Perhaps the only thing that changes more rapidly than technology in today's amped-up digital environment is the terminology used to describe that technology and its impact on consumers--and marketers. One recent example is the advent of the term "omnichannel" marketing, which many struggle to differentiate from another relatively recent term--"multichannel" marketing.
It's the challenge of omnichannel marketing, and it looks more similar to a spiderweb than a racetrack. "The difference between multichannel and omnichannel really comes down to a company's approach to digital channels," says Stacy Schwartz, a digital marketing expert, consultant, and adjunct professor at Rutgers Business School. "Companies that focus on maximizing the performance of each channel-physical, phone, web, mobile-have a multichannel strategy. They likely structure their organization into ‘swim lanes' focused on each channel, each with their own reporting structure and revenue goals." The result, she says, is competition-which sometimes "serves the greater good and other times generates friction and misaligned incentives."
That's where an omnichannel approach comes in. "An omnichannel approach puts the customer, not corporate silos, at the center of its strategy," Schwartz says. "It acknowledges that mobile and social have enabled customers to not only quickly switch between channels, but actually use channels simultaneously. For example, checking out product reviews on their mobile phone while evaluating a product on a physical retail store shelf."
In light of Black History Month, WalletHub identified the most ethnically and linguistically diverse landscapes among 350 of the most populated U.S. cities. In order to do so, we examined each city across three key metrics, including racial and ethnic diversity, language diversity and region of birth diversity. The results, as well as expert commentary and a detailed methodology, can be found at the following link.
Ethnic diversity of a city has both advantages and disadvantages. For more insight, we asked a panel of experts, including Nancy DiTomaso, professor of Management and Global Business, Rutgers Business School, and author of The American Non-Dilemma, to weigh in on those highs and lows and to provide sage advice to residents, business owners and local administrators navigating such an environment.
New Mexico can’t balance its checkbook.
Cash in the state’s bank account is at least $100 million short of what’s recorded in the finance department’s ledger, pushing officials to adjust reserves by that amount, to about $650 million. The blame, the current administration says, lies with the introduction of a new accounting system in 2006.
The state is working on its report for fiscal 2014, which ended June 30, Clifford said.
“Unless you know what you’ve spent, it’s very hard to budget for the future,” Bora said. “It’s hard to believe during these times we would have something like this.”
The IEL, based within the Rutgers Business School, will offer a two-day ethical leadership certificate program in March, hold its sixth annual Ethical Leadership Conference on April 30, and provide Customized Ethical Leadership training throughout the year.
The IEL programs target NJ/NY executives from business, nonprofits and government, though IEL’s programs have been recognized for their quality and its annual conference typically draws prominent speakers from throughout the country.
For the spring, IEL will now offer customized training programs. The programs give participants an opportunity to learn and apply ethical leadership principles through case studies related to their business and industry. The IEL staff and consultants will work closely with division managers and executives to customize programs that focus on risk assessment and real-life ethical challenges facing their employees.
“We see evidence in the news every day that ethical leadership is needed more than ever,” commented Judy Young, the executive director of the Rutgers Institute for Ethical Leadership. “Our diverse programs provide several options to instill in leaders a deeper understanding of the correlation between ethical decisions and their organization’s success.”
Rutgers Business School Executive Education (RBSEE) is tailoring some of its newest certificate programs to assist veterans who are transitioning into the workforce.
Programs such as the NEW Mini-MBA: Business Management for Military and Veterans, and the Mini-MBA: Engineering and Technology Management offer service men and women an opportunity to supplement their military skills and experience with business knowledge that enhances their marketability to large and small companies.
The Veterans Administration has approved the Mini-MBA: Engineering and Technology Management program, meaning veterans can use money provided through the GI Bill to pay for the course fees.
The Rutgers Mini-MBA in Engineering and Technology Management was developed in collaboration with IEEE, the world's largest professional association. This course was created to enhance business acumen at the managerial level. The program digs deep into learning business strategy, financial analysis, and change management.
Scott Creighton, global vice president, marketing excellence group at J&J, said the Rutgers Corporate Program delivered material that was not only relevant and engaging but was also thought provoking.
