How To Outsmart The Car Dealers’ Tricks
News from INSEAD
“Steve Lehto, a U.S. attorney, wrote an interesting article last year about the common lies car sellers tell potential buyers. Some may find these sales tricks infuriating, whereas others might think they’re hilarious. Either way, understanding them may be quite helpful the next time you need to negotiate a car purchase.
“Many of the examples Lehto describes are based on techniques laid down by Robert Cialdini in his book, Influence: The Psychology of Persuasion. Out of his observations and experiences working with skilled persuaders, including car salespeople, Cialdini compiled six key influence principles: reciprocity, social proof, authority, liking, scarcity and the dual principle of commitment and consistency.
“For instance, if a salesperson tells you: ‘This is our #1 best seller!’ they are playing on the principle of social proof, especially if the product happens to be among their most expensive ones. The idea is that, if the product is good for most people, it will be good for you as well. It becomes tempting to just call off the search. However, you may have different needs from those (hypothetical) buyers, making the product a bad choice for you.”
The gender gap in risk-seeking widens when women are anxious, a new Tuck study finds
When It’s OK To Be Bold: The Gender Gap In Risk
News from Dartmouth College Tuck School of Business
“When Dean Matthew Slaughter asked Punam Anand Keller, the Charles Henry Jones third century professor of management, if she would consider taking a role as an academic dean, Keller could have thought about the offer in two general ways.
“She might have been worried that an administrative job wouldn’t allow her the time to do the scholarly research she loves — on behavior change in health and financial settings. Or, she may have considered the offer an opportunity to try something totally different, help Tuck chart its course, and learn about herself and the nature of higher education. Keller chose to be bold, and today she spends most of her work time as the associate dean for innovation and growth, while fitting in teaching and researching when she can.
“Keller reflected on that decision recently as she worked on a new paper titled Gender and Risk: Emotional Fluctuations, forthcoming in the Journal of the Association for Consumer Research. Specifically, she had noticed how, in previous studies, women were more risk averse than men when it came to decisions about their health and finances. ‘It made me wonder why,’ she says, ‘and I started trying to figure it out, because I want women to take good risks.’ For Keller, taking on a new role was a good risk — the consequences weren’t dire, and the odds were in her favor — and she set out to help women identify such opportunities in their own lives.”
Northwestern University Women’s Center celebrates its 30th anniversary this year. Colin Boyle photo
Women’s Center Remembers Past, Looks To Future In 30th Anniversary Celebration
News from Northwestern University Kellogg School of Management
“When Njoki Kamau first showed up at Northwestern as a graduate student in the Kellogg School of Management, she said there was no women’s center, and no talk of policies to address sexual harassment and sexual assault.
“This year, the Women’s Center is celebrating 30 years since its creation — an event that changed the campus climate for good, said Kamau, now the center’s associate director.
“’Just knowing that there is a Women’s Center somewhere … obviously that makes a tremendous difference in terms of women feeling like there’s a place they can go to,’ Kamau said. ‘It doesn’t mean we have all the solutions, but at least we can point in the right directions.’”
NYU Is In The Paradise Papers
News from NYU Stern School of Business
“It was only a matter of time before NYU turned up in the Paradise Papers, a massive document dump detailing individuals and institutions stashing enormous sums of money offshore in order to avoid taxation.
“At NYU Local, we were absolutely shocked when NYU didn’t appear in a bombshell New York Times report detailing how American universities are investing their endowments in shady offshore entities to avoid paying taxes on their investments. Private universities such as NYU are nominally nonprofit institutions, but according to the International Consortium of Investigative Journalists, or ICIJ, endowments are required to pay taxes on investment income made in financial institutions such as hedge funds or private equity funds; basically, any investment that is not made in the school itself, to further the educational mission.”
Huda Idrees, founder and CEO of Dot Health, was one of more than a dozen Toronto entrepreneurs who participated in Mayor John Tory’s trade mission to New York. Pam Lau photo
Mayor’s NYC Trade Mission A ‘Powerful’ Showcase Of Toronto’s Tech Boom, Says U Of T Alumna And Entrepreneur
News from University of Toronto Rotman School of Management
“The television show 30 Rock once joked Toronto is ‘just like New York but without all the stuff.’ But the same can’t easily be said when comparing the two cities’ startup scenes.
