Marketing

Spring 2011 Seminars

Center for Complexity in Business Seminar Speaker

Friday, March 18 ~ 1:30 p.m.1505 Van Munching Hall

Damon RagusaPresident and CEOThinkVine

Complexity in Practice: Utilizing an Agent-based Modeling Framework to Defragment the Media Landscape

Abstract:  Over the past 10 years, agent-based models have merely scratched the service to becoming an accepted technique in approaching and solving business problems. With some early success in the areas of distribution and supply chain optimization, agent-based models have yet to catch on as they have within other areas of scientific inquiry. By every defensible definition, consumer markets are complex adaptive systems. So why haven’t techniques from the complexity sciences become more pervasive within the marketing sciences? Where do opportunities lie to advance new approaches? ThinkVine CEO, Damon Ragusa, will answer these questions as well as describe the success ThinkVine is having in applying an agent-based modeling framework to help companies manage the increasingly fragmented media world.ThinkVine has been implementing approaches such as neural networks, genetic algorithms and agent-based modeling systems for the past 10 years into the marketing sciences. Damon will share experiences from his 20+ year career in marketing science and describe how ThinkVine has developed an innovative approach to look at marketing optimization problems, how it has managed to sell a new approach into top companies against well entrenched competitors and where it believes agent-based systems will go into the future of marketing analytics.

Department of Marketing Seminar Speaker

Friday, March 18 ~ 10:30 a.m.1335 Van Munching Hall

Preyas DesaiSpencer R. Hassell Professor of Business AdministrationFuqua School of BusinessDuke University

The Strategic Role of Exchange Programs

Abstract:  Over the last several years, a relatively new form of promotion is being adopted by retailers: the exchange program. In these programs, consumers turn in an old item and get store credit or a gift card toward another purchase in the store. To analyze the impact of exchange programs in a competitive setting, we assume that two firms first decide its policy on whether or not to offer an exchange program. If a firm does not offer an exchange program, it simply chooses a retail price for the new good. On the other hand, if it offers an exchange program, it chooses not only the retail price for the new good but also the price compensation for the exchange. In terms of consumers, based on their valuations of the old and new goods, there are two types of consumers: low valuation and high valuation. Each consumer has an old good that can potentially be used in an exchange program. Based on the prices, consumers decide whether to purchase and, if it is offered, whether to participate in the exchange program. In deciding whether to participate in the exchange program, consumers evaluate the costs and benefits of turning in the old product and getting a new one. For the new product, consumers consider the quality and the price. On the other hand, consistent with behavioral decision theory, we assume that consumers view their old product as a part of their endowment. As a result, consumers incur a loss that is equivalent to their mental book value when they turn in their old product. Furthermore, even though consumers are compensated for their old product, loss aversion suggests that, holding dollar amounts constant, consumers feel a greater pain from relinquishing their good than the benefit of receiving payment for the exchange. We find that whether the retailers offer an exchange program depends on the proportion of low valuation consumers in the market and their valuations of the old and new goods. The equilibrium outcome can be both offering or not offering exchange, neither offering exchange as a Prisoners' Dilemma, and coordination equilibria.

UMD Business Experts Discuss Newspaper Industry Shifts

Media Alert: Aug. 13, 2013
Attention: Business Reporters

COLLEGE PARK, Md. Experts in the University of Maryland's Robert H. Smith School of Business are available to discuss the current state of the print news industry. Their analysis follow the recent Washington Post acquisition by Amazon.com founder and chief executive Jeff Bezos, the Boston Globe sale to Red Sox owner John Henry, plus other recent sales and spinoffs of newspapers across the United States.

The Smith Report: June 28, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Tom Fisher, MBA Candidate 2014, tells us about working as a financial analyst intern at Campbell's Soup in New Jersey.

The Smith Report: July 12, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Katlin Hampton, MBA Candidate 2014, tells us about working as a graduate intern at Liberty Mutual in Boston.

The Smith Report: July 19, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Lily Matusiak, MBA Candidate 2014, tells us about working as a Client Development Consulting Intern at Gallup Consulting in Chicago.

The Smith Report: July 26, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Steven Akotia, MBA Candidate 2014, tells us about working as a Corporate Finance Intern at Stanley Black & Decker in Maryland.

The Smith Report: August 2, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Mary Herbst, MBA Candidate 2014, tells us about working as a Summer Executive Associate at MGM Resorts International in Las Vegas.

The Smith Report: August 9, 2013

Welcome to The Smith Report, a short audio podcast that will help keep you informed about current news and events at the Smith School. The podcast is less than 10 minutes long and is produced by the Office of Marketing Communications.

Smith MBAs take on a variety of challenging internships over the summer to build their skills and make professional connections.

In this issue of the Smith Report, Jose Castro, MBA Candidate 2014, tells us about working as a Marketing Intern at Eli Lilly & Company in Indianapolis.

Marketing Analytics Roundtable Highlights

The Robert H. Smith School of Business’s Center for Complexity in Business held its second-annual Digital Marketing Analytics Roundtable Aug. 1, 2013 at the Smith Suite in the Ronald Reagan Building in Washington, D.C. The roundtable was held in collaboration with Teradata. Smith marketing faculty members Bill Rand, the director of CCB, and Roland Rust, the executive director of CCB, led the event. 

e-Service

e-Service book cover

 

E-Service

Roland T. Rust and P. K. Kannan

2002, M.E. Sharpe

 

 

The two most important long-term trends in the business world are the shifting of the economy from goods to services, and the rapid expansion of the information economy and electronic networks. These two trends converge in the concept of E-Service, which is the provision of service over electronic networks such as the Internet.

This opportunity has generated significant interest in both practitioner and academic communities in understanding how the Internet and the network environment can be harnessed in providing "E-Service". Thus, we have private sector companies investing in IT infrastructure to build e-CRM (electronic-Customer Relationship Management) systems, one-on-one marketing systems, apply data mining tools to understand their customers better and provide focused service; in the public sector, organizations and agencies are rapidly setting up "e-Government" systems to provide service to citizens; while in the academic community there is an increased interest in understanding how "E-Service" impacts consumer behavior – their loyalty behavior, and their expectations about price, quality and service attributes – and how this knowledge can be used to design better framework and systems for service provision.

Given the interest in E-Service and the simultaneous, albeit fractured, developments in the various sectors, it is understandable that many definitions and perspectives have emerged regarding "E-Service". Some private sector companies view "E-Service" narrowly as information services, while IT organizations such as Hewlett-Packard have been making "E-Service" as their marketing theme in order to move away from product-centered focus to a service-centered focus. In some government agencies, "E-Service" is viewed as a means of holding government accountable to its citizens. Other IT companies, such as Microstrategy, for example, view "E-Service" as a purely IT driven concept. In the academic community, E-Service is seen as an overarching customer-centric concept (Rust and Lemon, 2000).

"E-Service", edited by Roland Rust and P.K. Kannan, brings together the ideas of the world's leading E-Service writers and managers in a state-of-the-art analysis.

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