Creighton had this to say about his company's experience with Rutgers:
"As I look back on the programs we have done and executed, there are two things that really stick in my mind. The first one is that Rutgers, regardless of the level of the program – from the introductory to the senior level – has taught our participants how to think better about how to approach digital."Secondly, like ourselves Rutgers has a passion for improving these courses. We have increased the effectiveness of these courses, and I'm really pleased with the results that are happening in the marketplace."
Joe Schaffer, associate dean of Rutgers Business School Executive Education, said RBSEE has collaborated with J&J from the curriculum design and faculty selection through to the program evaluation phase.
"It's been a privilege to partner with J&J on the development and deployment of this global program," he said. "The result is a program that both organizations are extremely proud of."
The concept behind the massive solar project sounded simple enough: borrow $88 million to install panels on public buildings in Morris, Somerset and Sussex counties and then sell excess electricity, using the revenues to pay off the debt.
The concept was called the "Morris model," held up nationally as an example of how to produce renewable energy through public-private partnerships. It was the second project of its kind and the previous one was hailed as a success.
But now, nearly four years later, taxpayers could be on the hook for tens of millions of dollars the counties owe bondholders, after work ground to a halt amidst cost overruns and lawsuits.
"These bonds were issued by the county. They have to pay," said Irfan Bora, a professor of Governmental Accounting at the Rutgers Business School. "The bondholders want to get paid -- and they will get paid."
"This was really considered to be a unique model," said Bora. "Apparently, things didn't work out.
"The question is, what happens now?" the Rutgers professor added. "The counties are still on the hook for that $88 million."
The New Jersey Transportation Trust Fund is in dire financial shape and its future solvency prospects are bleak. There are two main reasons why the fund has reached this nadir: New Jersey has one of the lowest gas taxes in the country and as vehicles' fuel economy continues to improve, it lessens their need at the pump, resulting in correspondingly less gas tax paid. As a result of anemic resources, the states' bruised and battered bridges and roadways are in a woeful state of disrepair.
What are New Jersey's options? In theory, raising the gasoline tax seems the most obvious: as a quid-pro-quo for riding on our state's roads, there should be a corresponding price tag. Yet, for our Governor, who has his feet in Trenton but both eyes on the White House, the notion of raising the gasoline tax (or, for that matter, any tax) is a political nonstarter.
But there is another option to raise revenue with a proven track record that New Jersey state lawmakers should seriously explore. Consider that there are currently millions of New Jersey tax dollars that remain uncollected - enough to plug the New Jersey Transportation Fund's budget gap and then some. To collect a large portion of these unpaid taxes, New Jersey should suspend the drivers' licenses of those who shirk their civic obligations to pay taxes.
Ann Buchholtz is a professor of leadership and ethics at Rutgers Business School. Her Thought Leadership article “The Case for Hiring Ex-Convicts” appeared in the previous issue of Ethisphere Magazine.
The size of the United States prison population is well established, as is the fact that it is the largest in the world. What is less certain is what these 2.8 million people (1 in 35 adults) can do after they have paid their debt to society. Employers have commonly included a box on employment applications for applicants to check if they have any previous arrests or convictions.
Many companies have had a blanket exclusion policy—any applicant who checks the prior arrest/conviction box is automatically rejected, and the firm makes no further effort to determine the reason the box is checked. With blanket exclusions, no one with any criminal history can get a foot in the door for a job. This raises two issues: 1) The societal cost of recidivism and 2) The racial discrimination from disparate impact.
The Rutgers Institute for Ethical Leadership (IEL), announced this week its lineup of spring offerings, aimed at strengthening leadership among executives in all fields. The IEL, based within Rutgers Business School, will offer a two-day ethical leadership certificate program in March, hold its sixth annual Ethical Leadership Conference on April 30 and provide Customized Ethical Leadership training throughout the year.
At Newark City Hall, the phone rings every minute or two at the Department of Economic and Housing Development.
Callers asking about Newark’s Valentine’s Day special this Saturday at City Hall from 9 a.m. to noon: for $1,000, anyone — singles and couples — can buy a city-owned vacant lot. Only 100 are up for sale. You can find them all online.
