The
new
rules of
retail
Tips from alumni pros
and faculty experts
Autumn 2019
The
new
rules of
retail
Tips from alumni pros
and faculty experts
Autumn 2019
“Happiness is not in money, but in shopping.” 
— Marilyn Monroe
Dear W. P. Carey family and friends,
By now, each of us has heard that to thrive in today’s economy we have to be lifelong learners. I doubt this is anything we’d disagree about, but it is something we hear everywhere lately.

Both ASU and the W. P. Carey School of Business have a long history of providing lifelong learning opportunities.

For more than 30 years, we’ve learned from top corporate executives about how to lead at the Economic Club of Phoenix luncheons. In addition to our degree programs, we offer continuing education courses, free digital courses on hot topics for our alumni (e.g., digital marketing, and soon to come is fintech), massive open online courses (MOOCs) available for free or reduced tuition that equate to a “typical” freshman year at ASU, mini master’s degrees, certificates, and good old-fashioned lectures. Dean Amy Hillman

The rate of change in technology is making those of us who are employed lifelong learners — or else we fall behind. I’ve told you about our mentoring programs, but have you ever considered what a student could do as a reverse mentor to you? For example, they’re quite good at social media; if I’m having trouble, I just walk out on the Dean’s Patio and anyone can help. Soon, ASU will have a vibrant senior living community called Mirabella at the corner of University and Mill in Tempe, where the residents will have full access to ASU and all of its lifelong learning opportunities. We’re focused on how we can develop mentoring between the residents and our students, and I’m sure some reverse mentoring will happen as well.

I shared with you some time ago that I was learning Mandarin. It’s been fun to learn something “just for fun,” although, I have to confess, I’m not making much progress. But I know there’s value in simply learning. Doctors tell us this keeps our brains active as we age, no matter what the subject. If we were to offer a class, lecture, webcast, etc., what would you most want to learn with us? Email me at amy.hillman@asu.edu to let me know.

Here’s to all the learners out there! Never stop.

Warm regards,

Amy Hillman signature
“Happiness is not in money, but in shopping.” 
— Marilyn Monroe
Dear W. P. Carey family and friends,
By now, each of us has heard that to thrive in today’s economy we have to be lifelong learners. I doubt this is anything we’d disagree about, but it is something we hear everywhere lately.

Both ASU and the W. P. Carey School of Business have a long history of providing lifelong learning opportunities.

For more than 30 years, we’ve learned from top corporate executives about how to lead at the Economic Club of Phoenix luncheons. In addition to our degree programs, we offer continuing education courses, free digital courses on hot topics for our alumni (e.g., digital marketing, and soon to come is fintech), massive open online courses (MOOCs) available for free or reduced tuition that equate to a “typical” freshman year at ASU, mini master’s degrees, certificates, and good old-fashioned lectures.

Dean Amy Hillman
The rate of change in technology is making those of us who are employed lifelong learners — or else we fall behind. I’ve told you about our mentoring programs, but have you ever considered what a student could do as a reverse mentor to you? For example, they’re quite good at social media; if I’m having trouble, I just walk out on the Dean’s Patio and anyone can help. Soon, ASU will have a vibrant senior living community called Mirabella at the corner of University and Mill in Tempe, where the residents will have full access to ASU and all of its lifelong learning opportunities. We’re focused on how we can develop mentoring between the residents and our students, and I’m sure some reverse mentoring will happen as well.

I shared with you some time ago that I was learning Mandarin. It’s been fun to learn something “just for fun,” although, I have to confess, I’m not making much progress. But I know there’s value in simply learning. Doctors tell us this keeps our brains active as we age, no matter what the subject. If we were to offer a class, lecture, webcast, etc., what would you most want to learn with us? Email me at amy.hillman@asu.edu to let me know.

Here’s to all the learners out there! Never stop.

Warm regards,

Amy Hillman signature
WPC Voices
Letters to the editor
Dear editor,

I was pleased to read about the 50th anniversary of the BA building. I was an undergraduate student at the time of the opening of the BA building. One of the most popular attributes at the time was the computer room located near the center staircase on the first floor. There was a large room with an exterior glass wall that contained an IBM business computer. (This is most likely why the color blue was used for the first floor.) The computer printer was located near the exterior glass wall so students could see and hear it from the outside. This computer room was very unique for the time. I hope that it is mentioned in the next BA building anniversary article.

In the ’60s, most of the math was done with pencil and paper. There were calculators in a BA room, and they were the size of typewriters. We did not have handheld calculators.

John W. Overland (BS Management ’72)

Summer 1968
Dear editor,

Thank you for the recent article about the Business Administration building’s 50th anniversary.

I was lucky to be among some of the first students to get to use the new building during the second summer session of 1968 before the official dedication. I had a business communications class taught by Dr. John Toodle, and also a management class. I thought it was a beautiful building then, and I still do.

That was a special summer for me. While standing in line to pay my dorm fee, I met a pretty geology student. Next year, that pretty girl and I will be celebrating our 50th wedding anniversary.

Vic Wickersham (MBA ’72)

Inside WPC
The new rules of retail
The customized, environmentally friendly future of fashion
From hops to hiring
Upfront
Features
13
Executive summary
Three alums. Three-minute strategies for success.
17
The new rules of retail
How do retailers thrive in today’s rapidly evolving marketplace? Get advice from faculty experts and on-the-ground alumni pros.
26
Shop around
Alumni from the past 50 years discuss how online shopping has (or hasn’t) changed their stripes.
Departments
30
Research
How digital and physical touchpoints shape our customer experience; the business perils of distraction for busy people; diagnosing the post-college impacts of merit-based aid
36
Crunching the numbers
Want hot coffee? You don’t want supply chain hot spots.
38
Class notes
Three MBA classmates meet up again to drive an organization forward; student debt tips from a cost-conscious alum; real estate developer gives back to support refugees
W. P. Carey magazine
Volume 7, Issue 1, Autumn 2019

Dean
Amy Hillman

Chief External Relations Officer
Kim Steinmetz

Director of Alumni Relations
Brennan Forss

Manager of Alumni Relations
Theresa Shaw

W. P. Carey Alumni
wpcarey.asu.edu/alumni

Facebook
facebook.com/wpcareyschool

LinkedIn
wpcarey.asu.edu/linkedin

Twitter
@WPCareySchool

Managing Editor
Shay Moser

Creative Director
Paula Murray

Art Director
David Imes

Staff Contributors
Emily Beach, Colin Boyd, Perri Collins, Mary Beth Faller, Carson Kamp, Hannah O’Regan, Scott Seckel, Samantha Sloman

