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Archive: August 2014

Will online reviews require proof of purchase?

Posted by MIT Sloan Executive Education - 2 years and 11 months and 19 days ago

The success of recommendation and review websites and applications such as Yelp and TripAdvisor are undeniable. As of the end of July 2014, Yelp had a cumulative 61 million reviews. These reviews are quite powerful: studies have found that 88% of consumers trust them. Surprisingly, the vast majority of reviews on Yelp receive four or five stars (out of five).

But mention Yelp to a chef or restaurateur, and their reaction is likely to be much less positive. One of the issues is that of “cyber-shilling,” where consumers are paid to write reviews—positive or negative. And there have long been rumors and anecdotes of Yelp forcing businesses to pay to suppress negative reviews; this accusation has come up again in a recent shareholder lawsuit against Yelp. The outrage amongst the hospitality community in particular is so strong that a group of French restaurateurs and hoteliers is petitioning France’s Minister of Commerce to effectively ban all defamatory reviews.

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Changing the mind of a leader—literally

Posted by MIT Sloan Executive Education - 2 years and 11 months and 26 days ago

Today’s most effective leaders are skilled at making sense of complex environments. They are continually moving away from "command and control" leadership models to a "cultivate and coordinate" approach. These leaders harness “aha” moments and turn them into business innovations. And they take risks on a regular basis in order to revise their map of what’s really going on in their organization and the marketplace in which they operate. These leaders are internally powered by an innovative mindset that quite truly changes the playing field in which all businesses operate.

Then there are the rest of us—the vast majority of people in management and leadership positions—who fear failure and whose ability to innovate is underutilized; whose safety-first approach to doing business has likely served us well in the past but is now holding us back. 

What if you’re the kind of leader who feels stuck in old ways of doing things? What if you’d rather not be? Is it really possible to change your mindset—or the mindsets of your team?

Management experts are looking to neuroscience for the answer, and the answer appears to be a resounding “YES.” By probing the neural roots of behavior, brain science is helping leaders create change in themselves and in others and may indeed have great implications for the world of work. 

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MIT Sloan Professors Catherine Tucker and John Van Maanen honored with prestigious awards

Posted by MIT Sloan Executive Education - 3 years and 2 days ago

MIT Sloan Professor Catherine Tucker was recently was awarded the 2013 Paul E. Green Award from the American Marketing Association (AMA). The annual award honors the Journal of Marketing Research article that demonstrates the most potential to contribute significantly to the practice of marketing research. Tucker’s winning paper, which was co-authored with Anja Lambrecht (London Business School), is entitled: “When Does Retargeting Work? Information Specificity in Online Advertising.” The award was presented at the AMA’s Summer Marketing Educators’ Conference held in San Francisco on August 2, 2014.

MIT Sloan Professor John Van Maanen is the recipient of the 2014 Distinguished Scholar-Practitioner Award, an Academy of Management (AOM) Career Achievement Award. Nominated by Academy members for his dual contributions to management scholarship and practice, the award is given to “the practitioner-scholar whose sense of inquiry and pursuit of knowledge have risen above ‘just doing’ to using practice-based learning to influence theory and research-based theory to influence practice.” 

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Market Basket: A case study unfolding before our eyes

Posted by MIT Sloan Executive Education - 3 years and 10 days ago

Various disciplines of business have well-known case studies: in crisis communications it’s the example Johnson & Johnson set while communicating about the Tylenol crisis of 1982; for business cost-cutting it’s the story of American Airlines discovering it could save $40,000 per year by eliminating the olive in the salad served to passengers. The story has moved to the national stage, where we are all watching a future business case study unfold—the saga of Market Basket. We just don’t know—yet—what the result will be.

For those unfamiliar with Market Basket, it’s a small, regional grocery chain with 71 stores in Massachusetts, New Hampshire, and Maine. For decades, two members of the family that owns Market Basket—Arthur T. Demoulas and Arthur S. Demoulas—have been fighting for control of the business. In late June of this year, Arthur S. and other board members fired then-CEO of Market Basket, Arthur T. Less than one month after Arthur T.’s removal, Market Basket employees began protesting the move. As of this writing, it's nearly two weeks into the protests, which have left store shelves empty of products, rallied customers on the side of the protesting employees, and even prompted some elected officials to weigh in.

While the story itself is fascinating and dominating the news in the region, what are the business lessons that are unfolding? Is it a labor strike, with workers making demands of management? Is it an example of how to not handle communications? Is it an example of why investing in employees is a smart business decision? At this point, it looks like the answer is yes to all the above. Here’s why.

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