of Generation Z are entering college or the workforce and are rising in influence. Because they are more digitally native than the baby boomers and millennials, they will play a huge part in digital transformation. Regardless of the level of their influence, the interplay among three generations, baby boomers, millennials, and centennials will lead to interesting digital dynamics in the society and workforce.

Deeper into digital

More people will be connected and will be digital. For example, by the end of 2018, half of adults in developed countries will have at least two online-only media subscriptions.

Spurred by Pokemon augmented reality (AR) experience, AR will become more mainstream with AR enabled apps and smartphones. More than a billion smartphone users around the world will create augmented reality content at least once during 2018.

Livestreaming will become more mainstream. China will become the world’s largest livestreaming market at $4.5 billion, almost doubling in size from 2017.

Consumers will increasingly use visual and voice searches. In fact, as more devices, people, content, and services become intertwined, we will see a super digital network – or what Gartner calls a digital mesh.

By the end of 2018, digital will impact more than half of the $4 trillion U.S. retail market. Groceries, the last bastion of brick-and-mortar retail, will start moving more rapidly online. The role of sales associates in retail will diminish or dramatically transform.

Courtesy: vca.ag

Artificial intelligence (AI) will continue to make rapid strides, affecting our daily lives, business decisions, and societal changes. AI will reshape customer experience. Chatbots will become the face of AI and will change the way apps are configured. However, these technological enhancements come with downsides. About 30% of the organizations will see a decline in customer experience performance.

Companies will use more of machine learning and AI tools to enhance their businesses. For example, about one-tenth of the purchase decisions will be guided by AI or machine-learning powered agents.

Behind the learning curve

The negative rub of the technology advances is that by 2018, the United States could face a shortage of 140,000-190,000 people with deep analytical skills as well as 1.5 million managers and analysts with big data analysis expertise. This creates huge challenges as well as opportunities for data science and analytics programs.

Courtesy: bitcoin.com

Finally, cryptocurrencies like bitcoin, ethereum, and litecoin will surge in popularity. Blockchain technology, the backbone behind the cryptocurrencies, will start to take a stronghold in financial exchanges and collaborations. Speculation will keep the cryptocurrencies’ values wildly volatile, but they will rise in importance as a viable future alternative. In fact, if one had invested $1,000 in bitcoin in 2008, it would be worth over $40 million now. Similarly, litecoin has returned 5,700 percent in 2017 alone!

 

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

Shifting consumer attitudes are favoring online shopping more and more compared to brick-and-mortar stores, according to the 2017 C-CUBES™ Benchmark Retail Study released by Mays Business School at Texas A&M University.

Even with traditional stores adding more convenience services such as curbside delivery and in-store pickup, the shift toward online shopping has remained steady.

Four out of five consumers (81 percent) agreed with the statement that they “love the convenience of online shopping,” while 78 percent agree that “online shopping saves time and money.” Relative to physical stores, 62 percent agree that “online stores offer better value.”

The study is based on a nationally representative online survey of 5,881 adults conducted during October-November 2017. The margin of error is +/- 1 percent at the 95 percent level of confidence.

“Our study identifies the two big drivers of retail—convenience and value—that are fuelling online growth. Yet, physical stores will not vanish,” said Shrihari Sridhar, Center for Executive Development Professor of Marketing at Mays Business School. “Results show that 69 percent really enjoy going to a store and window shopping. There is also some backlash against online shopping, with 38 percent agreeing that e-commerce has taken out all the pleasure from shopping. Traditional retailers are at a critical strategic juncture. They need to balance the value and convenience of online shopping with the pleasure of in-store browsing.”

To challenge Amazon’s dominance in online sales, traditional retailers are responding to these elevated consumer expectations for convenience.

Retail giant Walmart announced that it will offer same-day store pick up for a greater variety of hot products ranging from the iRobot Roomba robotic vacuum and Xbox One S gaming system, to a 70-inch Vizio 4K television. Not only does Walmart provide the option for customers to receive a text alert once an order is ready, they will also have the ability to collect items in-store as late as 6 p.m. on Christmas Eve.

Target, with 1,834 stores, recently acquired grocery delivery startup, Shipt. The acquisition builds an important same-day delivery network for Target.

“Brick-and-mortar retailers can leverage their physical store locations to get products to customers as quickly as possible,” added Kelli Hollinger, Director of the Center for Retailing Studies at Mays Business School.

The 2017 C-CUBES™ Benchmark Retail Study is conducted by the Collaborative for Customer Based Execution and Strategy, sponsored by the Center for Retailing Studies, and underwritten by the R.C. Barclay Endowed Library Fund. The goal of the study is to provide an evidence-based approach to incorporate the customer’s perspective in strategic planning and execution for retailers. The research team for the Retail Study includes Vikas Mittal and Kyuhong Han at Rice University, along with Biwong Im at Texas A&M University.