Contributors
Joe Bardin, Kim Catley, Andrew Clark, Claire Curry, Jane Larson, Erin Peterson, David Schwartz, Jenn Woolson

Photographers
Tina Celle, Mark Lipczynski, W. Scott Mitchell, Shelley Valdez

Editorial correspondence should be addressed to:
Managing Editor
W. P. Carey School of Business
Arizona State University
PO Box 872506
Tempe, AZ 85287-2506

Changes of address and other subscription inquiries can be emailed to:
editor.wpcmagazine@asu.edu

W. P. Carey magazine is a publication of the W. P. Carey School of Business at Arizona State University © 2019

Send editorial submissions and letters to:
editor.wpcmagazine@asu.edu

All Things WPC
Business alumni by the numbers
Our story is the sum of thousands more, lived and championed by W. P. Carey Sun Devils like you. Expect to be inspired as you explore points of pride in this and future issues of W. P. Carey magazine. These pages exist to serve and celebrate you — and with more than six decades under our belt, there’s plenty of treasure to be found.
105,566
W. P. Carey alumni reside worldwide.
Taped end to end, that’s enough diplomas to bridge the widest point of the
Grand Canyon — over 18 miles! Your alumni community is 100,000+ strong.
the widest point of the Grand Canyon
Global alumni hail from more than 160 countries.
Global alumni hail from more than 160 countries.
Here are the top 5:

1. U.S.
2. China
3. India
4. Canada
5. Mexico
Alumni of all ages do their part to make business personal.
Alumni of all ages do their part to make business personal
No matter your graduation or location, this community is yours for life.
We love to support and celebrate your success. Explore Sun Devil stories and more highlights from your community: news.wpcarey.asu.edu
4,717
alumni hold both undergrad- and grad-level W. P. Carey degrees.
For those of you considering a new degree program, keep in mind that W. P. Carey offers exclusive discounts and waivers for qualified alumni.
ALL THINGS WPC
Management material

She doesn’t like to toot her horn, so we’ll do it for her. Dean Amy Hillman has been elected by the membership of the Academy of Management (AOM) — the premier international organization for faculty of management, with more than 20,000 members — to serve as vice president-elect/program chair-elect of the AOM for a five-year leadership cycle that will culminate in the role of president in 2024.

“I am honored to have been elected by my peers within the academy for this leadership role,” says Hillman. “As an active member of AOM for over 20 years, I have served in a variety of roles within the organization, and I am thrilled to have the opportunity to impact the profession in this way. I truly look forward to the next five years.”

Way to go, Amy!

She doesn’t like to toot her horn, so we’ll do it for her. Dean Amy Hillman has been elected by the membership of the Academy of Management (AOM) — the premier international organization for faculty of management, with more than 20,000 members — to serve as vice president-elect/program chair-elect of the AOM for a five-year leadership cycle that will culminate in the role of president in 2024.

“I am honored to have been elected by my peers within the academy for this leadership role,” says Hillman. “As an active member of AOM for over 20 years, I have served in a variety of roles within the organization, and I am thrilled to have the opportunity to impact the profession in this way. I truly look forward to the next five years.”

Way to go, Amy!

All Things WPC

ASU alumnus Patrick Ware raises a glass at Arizona Wilderness Brewing Co.
From hops to hiring
A

new agribusiness class made a real splash this spring.

“We wanted to do something different,” says Marvin and June Morrison Chair in Agribusiness Tim Richards. “So we’re teaching ‘vertical’ — everything about an industry from the ground up — and we wanted to choose an industry that would be attractive to students.”

Turns out the business of beer is plenty attractive.

Taught by Richards and fellow Morrison School of Agribusiness faculty Carola Grebitus, the first class of Agribusiness 494 students learned about price elasticity and regression analysis. They also heard about hops farms, spontaneous fermentation, and how issues like labor costs work in real life, thanks to local beer industry leaders including ASU alumnus Patrick Ware.

All Things WPC
Charlie Leight/ASU Now
March 29, 2019: Ken Shropshire, left, hosts the keynote discussion with USC Professor Todd Boyd, an expert on race in sports and film, during the second Global Sport Summit.
More than just for sport
A

shared drive to harness the power of sport to deliver real-world solutions is at the heart of ASU’s partnership with adidas. The Global Sport Alliance leverages education, athletics, research, and innovation — including ideas and initiatives led by the Global Sport Institute and its CEO, adidas Distinguished Professor of Global Sport Ken Shropshire — to change lives through sport.

An expert in sports business, sports law, and the social impact of sport, Shropshire holds faculty appointments at multiple colleges within ASU, including its top-ranked W. P. Carey School of Business. “In the end, we want to provide greater access to information involving sport, in a way that people can understand,” he says. “There are really no boundaries to where the Global Sport Institute might go.”

Each year, the institute aligns its research, events, and other work with an annual theme. For 2017–18, Sport 2036 aimed to “shape a progressive vision for what sport could and should look like in the future.”

All Things WPC
All of this, thanks to all of you
Sun Devil Giving Day
Sun Devil Giving Day encourages the ASU community to come together and do good.
Sun Devil Giving Day
Sun Devil Giving Day
M

ore than 9,000 students, staff, alumni, faculty, and friends banded together to make ASU’s annual day of giving one for the ages. This year’s Sun Devil Giving Day broke multiple records, all for a good cause — generating a combined $11.4 million to fuel scholarships, innovation, emerging programs, student success, and more.

Gifts of all sizes, from all kinds of donors.
  • $25 was the median size of gift this year
  • 79% of gifts were $100 or less
All Things WPC
Sports business, Sparky style

 

W

alker McCrae (BS Business Data Analytics/BA Sports Business ’19) grew up in Portland, thinking he would one day attend the University of Oregon. His desire to study sports business, however, attracted his attention to ASU.“I chose ASU for its sports business program and because of its location relative to other sports entities,” McCrae says. “I had always wanted to attend the University of Oregon but after touring there, I realized its remote location would make it difficult to find experience in the sports world.”

McCrae as Sparky with his parents and sister.
McCraw as Sparky with his parents and sister
Sports business, Sparky style

W

alker McCrae (BS Business Data Analytics/BA Sports Business ’19) grew up in Portland, thinking he would one day attend the University of Oregon. His desire to study sports business, however, attracted his attention to ASU.

“I chose ASU for its sports business program and because of its location relative to other sports entities,” McCrae says. “I had always wanted to attend the University of Oregon but after touring there, I realized its remote location would make it difficult to find experience in the sports world.”