Newark wants to grow its tax base and wants buyers to build not just houses, but better and bigger neighborhoods.
"It’s about how you can change communities from the inside out,” said Dr. Jeffrey Robinson, the academic director at the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School.
"In the city of Newark, the home ownership rate is something on the order of 22 percent. You compare that to the state of New Jersey where it’s 67 percent, you can see that Newark has a long way to go. So, why not? Why not try to attract more homeowners?” Robinson asked.
The dollar value of New Jersey's exports was flat in 2014, offering little help to the state's struggling economy, even as the state saw a 6 percent increase in the value of goods that came into its ports, just released trade figures show.
The state's flat export figure in 2014 follows two years of export declines. The last time the state's exports increased was in 2011. The state's 2014 import figure was the largest since 2008, and came after a slight decline in 2013.
"What we have had is a double whammy," he said. The dollar has strengthened, which makes U.S. goods more expensive to foreigners, who as a consequence often buy less, he said. And the economic weakness of many other countries, especially in Europe, means they can't afford to buy much from New Jersey, he said.
"Our economy seems to be the only one on this planet that is on an upward path," he said.
Rutgers Business School's Master of Governmental Accounting program achieved high marks in U.S. News & World Report's 2015 ranking of non-MBA online graduate business programs landing at No. 13 in the nation.
The publication researched 118 non-MBA online graduate business programs including master's degrees in accounting, finance, insurance, marketing and management.
The Master of Accountancy in Governmental Accounting program (GOVMACCY) has been educating students in this niche area of accounting since 2007 – 100 percent online from the beginning.
"It is truly gratifying to see this unique program, which is the only one of its kind in the nation, being recognized by U.S. News & World Report for its excellence among the best online accounting graduate programs in the country," said Irfan Bora, assistant professor of professional practice in the Department of Accounting & Information Systems and director of the Master of Governmental Accounting program. "It will allow Rutgers Business School to attract and train the highest caliber of public financial managers and accountants," Bora said.
New Jersey international trade has been the subject of several foreign missions by Gov. Chris Christie, including the recent one to London, as well as legislation that the governor vetoed on Friday.
One of the best steps Christie has taken was reestablishing some overseas trade offices, according to Michele Siekerka, president of the New Jersey Business and Industry Council, and until recently a deputy commissioner in the state Department of Environmental Protection.
“Actually having a presence in other countries enables us to understand the markets and advise our companies about what the appropriate products and opportunities are,” Siekerka said.
“I don’t think New Jersey is well positioned to be an exporter,” he said.
Besides geography and capacity, the state faces the common American problem of insufficient technical education to provide the export goods and services most valued in the global market, technology and engineering, Contractor said.
America “is already one of the biggest exporters in the world,” so simply increasing them is not enough to reverse the trade deficit or create high-paying jobs, he said. State and national trade policies can concede low-paying jobs to other countries as long as they develop high-paying replacements here, he said.
Developing the technology to suck planet-warming carbon dioxide back out of the atmosphere is an expensive but promising approach that may be necessary to help prevent the worst effects of climate change, according to the first of two reports released this morning by the research arm of the National Academy of Sciences.
But according to the second report, proposals to cool the planet on the cheap by reflecting sunlight are so risky that even serious study of them should be undertaken only in preparation for an emergency.
Together the two reports from the National Research Council (NRC) offer the most comprehensive U.S. examination yet of "geoengineering"—the intentional intervening in the climate system in an attempt to forestall some of the impact of global warming.
A reforestation project in Peru illustrates a more benign approach to geoengineering: removing CO₂ from the atmosphere by, for example, planting trees . . . but they are limited in their capacity.
Falkowski pointed out that technology can, and often has, changed overnight. The time between the drilling of the first oil well and an America with cars and airplanes was only about 60 years, he said, which suggests we're capable of remaking our energy system again in the next 60 years.
Another New York-area JPMorgan Chase employee is dead in an apparent murder-suicide, but experts cautioned against calling it a trend.
A murder-suicide occurred in nearby Jefferson Township in July, when police said Julian Knott shot his wife Alita before killing himself. In February 2014, the New York Post noted three other mysterious deaths of JPMorgan bankers over just three weeks.
