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Spring Quarter

Welcome back, everyone! I hope each and every one of us enjoyed our two weeks off. Time to get back into school mode.

After the first class of the spring semester, I felt confident in my elective choice and happy with the information I will be learning in both the core and elective courses.

The core class is about understanding your own personal network, and how to use that network to be successful. The information that will be taught in this class will be beneficial for all of us, whether we are looking for jobs, looking to advance in our careers, or high up in a company in charge of those below you.

I picked Visual Communication for my elective course because I love designing. I am excited to see what else I can add to my design technique or change for the better to advance my design career.

I was not completely ready to end my Spring break, but after seeing what the next quarter is going to be like I am back and ready to learn as much as I can.

 

See you all Saturday (-:

A Network Decision

Since I moved to Evanston in September, my social network has greatly changed. I’ve lost contact with many of my old friends, but have been adding new ones through work, school, and church. I love hanging out with all my new friends and strengthening our relationships with one another.

However, I recently had an old friend from my previous church contact me on Facebook. I hadn’t communicated with him in over 6 months and he wanted to meet for dinner. My initial reaction was to say no based on what I had just learned in class that day. We learned about Dunbar’s Number and how the average human is only able to comfortably maintain 150 socially stable relationships. I really like my old friend and enjoy spending time with him, but was this relationship valuable enough to maintain? Wouldn’t it be better to eat dinner with one or more of my new friends?

After meditating on this, I decided that it is absolutely worth it to meet up with my old friend. Dunbar’s Number is not a law and it shouldn’t guide my decision in how many friendships I can have. This old friend is a great human being and the kind of person I want to spend time with.

Also, I do believe it is possible to build strong friendships that can last a lifetime. Even if I haven’t spoken with a friend for years and they are not part of the ~150 relationships I am currently maintaining, I can still call them to catch up because we previously established a strong relationship with one another.

As cheesy as it is, I had to smile when one of my new friends told me this nursery rhyme: “Make new friends, but keep the old. One is silver, the other is gold.” I hope you all take the time today to meet someone new or call an old buddy because you can never have enough friends.

Nashville Networking

Dylan Cash and the Nashville Cats

I had a great and relaxing Spring Break from classes. On our first weekend off, my friend and I took a road trip to Nashville to see the sights and experience the southern, country culture. We visited a number of attractions including the Country Music Hall of Fame (CMHOF).
While at the CMHOF, there was an exhibit on Johnny Cash and Bob Dylan. The exhibit explained the impact Dylan and Cash had on Nashville in the 1960s. When Bob Dylan arrived in Nashville in 1966 to record his album, he served as a catalyst for other musicians to visit. Through his friendship with Johnny Cash, many musicians visited Nashville to record their albums or to sing on Cash’s network TV show, The Johnny Cash Show. With so many musicians visiting Nashville, it quickly earned the nickname Music City and remains a focal scene for music stars today.
Since we just started the quarter yesterday, I am fascinated by the Understanding and Leveraging Networks course we are taking. In applying what I learned in class, Dylan and Cash had an extensive network of friends and colleagues in the music business. Due to their popularity, they had a magnetic effect to draw music professionals to visit Nashville.
After reflecting on this, it’s shown me the value that a large social network can have. We should never underestimate power of networks or the influence we can have on others. I look forward to this quarter and learning how we can improve and leverage our social networks like how Bob Dylan and Johnny Cash did for Nashville in the 1960s.

Spring Break!

The day is here. We have completed the second quarter of the MSC program, the quarter we were told was going to be the more difficult because it was 10 weeks straight with no break, in the middle of a Chicago Winter. Thankfully, the snow stayed away for the most part.

After we all finish up our final projects, presentations and papers, we will be able to relax and enjoy the next two Saturdays to ourselves. Maybe we will take a little vacation and get away to lie on a beach, spend time with those we don’t get to see on the weekends because we are in class, spend time by yourself, or catch up on activities we finally have time to do.

However you decide to spend your Spring break, I hope you enjoy it to the fullest and come back refreshed and ready to take on the next quarter.

I know I am looking forward to learning about Visual Communication but for now, I am happy to have some time off. (-:

Happy Spring break, everyone! See you in two weeks!

The Creative Class

Want to succeed in society today? One global strategy that Professor Gaonkar recommended is to belong to the creative class. Belonging to this specific class will make you more economically secure.