All Things WPC
Sustainable insight
T

he Sustainability Consortium (TSC) was created in 2009, with a mission to transform the consumer goods industry. Now, in partnership with its more than 100 members — including top companies, NGOs, universities, and government organizations — TSC helps organizations define, develop, and deliver more sustainable products.

An engine for ingenuity
Over the past six years or so, TSC has built a science-based system to enable the above and more. Covering everything from adhesive tapes and toys to root vegetables and refrigerators, the group offers companies access to research insights on nearly 130 product categories, along with the opportunity to work with competitors without the competition.

“By sharing sustainability measurement tools with large, well-known brands at the hub of the $14 trillion global economy, we’re on an exciting track to influence social and environmental stewardship involving $1 trillion of consumer sales,” says Chief Scientist Kevin J. Dooley, ASU Distinguished Professor of Supply Chain Management.

Well-known brands engaged with TSC include Walmart, Amazon, Walgreens, and Sprouts Farmers Market, to name a few. “TSC proves that universities are good places for the world to bring difficult and controversial issues to,” Dooley says, “[…] as a safe and objective place for deliberation and discourse, even for groups that are very far apart from each other.”

Cialdini visits with guests at the Robert B. Cialdini Behavioral Research Lab
Feb. 9, 2019: Cialdini visits with guests at the Robert B. Cialdini Behavioral Research Lab naming ceremony.
Pre-suasion (n):
Creating conditions for people to be receptive to a message before they encounter it.
T

his bright idea comes from “Pre-Suasion: A Revolutionary Way to Influence and Persuade,” the latest book by Regents’ Professor Emeritus of Psychology and Marketing Robert Cialdini

We are pleased to announce that Cialdini was recently elected a member of the National Academy of Sciences, one of the country’s most distinguished scientific organizations. Frequently regarded as the “Godfather of Influence,” he is known and respected worldwide for his body of work.

All Things WPC
Jan. 3, 2019: The new Starbucks on the ground floor of Union Tempe features 25 partners who are either enrolled in the Starbucks College Achievement Plan, ASU students, or alumni — including Starbucks scholar and corporate accounting student Morgan Michelotti. Say hi when you see her!
Brewing brighter futures
A

first-of-its-kind partnership between ASU and Starbucks, the Starbucks College Achievement Plan (SCAP) creates an opportunity for all eligible Starbucks employees to earn their bachelor’s degrees through ASU Online with full tuition coverage. Tapped to develop a future-forward business degree for emerging retail leaders, the W. P. Carey School’s online bachelor’s in retail management was launched along with the Starbucks partnership in 2014.

Today, retail management is only one of the business degrees that Starbucks employees can pursue at ASU. Learn more: starbucks.asu.edu

Five years later, the progress report
deanna dent/ Arizona Board of Regents
Come see us!

SEPT. 27
2019

First ECP luncheon of 2019-20 season
The Economic Club of Phoenix season kicks off with keynote speaker Zion Armstrong, president of adidas North America. wpcarey.asu.edu/ecp

OCT. 16
2019

If you are in New York:
Lawrence R. Klein Award for Blue Chip Forecast Accuracy
Hosted in New York City, the Klein Award is presented annually to recognize consistency and accuracy in economic forecasting. wpcarey.asu.edu/klein

NOV. 13
2019

23rd Spirit of Enterprise Award
ECP presents its annual Spirit of Enterprise Award to Arizona-based clothing company State Forty Eight. wpcarey.asu.edu/ecp

NOV. 22
2019

Alumni Hall of Fame celebration
The annual ceremony welcoming new alums to our prestigious Hall of Fame will be held just before Homecoming. wpcarey.asu.edu/fame

NOV. 23
2019

Homecoming game and block party
Join us in the W. P. Carey tent at ASU’s annual block party for food, fun, and an adult beverage with friends before the game. homecoming.asu.edu

DEC. 11
2019

56th Annual ASU Economic Forecast Luncheon
Hear top national and regional experts present their economic forecasts and advice. wpcarey.asu.edu/efl

Explore opportunities to engage with fellow alumni and your alma mater: wpcarey.asu.edu/calendar

DEC. 11
2019

56th Annual ASU Economic Forecast Luncheon
Hear top national and regional experts present their economic forecasts and advice. wpcarey.asu.edu/efl
Explore opportunities to engage with fellow alumni and your alma mater: wpcarey.asu.edu/calendar
Class of 1923 grads in ASU's first Homecoming  parade.
We love it when alumni come home to ASU.
In 1926, the ASU of old had its first Homecoming parade and football game — the latter of which tied with zero points across the board. Lucky for you, we’ve been upping our game ever since. Stop by to see us! You’ll be glad you did.
Executive Summary WPC
Meet Carlton Lund
Brief: Credit Carlton Lund (MBA ’71) with creative ambition like few others. Before founding his North San Diego real estate company with his wife, Sandy, in 1982, Lund got his pilot’s license with the idea that it would give him a leg up on his competitors. “I wanted to get in the air to look at the land,” he says. “I thought it would give me an idea of the best properties in the area.”

Legacy: Since then, The Lund Team has worked with thousands of clients and participated in more than $2 billion in residential real estate transactions.

Still, that may not be Lund’s primary claim to fame.

He may be best known for installing “kindness meters” in Carlsbad, California, that look like regular parking meters but are designed to encourage charitable giving. “When people look back, I want to be known for being kind — that’s what I want my historical relevance to be,” he says.

Background: “I may have been born in Wisconsin, but once I moved to California there was no going back. I love Carlsbad,” he says.

Beyond his ventures in real estate, that love has translated into several passion projects for the town and its residents, including developing a Legoland and the resurrection of the iconic Carlsbad sign. In an effort to make Carlsbad “America’s Kindest City,” Lund embarked on a journey to install eight smart parking meters throughout the town to collect money for local charities.

Lund’s solar-powered meters can collect loose change or bigger donations with a credit card. All proceeds support several local charities.

Stats: The installation of the Carlsbad sign, which stretches 82 feet across historic Highway 101 and the Carlsbad Village Drive intersection and lights up at night, took years of advocacy on the part of Lund. Kindness meters installed nearby help pay for the sign’s maintenance and electricity.

Lesson: “My experience at ASU was so valuable,” Lund says. “I learned that as long as I worked hard, I could enjoy and live life to the fullest. It was an excellent school.”

Recommendation: “It’s important for you to give back to your communities,” Lund says. “It’s important that you be the best that you can be and that you bring light, respect, love, and kindness to people. We live in an extraordinary time — unlike any in my life — and we need kindness more than ever.”