For more information, contact:
Kelli Hollinger, Director, Center for Retailing Studies
khollinger@tamu.edu; 979-845-5898

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

Festivus, the 20-year-old tradition made famous by the show Seinfeld includes “airing of grievances,” where, according to Frank Costanza (George’s father) “you gather your family around and tell them all the ways they have disappointed you over the past year.” The premise behind this Festivus tradition rests on the assumption that “getting things off your chest” is good for you. And who doesn’t enjoy venting every now and again?

Turns out most of us do. Did you know that approximately 90 percent of people agree that talking through negative events is helpful (Zech, 1999, 2000)? Perhaps it is because sharing information with others can help you build social bonds and strengthen your power at work (Kurland & Hope Pelled, 2000). But before you get ready to partake in the festivus “airing of grievances” tradition, you should consider whether doing so might have unintended negative consequences.

What if instead of letting off steam, airing grievances makes you more likely to hold a grudge? Past research indicates the very act of talking about negative events serves to increase feelings of anger. In addition, talking about workplace grievances can be counterproductive to moving on by also reducing feelings of hope (Baer et al., 2017).

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Categories: Faculty, Featured Stories, Management, Mays Business, News, Research, Texas A&M

By Venkatesh Shankar

The Federal Communication Commission (FCC) voted 3-2 on Dec. 14 to overturn the net neutrality rule that was put in place in 2015 by the then FCC. What does it mean for different stakeholders, including consumers, companies, and communities?

Courtesy: bbc.com

The net neutrality rule required common carriers or broadband providers or Internet service providers (ISPs) (e.g., Comcast, Verizon, Charter, AT&T) to treat all data on the Internet equally and not discriminate or price differentially by user, content, website, app, device, platform, or communication mode.

What are the pros of net neutrality? In principle, net neutrality is egalitarian. Since the Internet is a public information network, it should be viewed as a public utility, much like electricity and water. Net neutrality treats all content and data equally, whether they are from a big firm like Netflix or Google or a start-up firm. It also prevents ISPs from blocking or throttling (slowing down) data, or price discriminating against Internet users. Without net neutrality, ISPs may be emboldened to raise prices on certain consumers and firms and shut out competitive services.

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

Holiday shopping is increasingly migrating online, according to the 2017 C-CUBES™ Benchmark Retail Study. This is the first consumer holiday report conducted by Mays Business School at Texas A&M University.

In 2016, about half of the participants (52 percent) did more than 40 percent of their holiday shopping online. This year, 62 percent plan to do more than 40 percent of their holiday shopping online. The vast majority of all consumers intended on shopping both store aisles and via digitally engaged devices, with fewer than 10 percent of respondents planning to only patronize physical stores.

This shift in consumer buying behavior is most affecting fashion products such as clothes and shoes, which top many wish list items at Christmas. About one in three respondents (34 percent) shop for these goods online.

The study is based on a nationally representative online survey of 5,881 adults conducted during October through November 2017. The margin of error is +/- 1 percent at the 95 percent level of confidence.

“Shoppers are the most clear about their shopping preferences during the holidays because of the planning it requires. These changes are here to stay,” said Shrihari Sridhar, Center for Executive Development Professor of Marketing at Mays Business School. Particularly retailers dealing in trend-influenced goods – like apparel, shoes, and jewelry – need to develop stronger digital options, because customers find online shopping to be a time saver and value generator.”

The 2017 C-CUBES™ Benchmark Retail Study was conducted by the Collaborative for Customer Based Execution and Strategy. Mays’ Center for Retailing Studies and the R.C. Barclay Endowed Library Fund sponsored the research, which analyzed shopping preferences across several consumer categories including fashion merchandise, grocery, health/beauty, office supplies, and pharmaceuticals. The goal of the study is to provide an evidence-based approach to incorporate the customer’s perspective in strategic planning and execution for retailers. “The report confirms that consumers are rapidly transitioning their holiday shopping from brick-and-mortar stores to online purchasing. The findings should guide retailers to invest in omnichannel capabilities, such as in-store apps, social media platforms, and efficient product search,” added Sridhar.

This is the first of five planned trend reports based on the survey. On April 11, 2018, the Center for Retailing Studies will host a half-day seminar in Houston for business executives to explore the findings in-depth.

The research team for the Benchmark Retail Study includes Vikas Mittal and Kyuhong Han at Rice University along with Biwong Im, a doctoral student at Texas A&M.

For more information, contact:
Kelli Hollinger, Director, Center for Retailing Studies
khollinger@tamu.edu; 979-845-5898

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

The new Mays Innovation Research Center has an inaugural director: Mays Business School professor Korok Ray, who conceptualized the center as a place to discover how and when innovation occurs, then transfer that knowledge to Texas A&M University students.