What is the creative class you might ask? Well, the creative class includes those who work in science and engineering, architecture and design, education, arts, music, and entertainment. If you are generating new ideas, technologies and content, you are seen as important to society because you are helping the world change and advance. Finance, law, health care, and related fields are part of the second layer of this class.

In 2008 when the financial crisis hit, people with jobs in the creative class were more secure in the work place as compared to those working blue collar and service sector jobs.

The middle pay class is slowly disappearing because the creative class employees are needed and are paid more money. Then there’s the mass increase in service level jobs because there is a high demand. People are making a high income or a low one, and the middle wage is disintegrating.

Clearly we all want to make the most money possible, and enjoy our jobs, but that is not always possible. No matter how much money you make at your job, there is one thing all people have in common: stress.

When you enter the work place or think about switching careers, remember that working as a part of the creative class could benefit you the most. You will be more secure at work, make more money, and be just as stressed as everyone else. However, the latter is worth the first two perks, in my opinion.

Social Media and its Effect on the Youth

51B6Ier0ePL._AA160_I was assigned a book report for my Understanding Media Markets class, and I stumbled upon this really great novel about social media and how it is effecting the youth in today’s society.

Many people think that social media and the accessibility teens have to their phones is going to ruin them and their social skills. I was a person that could see this being a possibility until I read It’s Complicated: the social lives of networked teens, by Danah Boyd.

I would highly recommend this book to anyone interested in seeing where we are headed due to emerging technology on society and culture. Boyd touches on all issues that need to be discussed when dealing with social media and our teens like privacy, bullying, identity, safety and danger.

Boyd argues against what other think and claims that the way we are reacting to teens and networks are failing young people. By being over protective parents, we are hindering teens from becoming informed, thoughtful, and engaged citizens. Teens often find a way to develop their own sense of identity, even with paternalism and protectionism.

Social media has become a norm in society, but teens are not using it to become anti-social, they are using social media to constantly stay connected and in conversation with their peers. The first chapter of the book discusses teens at a high school football game, and their interaction with technology. The teens were only using their phones to document the event by taking photos and video clips, along with texting other friends to meet up at the game. Parents, on the other hand, were using their phones to check emails and text people who were not at the game, polarizing themselves from those around them from conversation.

Technology and social media are not going to disappear, if anything they will continue to grow and expand further. Boyd believes that the relationship between a person and the social lives of networked teens is very complicated.

Pick up a copy of Boyd’s novel today, I guarantee you will learn something you didn’t know before.

Dinner with 12 Event

Dinner with 12 Event

One of the tremendous benefits that Northwestern provides is the ability to connect with Alumni. Over the weekend, I traveled to Chinatown with six other students to visit a Kellogg Graduate and learn about his corporate/international business ventures. The Northwestern Alumni Association organizes these dinners once a quarter to provide an informal setting for current NU students to meet with Alumni. The current students are able to ask questions and start formulating better ideas of what their future career will look like.

This was the first time I had ever been to Chinatown and I was blown away when I stepped off the Elevated Train Platform. I could still see the Chicago skyscrapers, but with the East-Asia Architecture of the buildings, I felt like I had been transported to another world.

Our dinner with the Kellogg Graduate was delightful. As an elder gentleman, he told us many captivating stories about his adventures around the world and what he plans to do next. For example, a week into his first trip to Finland, he decided to get married and the students in the class he was teaching threw him a Bachelor Party. He then proceeded to give the students their final exam the following day without any grief.

This Kellogg Alumni is unsure what he is going to do next, but he is in high demand. He listed off three or four different countries he could go visit in the next few months. Each had an opportunity for him to teach or consult.

At the end of the meal, our esteemed host left my group with the following quote by Louis Pasteur – “Fortune favors the prepared mind.” After spending the evening with this gentleman, I can see that he has strived to live his life by this message.

Dinner with Twelve

Long Tail vs. Blockbuster Strategy

Long tail and blockbuster strategy might be terms you have heard before, or they could be completely new to you. Both are very important to understanding how companies determine how to spend and invest in products or movies.