Your 3-minute briefing of 3 dynamic W. P. Carey alumni
Executive Summaries
Executive Summary WPC
Your 3-minute briefing of 3 dynamic W. P. Carey alumni
Executive Summary
Meet Carlton Lund

Brief: Credit Carlton Lund (MBA ’71) with creative ambition like few others. Before founding his North San Diego real estate company with his wife, Sandy, in 1982, Lund got his pilot’s license with the idea that it would give him a leg up on his competitors. “I wanted to get in the air to look at the land,” he says. “I thought it would give me an idea of the best properties in the area.”

Legacy: Since then, The Lund Team has worked with thousands of clients and participated in more than $2 billion in residential real estate transactions.

Still, that may not be Lund’s primary claim to fame.

He may be best known for installing “kindness meters” in Carlsbad, California, that look like regular parking meters but are designed to encourage charitable giving. “When people look back, I want to be known for being kind — that’s what I want my historical relevance to be,” he says.

Background: “I may have been born in Wisconsin, but once I moved to California there was no going back. I love Carlsbad,” he says.

Beyond his ventures in real estate, that love has translated into several passion projects for the town and its residents, including developing a Legoland and the resurrection of the iconic Carlsbad sign. In an effort to make Carlsbad “America’s Kindest City,” Lund embarked on a journey to install eight smart parking meters throughout the town to collect money for local charities.

Lund’s solar-powered meters can collect loose change or bigger donations with a credit card. All proceeds support several local charities.

Stats: The installation of the Carlsbad sign, which stretches 82 feet across historic Highway 101 and the Carlsbad Village Drive intersection and lights up at night, took years of advocacy on the part of Lund. Kindness meters installed nearby help pay for the sign’s maintenance and electricity.

Lesson: “My experience at ASU was so valuable,” Lund says. “I learned that as long as I worked hard, I could enjoy and live life to the fullest. It was an excellent school.”

Recommendation: “It’s important for you to give back to your communities,” Lund says. “It’s important that you be the best that you can be and that you bring light, respect, love, and kindness to people. We live in an extraordinary time — unlike any in my life — and we need kindness more than ever.”

ASU W.P. Carey School of Business
There’s no limit to what you can do
A W. P. Carey degree helped you reach great heights. Now take your career even further with a top-ranked MBA or master’s degree from America’s most innovative university!
MBA PROGRAMS

Executive

Full-time

Online

Professional Flex

ONLINE DEGREE OPTIONS

MBA

Business Analytics

Supply Chain Management

SPECIALIZED MASTER’S DEGREES

Accountancy

Accountancy – Data and Analytics

Business Analytics

Finance

Global Logistics

Information Management

Real Estate Development

Supply Chain Management

Taxation

Full-time, part-time, online — there’s a W. P. Carey degree that will help you become a better leader, develop new expertise, and get an edge in a competitive job market.
cover story WPC
The new rules of retail
How do retailers thrive in today’s rapidly evolving marketplace? Faculty experts and on-the-ground alumni pros share their secrets.
By Kim Catley
cover story WPC
The new
rules of
retail
How do retailers thrive in today’s rapidly evolving marketplace? Faculty experts and on-the-ground alumni pros share their secrets.
By Kim Catley
Consumer forums affect online sales in a flash
M

ore and more online retailers are incorporating flash sales into their business and marketing strategies, generating consumer excitement by offering a great deal at a low price for a limited time until the supply runs out. For example, since 2015, Amazon’s most successful single day is its record-breaking Prime Day, selling millions of products totaling more than $1 billion in flash sales.

This increasingly popular selling strategy led Professor of Supply Chain Management Elliott Rabinovich and Annibal Sodero of the University of Arkansas to wonder how retailers can better manage flash sales, and compete with the likes of Amazon, even when they’re smaller and may not have access to cutting-edge predictive analytics.

Their study, titled “Demand and Revenue Management of Deteriorating Inventory on the Internet: An Empirical Study of Flash Sales Markets (FSM),” appeared in the Journal of Business Logistics and reports many interesting findings.

The supply and demand seesaw
For retailers, the flash environment requires a unique balancing act between supply and demand. When the price is set too low, the product can sell out too quickly, disappointing and even upsetting customers, potentially damaging the brand. On the other hand, if the price is set too high, not enough product gets sold within the allotted time frame, and the company can incur losses on overstocking.

WPC Lifestyle
Shop around
How generations of alums get the goods
B

aby boomer John Goodman remembers his first major purchase with remarkable detail, despite his parents placing the order for him in the 1950s.

Ordered through a print catalog, his coveted tennis shoes arrived via the postal carrier and were stuffed into the mailbox. He went running later that same day with the newly acquired merchandise.

“Before, you would get a catalog that you had put away in a drawer, look through it, and order what you wanted or needed at the time,” says Goodman (BS Business Administration/Accounting ’67). “Now you do the same thing, but you do it online.

“That’s the catalog of today,” adds Goodman, 73, a highly decorated, retired U.S. Marine Corps three-star general and former ASU quarterback. “The only thing that’s really changed is the vehicle for doing it.”

No more Sears, Roebuck and Co. and J.C. Penney catalogs of yesteryear: Amazon and others have found a solid place in the hearts and minds of shoppers across a wide swath of generations. But by no means is the brick-and-mortar store ready to be buried in concrete yet, according to a new research study by Salesforce.

WPC Research
Connecting the dots: Integrating the digital, physical, and social realms to deliver stellar customer service
Research by Ruth Bolton Professor of Marketing
P

rofessor of Marketing Ruth Bolton’s research paper, “Customer Experience Challenges: Bringing Together the Digital, Physical, and Social Realms,” didn’t exactly start on the back of a cocktail napkin, but the story isn’t far off.

While at a future-focused conference in Australia, she and some of her fellow attendees were so excited by the ideas being presented that they met and conceived the idea for the paper on the spot. “We started talking, and the paper unfolded very rapidly,” Bolton says. “People were throwing ideas out and pulling things up on the internet.”

They found that these three areas — the digital, physical, and social — are being studied and implemented in isolation, creating a fragmented customer experience. New technologies, such as artificial intelligence, robots, and virtual reality, are changing the way businesses interact with customers. But it’s how effectively they integrate these new methods of engaging customers with existing face-to-face interactions that will determine their success.

“Capabilities are rushing ahead without us really knowing much about what will make a good customer experience,” Bolton explains, and most companies aren’t yet able to connect the dots. For example, if you shop online, the merchant doesn’t necessarily know you’re the same person who was in their store yesterday. Or, if you walk into the store and you’ve already done some research online, they don’t know that. If you’re shopping with a friend, but their immersive experience is just for one, the merchant is missing out on the social element. In this new world, managers will need to understand customer experiences across all three spaces.