"We have no way of knowing what is behind this and what role if any his working at a bank had to do with what happened," Santoro said.
Started in 2009 and completed in 2013, the Rutgers Business School building, situated at 100 Rockafeller Road, commands attention at the entrance to the Livingston campus with its towering, criss-crossing glass and steel structure. And at a cost of $85 million, Enrique Norten, founder of the design firm, TEN Arquitectos, planned the building to house up to 240 classrooms and 2,026 students at a time.
Since its completion, the business school was awarded a 2014 honor award from the New Jersey Chapter of the American Institute of Architects on Jan. 9 during a dinner in Moorestown. Architects judging the competition complimented the building extensively as the award was gifted to Rutgers.
According to the company’s website, Norten said TEN Arquitectos has completed many projects in both Mexico and the United States since 1986. The purpose behind the company's design for the business building was to integrate the academic life of students to the local ecologic reserve.
At Mitel, an Ontario business communications company, managers have enlisted 1,600 people to become actively involved in social media.
Ontario business communications company Mitel has been around for 41 years, but its profile is low. Martyn Etherington, the company’s chief marketing officer and chief of staff, is out to change that — and he thinks social media will be a big part of the process.
In March of 2014, the company had about 30 people actively engaged in social media — using Twitter, LinkedIn, or Facebook to talk about the company.
By November, that number had grown to 1,600 people.
This runs counter to what many companies practice. At most organizations, employees are not encouraged to talk to the world about the company — and at many they are outright banned from doing so.
In “Can You Really Let Employees Loose on Social Media?,” an interview by Gerald C. (Jerry) Kane, associate professor of information systems at the Carroll School of Management at Boston College and guest editor for MIT Sloan Management Review‘s Social Business Big Idea Initiative, Etherington explained how he got those numbers of engaged employees up so much so fast.
In Etherington’s case it was the book The Social Employee: How Great Companies Make Social Media Work, by Cheryl Burgess and Mark Burgess. “I read it in one weekend, and it resonated with me,” says Etherington. The book argued that the company should “ensure that our employees understand and embrace that we are all stewards of our brand.”
Mark Burgess, co-author with Cheryl Burgess of The Social Employee: How Great Companies Make Social Media Work, writes about the power and impact of social employees, of the new era in employee engagement: ‘branding from the inside out.’
The Ontario business communications company Mitel is a $1.2 billion business, but you’re excused if you’re not familiar with it — yet!
“Although we’ve been around for 41 years, our brand is not well known,” says Martyn Etherington, the company’s chief marketing officer and chief of staff. Mitel offers services in business communications, voice-video collaborations, business phones and the like, and its website boasts, “We are the business communications experts behind 2 billion calls, chats and social messages every day.”
It has gotten big fast: In the past two years, Mitel has acquired four companies and doubled its revenues. “We want to be the consolidator versus the consolidated of our market space,” Etherington says, “but most importantly we want to grow by being relevant to our customers and the markets we serve.”
Etherington is out to boost the company’s profile. “We’re really starting to transform the brand from what was considered a very old, telephone [-oriented] PBX company to where our market is today and where our focus is — that of a customer-centric software company positioned in the cloud and contact center markets.”
Mark Burgess, co-author with Cheryl Burgess of The Social Employee: How Great Companies Make Social Media Work, writes about the power and impact of social employees, of the new era in employee engagement: ‘branding from the inside out.’
Supply chain management (SCM) courses are increasingly making their way into the nation's top business schools. To learn more about what these courses teach students and how they compare to one another, Software Advice ranked the top 15 universities at the undergraduate and graduate level.
Supply chain management is a relatively new field of academic study. Only in the past couple of decades have universities begun to offer majors and concentrations in SCM, merging aspects of business, information technology and logistics into one pedagogical framework.
Information technology (IT) plays a critical role in the complex web of supply chains that define our global economy. As a result, it has never been more important for new professionals in the field of SCM to have experience with the digital tools that are, effectively, the backbone of major supply chain operations.