Long tail can be used in the marketplace for almost everything, including the retail world and media industry. Long Tail is a novel written by Chris Anderson where he discusses that term. He explains that a long tail is selling a large amount of a few items and then selling a very small amount of many items. Companies are investing in a larger quantity of product in hopes to sell less of more. Below is an image of a dinosaur displaying how the long tail works. As you move down the tail, the product becomes more niche, and unique to the customer, the head of the dinosaur is the more popular items or movies.long-tail-SEO-results

www.dynamicsdigital.co.uk

Blockbuster strategy is the opposite of long tail. According to Anita Elberse, in her book Blockbusters, investing a lot of money in a few movies or shows in hope for a hit is the strategy the movie industry follows. Unlike in long tail, where spreading money across many products is the strategy. There is no telling what will and what will not be a blockbuster hit, but there are strategies used like picking an A-list cast, releasing the movie during the right time of year, and picking a genre well liked by a large audience. Below is a list of the current movies in theaters, and the amount of money they made the weekend the movie was released, along with the total amount made thus far. Do you see any huge hit blockbusters? Can you determine why they were successful?

 

 

 

 

 

 

 

 

 

 

 

 

 

Title

 

 

 

 

 

 

Weekend

  

 

 

 

 

 

  Gross

Deadpool$31.5M$285.6M  
Gods of Egypt$14.0M$14.0M  
Kung Fu Panda 3$9.0M$128.5M  
Risen$7.0M$22.7M  
Eddie the Eagle$6.3M$6.3M  
Triple 9$6.1M$6.1M  
How to Be Single$5.2M$39.6M  
The Witch$5.0M$16.6M  
Race$4.3M$13.9M  
The Revenant$3.8M$170.5M

The Future: Selling Less of More

Chris Anderson in his novel, The Long Tail, discusses where the future of business is headed. Stores are moving away from selling a lot of one specific product to selling small amounts of a lot of items. How does it work though? There are a couple rules to follow to help you understand how it works.

Lets say you have 1,000 men’s dress shirts, 200 of those shirts add up to 80 percent of your revenue, where the other 800 shirts add up to the other 20 percent. This is because certain shirt colors are more appealing and better sellers to the audience.

Do you ever wonder why your favorite color shirt is sold out or not in your size? It is because that shirt color is popular and they only make so many in each size.

There is another rule, the 98 percent rule. This rule states that within a 3-month period, if you have 100 CD’s on your shelf, 98 of them will sell at least one copy meaning you are selling less of more products.

This is how items end up on clearance or in stores like TJMAXX, I would imagine. All the products that are not sold after a period of time have to go somewhere, so stores will discount the price in hopes to sell more and still make some profit, or they will sell the product to discount stores like Marshalls or TJMAXX.

There is a method behind store’s strategies. As I learn and understand more about Global Strategy, I learn more about the retail world including how and why it works the way it does.

Synergy

As I am enter my mid-20s, I am starting to realize the value that cooking has. It provides a hot meal on those cold winter nights and an excellent excuse to invite friends over to dinner. Alas, I was never taught how to cook nor the skills required to prepare a wholesome meal. I knew that if I tried to make a meal by myself (having no experience,) it was likely to be a colossal disaster. So, last time I visited my family, I asked my Mom if I could prepare the dinner with her help and guidance.

Essentially, I was partaking in a strategy commonly used called Synergy, where the product of two or more efforts creates a sum that is greater than the sum of those individual efforts. I would never be able to make the Mediterranean Chicken meal to the desired quality if I didn’t team up with my Mom.
The strategy of Synergy can be seen in the marketplace and is often discussed in Board Rooms. It is the main reason why two companies would merge. If Company X feels that they can produce a better outcome with Company Y, then they might purchase Company Y to gain more market share or a more profitable operation.

One superior case study that my class recently analyzed was the Synergy that the Walt Disney Company has been utilizing in their history. Disney started making exceptional full-length animated features, but they used their Theme Parks to accentuate their product and popularize it. When you enter the Magic Kingdom, you can experience your favorite Disney movies on rides, attractions, or the characters in costume. The Theme Parks bring the movies to life and make them even more popular for the consumer.

Another example of Synergy that Disney embraced was when they purchased the Media Network Company, ABC. Now, Media Networks is the most profitable revenue stream ($23.26 Billion) for Disney. It makes more money than their Theme Parks and Resorts ($16.16 Billion) or their Studio Animations ($7.37 Billion). Disney believed that incorporating these industries under one umbrella would create a more profitable organization than if they continued producing media on an individual basis and selling it to various Media Networks.

As Disney continues to look for new ways to create Synergy (acquiring Marvel to enter the Comic Book-Superhero film industry, acquiring Lucasfilm to enter the Science-Fiction film industry, etc…) I hope to use Synergy to make more meals with experienced chefs and grow my cooking skills.