Ray, an associate professor of accounting, will lead the center to provide research support to existing and new faculty members across the Texas A&M campus. It will bridge the research at Mays with that occurring in engineering, business, liberal arts, and other academic disciplines. The center will also fund Ph.D. fellowships and undergraduate research opportunities, and award prizes for outstanding research that advances the center’s mission.

Ray’s research interests are performance measurement, compensation, corporate governance, and cost allocation. He has taught accounting at Texas A&M University, the University of Chicago and Georgetown University, and earned his Ph.D. from Stanford University. He also served as the senior economist on the Council of Economic Advisers in the White House from 2007 to 2009.

Ray said he has experienced strong support for the concept. “Dean (Eli) Jones, The Texas A&M Foundation, and our donors have been outstanding in their support of this vision from the beginning,” he said. “I’m thrilled and honored to lead this center into new and uncharted territory, as the conversation on innovation unfolds both on our campus and nationally.  The center will engage students in research, support faculty, and pursue opportunities unique to Texas A&M, with its special combination of first-tier research and first-class values.”

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Categories: Accounting, Centers, Dean Eli Jones, Entrepreneurship, Faculty, Featured Stories, Mays Business, Mays Innovation Research Center, News, Research, Texas A&M

By Venky Shankar

11/11 or November 11 is celebrated as the World’s Singles Day. It is an entertaining event widely popular among Chinese people. November 11 was chosen because it contains multiple instances of the number one that best represents an individual alone. In recent times, it has also become the day with the biggest single day sales. Promoted by giant Chinese e-commerce retailer Alibaba as a mega sales day event, revenues from the Singles Day has grown exponentially from just $100 million in 2009 to $18 billion in 2016. This year, Alibaba’s Singles Day sales are expected to reach $22 billion.

But Alibaba is not alone in this journey. JD.com, its main Chinese online rival, has teamed up with Tencent, another Chinese online behemoth, and Walmart to cash in on the binge buying that takes place that day. Although Alibaba cornered about 71 percent of overall single day revenues last year, its competitors may be able to bite into more of its share this year.

Such is the volume of online sales on Singles Day that it trounces sales done on other mega event days, including Black Friday, Cyber Monday, and Amazon Prime Day, which are also expected to rise this year. By comparison, Black Friday and Cyber Monday online sales totaled $6.8 billion in 2016.

Why is Singles Day important for the future? By 2022, Chinese middle-class shoppers are predicted to surpass U.S. shoppers both in number (550 million vs. 340 million) and spending. Because it is online, Singles Day offers the potential of tapping into global shoppers for maximizing sales revenue for many U.S. retailers as well.

With all these online excitement, where is retail headed? Globally, more commerce is moving rapidly online as shoppers use more of their mobile devices and online channels to browse, compare, click, purchase and return items, and communicate with others and retailers.

That doesn’t mean physical stores are getting irrelevant. True, some of the predominantly brick-and-mortar retailers such as Sears and Macy’s are struggling. However, omnichannel retailers such as Walmart and Best Buy are thriving. Even pure e-commerce retailers such as Amazon are moving offline. Amazon is opening physical bookstores, bought Wholefoods, partnering with Kohl’s to handle product returns, and is testing a new self-scanning and electronic paying store concept called Amazon Go. Even Alibaba has acquired In-Time department stores and has its own experimental He Ma supermarket stores. In addition, it has enabled 100,000 convenience stores to become smart centers. Shoppers want 360-degree access to retail from multiple touchpoints and demand a seamless experience. The retail universe is becoming an increasingly mobile-led omnichannel universe.

Whatever the prediction for the future, one thing is clear: Sales on Singles day is going to get only bigger this year.

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Venky Shankar is the Coleman Chair Professor in Marketing at Mays Business School as well as director of research at Texas A&M University’s Center for Retailing Studies. His areas of specialization include digital business, marketing strategy, innovation, retailing, international marketing, and pricing.

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

Health and well-being company Humana Inc. (NYSE: HUM) and Mays Business School at Texas A&M University are launching the first healthcare analytics case competition at the university’s campus to showcase students’ analytical abilities to solve a real-world business problem. The case competition is open to all accredited colleges in the United States.

Students enrolled full-time in accredited Master of Science, Master of Arts, Master of Information Systems, Master of Public Health or Master of Business Administration programs at an educational institution based in the United States are eligible to enter. Students are invited to join in groups of two to three students—from the same school—to tackle a real-world case that will be announced in October.

The deadline for participants to submit their completed analyses will be Oct. 27 by 11:59 p.m. CT. Five finalists will then present their analyses to an executive panel at Texas A&M’s Mays Business School on Nov. 9, with the winner being selected immediately afterward.

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Categories: Featured Stories, Health Care, Mays Business, MBA, MS Business, News, Research, Students, Texas A&M