In Albany, New York, SB 2648, legislation to eliminate the Container Freight Charge (CFC) was approved by the Senate Corporations, Authorities, and Commissions Committee February 2, 2015. The bill has been referred to the Senate Finance Committee. This legislation has also been introduced in the NY State Assembly, A 2070.
In 2014, New Jersey Governor Chris Christie signed S2747/A4170 into law to eliminate the Port of New York & New Jersey (PANYNJ) cargo facility fee.
The CFC port fees will remain until New York’s legislative bodies vote, as New Jersey did last year, to eliminate these added costs.
The Port Authority of New York and New Jersey (PANY/NJ) is the only port in the U.S. to impose a cargo facility charge on all containers, including empties.
As reported by Kevin Lyons, Ph.D., Rutgers Business School, Supply Chain Management and Marketing Sciences, most consumers throughout and at the end of the supply chain would never know anything about the CFC but it could affect their bottom-line.
It appears Shake Shack's new Bridgewater location will be its last in New Jersey — in the near future, at least.
Known for its burgers, milkshakes and long lines, Shake Shack started as a hotdog cart in New York City's Madison Square Park in 2001. Danny Meyer, founder and CEO of Union Square Hospitality Group, opened a storefront three years later. In 2010, Shake Shack opened its first location outside of New York City, in Miami.
"There are no other planned New Jersey locations in the near future," a company spokeswoman said Wednesday in an email.
Because of its sparse locations in the state, other fast-food burger chains like Five Guys and Smashburger shouldn't feel threatened, according to Zaman Zamanian, chair of the economics & finance department at Montclair State University.
Shake Shack "will not affect any of these restaurants that we have (already)," Zamanian said. "I don't believe that — unless they open in every corner of the state, but they're not going to do that."
John Longo, a finance professor at Rutgers Business School, said other restaurants targeting the "premium burger market" should, to some extent, feel threatened. But, he said, the ones who should be worried are the local taverns and restaurants.
"Initially, the main product problem is going to be for local taverns and things like that," he said. "It's a smaller burger place (or) tavern that initially will feel the pain."
Shake Shack's Bridgewater location is the first in Central Jersey and will fill the storefront vacated by Cold Water Creek clothing store.
When she chose to end her life rather than face the ravages she knew incurable brain cancer would bring, an eloquent young woman named Brittany Maynard sparked a national conversation this fall.
For him, it’s all about options.
As a field organizer for Compassion & Choices, Andersen travels throughout Southern New Jersey to promote a bill before the state Legislature that would allow patients to obtain life-ending drugs from their doctors once it’s determined they have no more than six months to live.
In late December, three undergraduate students from Rutgers Business School – Dwight Gonzales, Sheryll Moser, and Alexandra Preziosi – won the Institute for Supply Management’s (ISM) annual indirect procurement case competition that was held in Phoenix. According to a story by Digital Journal, this is the second time in five years that students from Rutgers won this award.
The three students, who are studying supply chain management at Rutgers Business School had to, as a condition of receiving scholarships from ISM last year, analyze GlaxoSmithKline’s spending on contracted legal services and how the company could reduce legal costs.
On Wednesday, Baltimore's spending panel is set to clear the way for the company to give the Baltimore Police Department new uniforms for officers in one district.
The project is described in city documents as a "collaboration" between the police and Under Armour to "potentially improve the quality and durability of police uniforms and relieve some strain on the Police Department budget."
The spending panel, which is controlled by the mayor, is expected to endorse an ethics waiver on Wednesday for the Police Department to seek the uniforms as a gift from Under Armour. The city documents say Under Armour will receive no "special access or favored treatment from any City agency or official," as a result of the gift.
Ann K. Buchholtz, research director for Rutgers Business School's Institute for Ethical Leadership, said the city's spending panel should review the proposal carefully to vet any potential conflict of interests.
"The public should know about it; sunshine is the best disinfectant," Buchholtz said. "If they review it and there is no expectation of quid pro quo, I would be OK with it."
While Under Armour may be looking to use the donations as an edge in the market, Buchholtz said, it's not unusual for civic-minded companies to make charitable contributions to the cities where they are based.
"Cities need that kind of support," she said. "We don't want to cut that off, but we always want to take a good look at it."