That’s where business experts are taking the baton from computer scientists. Instead of simply asking, “Can we do this?” marketers are looking at how the whole experience will affect the end user.

Video camera READ FULL ARTICLE
WPC Research
Connecting the dots: Integrating the digital, physical, and social realms to deliver stellar customer service
Research by Ruth Bolton, Professor of Marketing
P

rofessor of Marketing Ruth Bolton’s research paper, “Customer Experience Challenges: Bringing Together the Digital, Physical, and Social Realms,” didn’t exactly start on the back of a cocktail napkin, but the story isn’t far off.

While at a future-focused conference in Australia, she and some of her fellow attendees were so excited by the ideas being presented that they met and conceived the idea for the paper on the spot. “We started talking, and the paper unfolded very rapidly,” Bolton says. “People were throwing ideas out and pulling things up on the internet.”

They found that these three areas — the digital, physical, and social — are being studied and implemented in isolation, creating a fragmented customer experience. New technologies, such as artificial intelligence, robots, and virtual reality, are changing the way businesses interact with customers. But it’s how effectively they integrate these new methods of engaging customers with existing face-to-face interactions that will determine their success.

“Capabilities are rushing ahead without us really knowing much about what will make a good customer experience,” Bolton explains, and most companies aren’t yet able to connect the dots. For example, if you shop online, the merchant doesn’t necessarily know you’re the same person who was in their store yesterday. Or, if you walk into the store and you’ve already done some research online, they don’t know that. If you’re shopping with a friend, but their immersive experience is just for one, the merchant is missing out on the social element. In this new world, managers will need to understand customer experiences across all three spaces.

That’s where business experts are taking the baton from computer scientists. Instead of simply asking, “Can we do this?” marketers are looking at how the whole experience will affect the end user.

Video camera READ FULL ARTICLE
WPC Research
When asking a busy person can backfire
Research by Luke Stein, Assistant Professor of Finance
D

irectors on the boards of public companies are expected to advise the CEO, monitor the quality of financial statements, and lend their expertise to making acquisitions successful. Especially sought-after for director positions are executives actively working at other companies because of the knowledge and networks they can bring to a board.

It’s a big job, and researchers have sometimes found that when directors get busy with other boards, at least one of the companies in whose boardrooms they sit can suffer.

Assistant Professor of Finance Luke Stein and W. P. Carey graduate Hong Zhao, now of the NEOMA Business School in France, knew most prior research focused on retirees, professionals, and others serving on multiple boards.

“Hong and I considered not only who’s a busy person … but the same person that’s busy sometimes, and sometimes they’re not,” Stein says. “Rather than think about who’s an effective director or who’s not, let’s take a given person and ask if there’s a difference between the times when that person is likely to do a good job and the times when that person is likely to do a bad job.”

In their paper published this year in the Journal of Corporate Finance, Stein and Zhao broke new ground by looking at the estimated one-third of directors who are full-time executives at other companies and by quantifying what happened when their employer’s poor performance distracted them from their part-time board duties.

The pair culled their data from a database of public firms between 1996 and 2016 and found 8,169 executives who served on other firms’ boards, for a total of 39,099 director years of service. For each director year, they calculated the stock performance of the director’s employer during the board firm’s fiscal year. When employer firms performed in the bottom quintile, the researchers found the executives were more likely to miss board of directors meetings. Because directors do much of their monitoring and advising at these meetings, the researchers used meeting attendance to measure distraction.

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WPC Research
When asking a busy person can backfire
Research by Luke Stein, Assistant Professor of Finance
D

irectors on the boards of public companies are expected to advise the CEO, monitor the quality of financial statements, and lend their expertise to making acquisitions successful. Especially sought-after for director positions are executives actively working at other companies because of the knowledge and networks they can bring to a board.

It’s a big job, and researchers have sometimes found that when directors get busy with other boards, at least one of the companies in whose boardrooms they sit can suffer.

Assistant Professor of Finance Luke Stein and W. P. Carey graduate Hong Zhao, now of the NEOMA Business School in France, knew most prior research focused on retirees, professionals, and others serving on multiple boards.

“Hong and I considered not only who’s a busy person … but the same person that’s busy sometimes, and sometimes they’re not,” Stein says. “Rather than think about who’s an effective director or who’s not, let’s take a given person and ask if there’s a difference between the times when that person is likely to do a good job and the times when that person is likely to do a bad job.”

In their paper published this year in the Journal of Corporate Finance, Stein and Zhao broke new ground by looking at the estimated one-third of directors who are full-time executives at other companies and by quantifying what happened when their employer’s poor performance distracted them from their part-time board duties.

The pair culled their data from a database of public firms between 1996 and 2016 and found 8,169 executives who served on other firms’ boards, for a total of 39,099 director years of service. For each director year, they calculated the stock performance of the director’s employer during the board firm’s fiscal year. When employer firms performed in the bottom quintile, the researchers found the executives were more likely to miss board of directors meetings. Because directors do much of their monitoring and advising at these meetings, the researchers used meeting attendance to measure distraction.

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WPC Research
Higher education aid and its impact on long-term prosperity
Research by Basit Zafar, Professor of Economics
W

e hear a lot currently about student loans and the debt incurred to gain a higher education. Many argue that it places an undue burden on graduates as they seek to build their professional and financial futures. This has led to calls from some for more financial aid in the form of grants that don’t have to be repaid. But how effective are such grants?

Before this study, research had focused primarily on the effect of grants on college enrollments and the completion of coursework for degrees. But that is only one measure of the efficacy of grants for higher education. The larger question to be answered isn’t just whether students graduate, but how well they do, in real-life financial terms, after they graduate.

The desire to shed light on these issues led Professor of Economics Basit Zafar and his partner in the project, Judith Scott-Clayton of Teachers College at Columbia University, to conduct some groundbreaking research. Their study, “Financial Aid, Debt Management, and Socioeconomic Outcomes: Post-College Effects of Merit-Based Aid,” is the first to examine the impacts of grant aid on homeownership, neighborhood characteristics, and credit outcomes in early adulthood.

Accessing a unique data set
They were able to do this by examining college and financial aid information, and linking educational data to credit bureau data later in life. This unique confluence of data came about almost accidentally. Before joining ASU, Zafar served for more than eight years in the Research Group at the Federal Reserve Bank of New York. At the New York Fed, Zafar learned about the availability of information from the Equifax Credit Bureau on students who’d received grants. Zafar was able to conceive of this research because he knew of the availability of that data. Together with Scott-Clayton’s access to educational records from West Virginia, they were able to perform the necessary analysis.

