2018

Stories related to "Master Class".

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I'm No Dr. Love

Marketing is often perceived as being about slick advertising campaigns. To me, marketing is about running a business, a profit and loss account. I start the course by asking students, “If you are running a company and your market share drops, what will you do to fix it?” Students give all kinds of answers to my introductory market share question—they’ll cut prices, innovate, run a sales promotion. I wait until someone says, “We need to figure out what happened.” Unless you get at the underlying cause, you can’t find the solution. I teach from the perspective of presenting the strategic aspects of decision making that are intrinsically linked with marketing. This includes setting an objective for a brand, understanding where customer opportunities lie, and positioning yourself to give your target a reason to buy your product. I call that “the right to win.”<br/>The Framework<br/>I give my students a robust tool kit that enables them to look at any business problem and dissect it. I want my students to be the ones people turn to in meetings because they have something of value to

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Judgment Call

In many disciplines—financial accounting, for example—if you try to practice without any sort of formal education, you could very well end up in jail, says Jane L. Risen, professor of behavioral science. But when it comes to decision making, everybody is making personal and professional decisions all of the time without any formal guidance. Risen's class Managerial Decision Making is designed to provide that: a framework to actively recognize when decisions are likely to go wrong so that you can identify what you might be able to do to make them better.

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The Media and Nonmarket Forces

Booth students in growing numbers are interested in taking the entrepreneurial route, setting up their own companies. I did that myself. Eighteen years ago, after being a financial journalist and editor for 12 years, I founded TheMarker, which quickly became the leading financial and economics newspaper in Israel. After five years, Haaretz, which is like the New York Times of Israel, terminated its business section and launched TheMarker as a daily print newspaper. Most of media is going from print to digital, but we started as an online outlet and expanded to also include a daily print newspaper. We were able to buck the trend and grow revenues and circulation through a more innovative approach at a time when established, quality newspapers were suffering greatly all over the world. The second part of my entrepreneurial story is that I spent a great deal of energy and time encouraging ideas and policies having to do with promoting competition in Israel and reforming the capital markets, which suffered from a concentration of a few large holding companies and monopolies. In my teaching I blend my experience in the political economy of regulation and my knowledge of the business model of the news media with the economic literature and frameworks. All these come together in my class, Reputation, Regulation, and Communications—How Media Influences Business.

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Six Days to Pitch

The History: The Global New Venture Challenge (GNVC) is the Executive MBA track in the New Venture Challenge process, which began 21 years ago. We kick off the GNVC in August when all of the Executive MBA students are in Chicago for their electives. The entrepreneurs put together a feasibility study about their businesses, encourage others to join their teams, and submit an application in October. We choose about six teams from each cohort—Chicago, Hong Kong, and London—to participate in the class. The Preparation: Because the course is so short, it actually starts as soon as we choose the teams. I have a kick-off WebEx call in the fall with the teams, who are located all over the world, to start working on their business models. I then host webinars for all of the teams on business plans and presentations. Finally, I have a second, one-on-one call with each team in the winter. Business plans are due a week before class starts, because I want the teams to have written their story and really gotten it down. The Curriculum: The weeklong class is stressful. It’s intensive, and it doesn’t look like a normal class. On the first day, students present to a group of coaches, judges, and outside mentors, and they get a lot of feedback. We handpick mentors for each team based on industry, business model, and startup experience to get them started working with outside people on their model and story. <br/>

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Reaching a New Breed of Consumer

The Approach: Since 2016, professors Pradeep K. Chintagunta and Lil Mohan have been cohelming Digital Marketing for Executives, a three-day Executive Education course offered at Gleacher Center in downtown Chicago. Like other open-enrollment courses at Booth, it offers a chance for executives to take a step back from their day-to-day responsibilities in order to sharpen their skills and keep up with the evolving business landscape.<br/>About three-fourths of those who sign up come from traditional verticals. It’s the remaining fourth, though, that help keep it eclectic. “I had a participant who worked for a large cosmetics company and another who was the CEO of a money-transfer business between here and Mexico,” Chintagunta recalled. For many, the course is their first Booth experience, and they find themselves learning alongside peers with diverse experiences—between two and three each session are over 60 years old, Chintagunta said. Mohan, a renowned entrepreneur, teaches the framework and brings the applied perspective, while Chintagunta delves into the analytical topics. The Preparation: Participants are asked to read a few thought-starter articles beforehand, including Think with Google’s “How Mobile Has Changed How People Get Things Done: New Consumer Behaviour Data” and Harvard Business Review’s “Competing on Customer Journeys.” They also complete a short questionnaire so that Chintagunta and Mohan know what role the participants play in their organization and what they hope to get out of the course. The Curriculum and Case Studies: In the first hour, the executives are assigned a team project to devise a holistic digital marketing strategy that they must complete and present to Chintagunta and Mohan on the final day. “I tell them not to pick a strategy for the whole, giant company,” Mohan said. “Instead, pick a division of the company and put yourself in the position where you can actually make a decision and make it happen within a 60-day window.” Teams generally meet up after hours to design and fine-tune their strategies, as classroom time is devoted to several modules on what’s new and what’s next in the field. Mohan takes the lead on lessons, especially those relating to models and frameworks, content marketing, search marketing, mobile marketing, social-media, and omni-channel marketing. <br/>

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A World of Connections

The United States has just recovered from the deepest and longest recession since the Great Depression. The European economy is still in deep trouble due to the euro crisis and, in particular, the Greek sovereign debt crisis. China’s growth is slowing, and the Chinese stock market just went through a meltdown this past fall. The main objective of my class is to give students the basic analytical tools to understand these types of macroeconomic events. I also want them to be familiar with phenomena such as growth, unemployment, and inflation, as well as with the impact of monetary and fiscal policy. Why do some countries grow faster than others? What determines economic fluctuations? How does being part of a global economic system affect the economy of a country? The challenge is to provide students with a unified framework to answer these questions and to critically assess the pros and cons of a variety of economic policies.

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City-Centered Solutions

Urban centers are growing at the fastest rate ever, creating challenges and opportunities for improving the quality of life, societal outcomes, and global sustainability. For example, fresh approaches are needed to address challenges of mobility, housing, energy, food, infrastructure, safety, civic engagement, and the effectiveness and transparency of local government. A few factors are enabling new solutions and more entrepreneurial participation: advances in technology, business models applicable to dense urban environments, design thinking, an emerging ecosystem, and local governments that are more receptive to partnerships and flexible procurement procedures. This is an experiential lab course focused on entrepreneurship in the urban context. How do we develop profitable, scalable business models to solve urban problems? Through crowdsourcing? Alternative financing? Mobile technology? By using design tools, working in teams, going into communities, and learning from guest speakers and mentors, student teams tackle an urban challenge of interest.<br/>

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Persuasion and Perspective

Booth’s basic negotiation class, Strategies and Process of Negotiation, is one of the most popular electives in the school. About 75 percent of our MBA students take the class before graduating, and we teach students to negotiate by having them master basic analytic principles and the core strategies and processes involved in negotiation. The Advanced Negotiations class exposes students to more-advanced processes as well as strategies and analytical frameworks, and embeds these negotiations in more realistic, authentic environments. <br/>