Questionable earnings? Quick enrichment. Quite enough! These are some of the answers you might get if you quizzed most Americans on what QE means to them. That’s because the U.S. Federal Reserve’s latest “quantitative easing” -- or QE -- program, under which asset purchases ended last fall, never touched the lives of ordinary citizens the way it was meant to, according to critics of the policy.
“The benefits have flowed to the very constituencies that don’t need it -- the wealthiest Americans and banks,” says Andrew Huszar, a senior fellow at Rutgers Business School and one of the managers of the Federal Reserve’s first round of QE in 2009 and 2010.
Hiring a money manager based on looks may seem far-fetched, but apparently it’s a major factor in how humans measure trustworthiness, the researchers say.
Unfortunately, it just doesn't work.
"Our underlying hypothesis is that trust may play an important role in the hedge fund industry due to the absence of public disclosure requirements and lack of verifiable information," the authors Ankur Pareek and Roy Zuckerman say. "We address this question by introducing a new approach to measuring perceived trustworthiness of hedge fund managers. Our approach is based on personal characteristics."
The scientists say that while the methodology may seem outlandish, it is a valid approach.
"There are two reasons why personal characteristics, such as appearance, may play a role in perceived trustworthiness of hedge fund managers: First, social psychology and neuroscience literature provides ample evidence that facial appearance is an important determinant of perceived trustworthiness for individuals," the researchers say. "Secondly, anecdotal evidence suggests institutions and high net worth individuals use their face-to-face meetings with hedge fund managers as an important criterion for making their initial and subsequent investment decisions."
Rutgers Business School was one of the first in the US to launch an undergraduate program in supply chain management. It now offers an MBA in Supply Chain Management, a specialization within the full-time MBA program.
The New Brunswick-based MBA, which costs $21,329 in tuition per semester, has three courses in its specialization – management strategies, procurement management and global sourcing, and a supply chain management industry project.
Eugene Spiegle, vice chair of the supply chain management department at Rutgers, says supply chains have become a focus for companies, with “senior level management” being employed. In 2013, 95% of Rutgers’ MBA students secured a job placement.
“They have also become a way of life to sustain competitiveness and manage the fast-paced changes caused by both global markets and changing consumer demands,” he adds.
In the big picture, social media helps consumers weed out the companies that deliver good products and services from the companies that don't, making the economy more efficient, said Ashwani Monga, chairman of the marketing department at Rutgers Business School.
But it is taking time for businesses to adapt. In days past, if customers had bad experiences, they could gripe to their friends, families and co-workers, but, short of filing a time-consuming lawsuit, that's where the complaint fizzled.
Now? A business can have 10 positive reviews and one negative review. If not handled properly, the negative review can catch fire. Suddenly, the business is mentioned in a Twitter post that ends with #badcustomerservice.
"You can have all the likes you want, but at the end of the day, if a few people write bad things about you, they are going to have a disproportionate impact," Monga said. "Increasing positive vibes is great, but you get a bigger bang for your buck if you reduce the negative ones."
In a first for India, MISB Bocconi, India’s premier international business school, has been selected by the prestigious Journal of Accounting, Auditing, and Finance (JAAF) for its “Special Issue” Conference on ‘Research Challenges in Accounting and Finance in a Globalized Economy: Fair value measurements, valuation models, and management practices.’
The JAAF Special Issue will be released at the conference to be held on 8-10 January 2015 at MISB Bocconi’s campus in Knowledge Park, Powai, Mumbai. The conference is co-organised by JAAF, SDA Bocconi, Milan, and ISB, Hyderabad, and sponsored by PWC Italy.
Among the distinguished academics participating are guest editors Kashi R. Balachandran, Stern School of Business, New York University; Antonio Marra, Università Bocconi and SDA Bocconi School of Management; and Sanjay Kallapur, Indian School of Business. Keynote speakers include: Bala Dharan, Harvard Law School; Joshua Ronen, Stern School of Business, New York University; Bikki Jaggi, Rutgers University and Giorgio Gotti, President-Elect International Accounting Section--AAA, UTEP; and Agnes Cheng, Hong Kong Polytechnic University.