Video camera READ FULL ARTICLE
WPC Research
Higher education aid and its impact on long-term prosperity
Research by Basit Zafar, Professor of Economics
W

e hear a lot currently about student loans and the debt incurred to gain a higher education. Many argue that it places an undue burden on graduates as they seek to build their professional and financial futures. This has led to calls from some for more financial aid in the form of grants that don’t have to be repaid. But how effective are such grants?

Before this study, research had focused primarily on the effect of grants on college enrollments and the completion of coursework for degrees. But that is only one measure of the efficacy of grants for higher education. The larger question to be answered isn’t just whether students graduate, but how well they do, in real-life financial terms, after they graduate.

The desire to shed light on these issues led Professor of Economics Basit Zafar and his partner in the project, Judith Scott-Clayton of Teachers College at Columbia University, to conduct some groundbreaking research. Their study, “Financial Aid, Debt Management, and Socioeconomic Outcomes: Post-College Effects of Merit-Based Aid,” is the first to examine the impacts of grant aid on homeownership, neighborhood characteristics, and credit outcomes in early adulthood.

Accessing a unique data set
They were able to do this by examining college and financial aid information, and linking educational data to credit bureau data later in life. This unique confluence of data came about almost accidentally. Before joining ASU, Zafar served for more than eight years in the Research Group at the Federal Reserve Bank of New York. At the New York Fed, Zafar learned about the availability of information from the Equifax Credit Bureau on students who’d received grants. Zafar was able to conceive of this research because he knew of the availability of that data. Together with Scott-Clayton’s access to educational records from West Virginia, they were able to perform the necessary analysis.

Video camera READ FULL ARTICLE
WPC crunching the numbers
Coffee is one of our most cherished commodities. The world consumes about 1 billion cups of it per day, and demand for coffee has increased almost 50% in the past 12 years, growth that is expected to continue. Simultaneous to this increased demand, the ecosystems where coffee is grown are being affected by climate change and variability, coffee farm workers seek safer and fairer workplaces, and many smallholder farms struggle for viability.
To address this, the Sustainable Coffee Challenge was formed “to make coffee the first sustainable agricultural product in the world.” The Sustainability Consortium (TSC), which is jointly administered by Arizona State University and the University of Arkansas, is a proud member of the Sustainable Coffee Challenge that is led by one of TSC’s key partners, Conservation International.

TSC released a toolkit of products in the coffee category into the public domain. In doing so, it hopes to encourage commercial and nonprofit organizations throughout the coffee supply chain to meet the growing demand for coffee in a smart, sustainable way.

One tool in TSC’s toolkit is the hot spot diagram, showing activity within coffee’s lifecycle that is identified as having a substantial environmental or social impact that is supported by significant evidence. The hot spots in coffee production include deforestation and biodiversity loss caused by land transformation, labor and human rights issues such as child or forced labor, and impacts to resource stocks such as ground and surface water depletion caused by irrigation water use in water-scarce areas.

WPC crunching the numbers
Coffee is one of our most cherished commodities. The world consumes about 1 billion cups of it per day, and demand for coffee has increased almost 50% in the past 12 years, growth that is expected to continue. Simultaneous to this increased demand, the ecosystems where coffee is grown are being affected by climate change and variability, coffee farm workers seek safer and fairer workplaces, and many smallholder farms struggle for viability.

To address this, the Sustainable Coffee Challenge was formed “to make coffee the first sustainable agricultural product in the world.” The Sustainability Consortium (TSC), which is jointly administered by Arizona State University and the University of Arkansas, is a proud member of the Sustainable Coffee Challenge that is led by one of TSC’s key partners, Conservation International.

TSC released a toolkit of products in the coffee category into the public domain. In doing so, it hopes to encourage commercial and nonprofit organizations throughout the coffee supply chain to meet the growing demand for coffee in a smart, sustainable way.

One tool in TSC’s toolkit is the hot spot diagram, showing activity within coffee’s lifecycle that is identified as having a substantial environmental or social impact that is supported by significant evidence. The hot spots in coffee production include deforestation and biodiversity loss caused by land transformation, labor and human rights issues such as child or forced labor, and impacts to resource stocks such as ground and surface water depletion caused by irrigation water use in water-scarce areas.

W. P. Carey School of Business
The customized, environmentally friendly future of fashion
A

fter moving up the corporate ladder in fashion retail, Sherri Barry (MBA ’10) returned to school to pursue her lifelong dream of becoming a fashion designer. While learning the ins and outs of design, development, and manufacturing, she launched her own company and line of women’s apparel in 2008. It didn’t take long for Barry to discover the challenges up-and-coming fashion designers face in bringing their creations to market.

“One of the fundamental problems in the industry is manufacturing smaller quantities,” she explains. “It is too cost-prohibitive. I met so many designers and, universally, everyone has the same issue.”

Smaller batches were often pulled off the production line to accommodate high-volume orders mass-produced by established brands, and glitches in the supply chain were common. One such error converted Barry’s pattern measurements from inches to centimeters, resulting in pieces that were too small, ruining her $25,000 order — a major setback for her business.

Despite that, Barry’s experience on the front lines opened new doors. In 2016, she founded the Arizona Fashion Source, a small-batch apparel manufacturer in Tempe, Arizona. The same year, she and her current business partner, fashion designer Angela Johnson, established F.A.B.R.I.C., a fashion incubator, and the nonprofit Arizona Apparel Foundation. Both organizations offer emerging designers resources to build their brands and grow them locally and sustainably.

The customized, environmentally friendly future of fashion
A

fter moving up the corporate ladder in fashion retail, Sherri Barry (MBA ’10) returned to school to pursue her lifelong dream of becoming a fashion designer. While learning the ins and outs of design, development, and manufacturing, she launched her own company and line of women’s apparel in 2008. It didn’t take long for Barry to discover the challenges up-and-coming fashion designers face in bringing their creations to market.”One of the fundamental problems in the industry is manufacturing smaller quantities,” she explains. “It is too cost-prohibitive. I met so many designers and, universally, everyone has the same issue.”

Smaller batches were often pulled off the production line to accommodate high-volume orders mass-produced by established brands, and glitches in the supply chain were common. One such error converted Barry’s pattern measurements from inches to centimeters, resulting in pieces that were too small, ruining her $25,000 order — a major setback for her business.

Despite that, Barry’s experience on the front lines opened new doors. In 2016, she founded the Arizona Fashion Source, a small-batch apparel manufacturer in Tempe, Arizona. The same year, she and her current business partner, fashion designer Angela Johnson, established F.A.B.R.I.C., a fashion incubator, and the nonprofit Arizona Apparel Foundation. Both organizations offer emerging designers resources to build their brands and grow them locally and sustainably.