“At least, that was what Huda Idrees took away from her recent visit to New York City as part of Toronto Mayor John Tory’s two-day trade mission to promote the idea of a cross-border tech corridor to rival Silicon Valley.
“Idrees, a University of Toronto alumna who is the founder and CEO of health records startup Dot Health, says many seemed shocked to learn Toronto added more tech jobs between 2015 and 2016 than New York City and Silicon Valley combined.”
Longtime U.S. Sen. Barbara Mikulski speaks a part of Carey Business School’s Leaders+Legends series as Dean Bernard Ferrari looks on
Barbara Mikulski Discusses Women’s Leadership, Business, International Trade
News from Johns Hopkins University Carey Business School
“Barbara Mikulski, who represented Maryland in the U.S. Senate for 30 years, spoke at the Johns Hopkins Carey Business School on Nov. 13, addressing a host of topics ranging from women’s leadership to the economy in a lively one-on-one discussion with Carey Dean Bernard T. Ferrari.
“Mikulski, now a Homewood Professor of Public Policy at Johns Hopkins University, sat for a fireside-style Q&A at Carey’s Harbor East campus. In her trademark matter-of-fact and animated style, Mikulski spoke on a wide range of issues, weaving in anecdotes and insights from her political career.”
How Academics Can Rebuild Trust In Science
News from INSEAD
“Science is currently experiencing a reputation crisis. In previous years it has emerged that many landmark studies are not replicable and some have even been exposed for questionable methodologies or simple data errors. The media has caught on and is adding fuel to the fire in the form of ridicule, feeding the public’s scepticism of institutions and intellectualism in general.
“This is a trust-based crisis, which is among the most difficult of crises to solve, especially as the phenomenon is proliferating across government, business and media. But it is incumbent on the scientific community to regain this trust. The public is not only a beneficiary of scientific advancements. It elects members of parliament, senators and congresspeople who make decisions about funding studies and institutes. Businesses that fund research are also under unprecedented public scrutiny.”
The Vanderbilt Owen EMBA strategy team assessed expansion opportunities for a popular Nashville chain
Capstone Project Spotlight: Edley’s Bar-B-Que
News from Vanderbilt University Owen Graduate School of Management
“For students in the Executive MBA Program, the capstone strategy project is one of several unique immersive chances to apply lessons from the classroom to challenges posed by real businesses.
“The Client: Edley’s, a fast-casual BBQ restaurant chain with three locations in Nashville, is a ‘tribute to all things Southern.’ The proprietor, Will Newman, built the restaurant as a testament to the hard work and unfailing hospitality of his grandfather, Edley Newman.
“The Project: After quickly growing to three locations within Nashville, Newman and his team were interested in bringing his distinctive offering to other parts of the country. Newman asked a team of four EMBA students (Alice Little, Matt Kidder, Joshua Hughes, and Steele Hutto) to analyze opportunities for expansion through a regional franchising strategy.”
EmoryMAC Conference Highlights Evolution Of Marketing Analytics
News from Emory University Goizueta Business School
“The future of data and analytics is ever evolving.
“One of the driving forces behind the marketing industry is the ability to capitalize and use data and analytics efficiently. At the seventh annual Emory Marketing Analytics Center (EmoryMAC) Conference, sponsored by Chick-fil-A and LinkedIn, marketing professionals, faculty and students were able to learn the latest trends in marketing analytics as well as network with leading-edge analytic thinkers.
“One of those leading-edge thinkers was keynote speaker Bill Franks, chief analytics officer at the International Institute for Analytics.”
Eugenio Garza y Garza, GSB MBA ’97. Kiefer Hickman photo
GSB Alum Puts Concepts Of Diversity And Trust Into Action
News from Stanford University Graduate School of Business
“Eugenio Garza y Garza, MBA ’97, grew up in a conservative Catholic family in Monterrey, Mexico. Early on in his studies at the Stanford Graduate School of Business, during a core human resource management class, a professor asked students to raise their hands if they supported a certain controversial position. Garza y Garza was the only one who kept his hand down. The feeling in his class was the exact opposite of the overwhelming sentiment in his hometown.
“It was a shock, but it was also a learning experience. ‘It helped me open up,’ he says.”
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