WPC Class Notes
1960s

Dan E. James (MBA ’68) is the senior manager of James & Co. Business Advisors and CPAs in Ogden, Utah. His company recently merged with Eide Bailly, LLP, a regional public accounting and business advisory firm in Fargo, N.D.

Shirlee E. Blount (BA Insurance ’69) retired from the insurance industry after nearly 30 years as a property claims specialist supervising high-dollar claims, as well as instances of arson or fraud. She lives in Flagstaff, Ariz., where she is a volunteer reader for the blind at radio reading service Sun Sounds of Arizona.

1970s

David L. Chanko (MBA ’79) began his second year teaching mathematics at Chaparral High School in Scottsdale, Ariz. It will be his 43rd year in education since becoming a graduate teaching assistant in economics at ASU. Chanko and his wife reside in Scottsdale and have a summer home in Oregon.

Rosemary Coates (BS Transportation ’79) is the executive director of the Silicon Valley-based Reshoring Institute, a 501(c)(3) nonprofit organization that assists companies in bringing manufacturing to the U.S. With more than 25 years of management consulting and global manufacturing experience, Coates is also an Amazon.com best-selling author and a professor of global supply chain strategy.

WPC Class Notes
My 2 cents
A

ccording to the Federal Reserve Bank, outstanding student loan debt in the United States is estimated at more than $1.6 trillion — a figure that includes both federal and private student loans. It’s an issue we all regularly hear about on the national political stage, especially as we get closer to the 2020 U.S. elections.

For the first time in three years, interest rates on federal student loans decreased. For the 2019–20 academic year, lower rates apply to new federal student loans made on or after July 1, 2019, through June 30, 2020. Still, the student loan albatross is not going away for many.

Nationally, about 65% of college seniors who graduated in 2017 had student loan debt, owing an average of $28,650, according to the Insitute for College Access and Success. Arizona has the eighth-lowest average student loan debt among all 50 U.S. states and the District of Columbia with average student debt of $23,913. This is according to a recent study by Lend EDU, an online marketplace for comparing student loans. Lend EDU also found that graduates from ASU’s Tempe campus had the lowest average debt load in Arizona with $23,237.

My 2 cents
A

ccording to the Federal Reserve Bank, outstanding student loan debt in the United States is estimated at more than $1.6 trillion — a figure that includes both federal and private student loans. It’s an issue we all regularly hear about on the national political stage, especially as we get closer to the 2020 U.S. elections.

For the first time in three years, interest rates on federal student loans decreased. For the 2019–20 academic year, lower rates apply to new federal student loans made on or after July 1, 2019, through June 30, 2020. Still, the student loan albatross is not going away for many.

Nationally, about 65% of college seniors who graduated in 2017 had student loan debt, owing an average of $28,650, according to the Insitute for College Access and Success. Arizona has the eighth-lowest average student loan debt among all 50 U.S. states and the District of Columbia with average student debt of $23,913. This is according to a recent study by Lend EDU, an online marketplace for comparing student loans. Lend EDU also found that graduates from ASU’s Tempe campus had the lowest average debt load in Arizona with $23,237.

Give and go

Steve Adams has a 3-year-old daughter and a 2-year-old son, who “watch everything that I do.” A former collegiate soccer player who trained on the Olympic development team, Adams earned a W. P. Carey MBA in 2005 and now develops real estate for Adams Craig Acquisitions. Combining his two talents, soccer and finance, allowed him to teach his children a valuable life lesson. “I want to show my kids that individuals can make a difference if they use their gifts in life to help others who are less fortunate,” Adams says.

Steve Adams

After he sprained an ankle playing in a recreational league tournament, he used the downtime to volunteer coach for North Phoenix Christian Soccer Club and ultimately form Valley-based God Loves Soccer FC, a program for refugee children whose families can’t afford club soccer. The organization’s mission is to teach responsibility and perseverance through sports and faith. Adams and his wife, Cynthia, who also earned an MBA at ASU in 2005, realized they wanted to continue helping refugee children. The family established a scholarship in the W. P. Carey School of Business that gives first preference to an undergraduate of refugee status, with second preference to a first-generation student. “Phoenix is one of the largest refugee outlets in the United States, and we can’t think of a better way to support ASU, Phoenix, and our nation than giving children and families from war-torn countries the gift of the American dream through education,” Adams says.

WPC Class Notes
Traveling trio, 20 years in the making
N

early 20 years ago, Darren Toohey, Bryson Masters, and Jonathan Abramson were focused on supply chain management while they earned their MBAs, taking the same logistics and procurement classes together. After earning their MBAs in 2000, their career journeys varied — from working for Fortune 100 companies to innovative startups.

Now almost two decades since graduating, the trio is together again — this time working for CWT (formerly Carlson Wagonlit Travel), one of the largest global business travel management companies in the world.

A post on LinkedIn ultimately reunited the former classmates. Toohey, senior vice president of global sales at CWT, shared a job opening in his group. After seeing the post, Masters and Abramson reached out to him about the opportunity that fit their unique backgrounds.

“With CWT now focusing on data science, innovative technologies, and becoming a truly digital company, I was looking to hire people with a diverse background that better matched CWT’s future direction,” Toohey explains.

The scoop on this ‘dope’ alumna
Kelsey Witherow
Kelsey Witherow with her grandparents at graduation.
Kelsey Witherow (BS Marketing ’13) is the founder and fearless leader of San Francisco-based Doughp (“dope”) dessert bar. After getting sober in 2015, Witherow rediscovered her passions in the kitchen and ditched a 10-year tech career at Intel to open the edible cookie dough company in 2017. She recently pitched her business on ABC’s “Shark Tank” (Season 10, Episode 22). While the sharks didn’t take a bite of Doughp, Witherow didn’t miss a beat and opened her second storefront on the Las Vegas Strip shortly after taping the show. The dessert company dishes up the raw dough on San Francisco’s famous Pier 39, at the San Francisco Giants’ ballpark, and in Las Vegas. Spoonlickers nationwide can also get Doughp cookie dough delivered to their door via the company’s website. The dessert bar’s tagline, “legit cookie dough,” represents the seven all-natural ingredients that make up the preservative-free recipe. With a vegan egg substitute and heat-treated flour, Doughp encourages customers to eat it raw or heat it at 350 degrees. Witherow’s journey into sobriety inspired its #Doughp4Hope mission to reduce the stigma around mental health and addiction.
Doughp cookie dough by Kelsey Witherow
Class of 2019 Sun Devil 100 winners
Sun Devil 100
Join us in congratulating some of our Class of 2019 Sun Devil 100 winners. This honor celebrates the achievements of businesses owned and led by Sun Devils across the globe. Continuing an incredible legacy of entrepreneurship and leadership, the majority of alums selected for the Sun Devil 100 — 43 of 96 — are graduates of the W. P. Carey School of Business.

Get to know all of them: wpcarey.asu.edu/sun-devil-100

WPC Class Notes
Hit reset Alum shares how to simplify life
Hit reset
Alum shares how to simplify life
“People must have a vision for their lives and a mission to focus on the things that bring fulfillment and satisfaction. Once clarity is achieved, a person can better decide about things that do or do not align with their life.”
Detox Your Circle, Activate Your Destiny
“People must have a vision for their lives and a mission to focus on the things that bring fulfillment and satisfaction. Once clarity is achieved, a person can better decide about things that do or do not align with their life.”
T

o summon the right people, activities, and passions in life, you need to declutter — and that doesn’t mean doing the KonMari method. In this case, it means disconnecting from unhealthy relationships and quitting bad habits such as self-sabotaging behaviors and meaningless rituals, says Ernest Sears (MBA ’02), author of “Detox Your Circle, Activate Your Destiny.” Sears, a lifestyle design consultant and relationship strategy coach for SOS Consulting in Phoenix, wrote the book after reaching a turning point and crisis of meaning in his life.

“It’s a process to move from inspiration to manifestation. There are pitfalls along the way that we must be able to either circumnavigate or deactivate,” says Sears, who retired from corporate leadership in 2016. “This is where I use the 13 toxic red flags to help readers stay vigilant about what might show up on the horizon at any time. It is always better to have an idea of what might be coming your way and how to prevent these negative energies from hijacking your destiny.”

Remembering Richard Nosky
Remembering Richard Nosky
Richard Nosky
R

ichard Nosky joined the W. P. Carey School as a lecturer in the Department of Management in 2003 after a successful career in the military and business world. He was the recipient of several outstanding teacher awards, including the 2009 Huizingh Outstanding Undergraduate Professor Award and the Alpha Kappa Psi Outstanding Teaching Award, before his retirement in 2017. Nosky died on June 28. He was 87.

As a former executive at General Electric and a founder of Courier Terminal Systems, he had bountiful practical knowledge to share as a senior lecturer at W. P. Carey. “Richard Nosky taught an applied projects course for many years in our management curriculum. The course was quite demanding and students looking for an easy A stayed away,” shared Emeritus Professor and EMBA Faculty Director Gerry Keim. “Those who did take the course got very valuable practical experience and as a result had more job offers than those who skipped the course. Students loved him, and he taught them lessons that will be valuable for their entire careers.”

W. P. Carey Dean Amy Hillman also remembers Nosky as an inspiring teacher, adding, “He also inspired his colleagues, reminding us that business and life are better when we work hard, but also laugh. He truly lived our philosophy of business is personal.”

Remembering Richard Nosky
Richard Nosky
In Memoriam
1975
Tim Maland
BS Business Administration

1980
Jeffry P. Gossen
BS Business Administration

Thomas J. Leonard
BS Business Administration

Charles E. Maki
MBA

1981
David Y. Thomas
MBA

1982
Katherine S. Sherman
BS Business Administration

1983
Melvin L. Brodman
BS Marketing

1984
Andrea E. Borg
MBA

1985
Curtis W. Moreland
BS Computer Information Systems

Richard D. Sears
BS Marketing

1986
Robert D. Conway
BS Real Estate

1987
James M. Hegarty
BS Marketing

Jacqueline M. Withrow
BS Accountancy

1989
James Placet
BS Finance

George M. Reider, III
BS Marketing

1990
Michael J. Bloom
BS Marketing

1991
Mark V. Sprague
BS Business Administration

Brett Hoopingarner
BS Computer Information Systems

1993
Abu T. Shaharier
PhD

1996
Keith A. Marple
BS Management

Eric P. Zarkovich
BS Business Administration

1999
Douglas P. Todd
BS Management

2003
Sammy Kwan
MBA

2011
Michael D. Mulcahy
MSIM

2016
Kevin K. Allen
MBA

1975
Tim Maland
BS Business Administration

1980
Jeffry P. Gossen
BS Business Administration

Thomas J. Leonard
BS Business Administration

Charles E. Maki
MBA

1981
David Y. Thomas
MBA

1982
Katherine S. Sherman
BS Business Administration

1983
Melvin L. Brodman
BS Marketing

1984
Andrea E. Borg
MBA

1985
Curtis W. Moreland
BS Computer Information Systems

Richard D. Sears
BS Marketing

1986
Robert D. Conway
BS Real Estate

1987
James M. Hegarty
BS Marketing

Jacqueline M. Withrow
BS Accountancy

1989
James Placet
BS Finance

George M. Reider, III
BS Marketing

1990
Michael J. Bloom
BS Marketing

1991
Mark V. Sprague
BS Business Administration

Brett Hoopingarner
BS Computer Information Systems

1993
Abu T. Shaharier
PhD

1996
Keith A. Marple
BS Management

Eric P. Zarkovich
BS Business Administration

1999
Douglas P. Todd
BS Management

2003
Sammy Kwan
MBA

2011
Michael D. Mulcahy
MSIM

2016
Kevin K. Allen
MBA

WPC Just for fun
The price is right: Then and now
The price is right: Then and now
O

f course prices on everything have gone up since the Territorial Normal School (the precursor to ASU) was founded in 1885. But not everything moves at the same rate — or for the same reasons. Stamp prices have risen one-sixth as fast as milk, which has been dwarfed by the spiking cost of movie tickets since World War II. And while you may think that coffee has skyrocketed since its resurgence over the past 20 years, it’s moved at roughly the same rate as a boring old loaf of bread.

 
Federal minimum wage
Loaf of bread
Gallon of milk
First-class postage stamp
Movie ticket
Cup of coffee
1885:
Territorial Normal School is founded
Minimum wage wasn’t established until 1938.
$0.03
$0.24
$0.02
N/A
N/A
1930:
William Polk Carey is born
N/A
$0.09
$0.56
$0.03
$0.25
$0.16
1948:
Department of Commerce becomes the Department of Business Administration
$0.40
per hour
$0.12
$0.70
$0.03
$0.36
$0.27
1962:
College of Business Administration gets accredited by AACSB
$1.15
per hour
$0.26
$1.04
$0.04
$1.42
$0.34
2003:
W. P. Carey naming
$5.15
per hour
$2.39
$3.18
$0.37
$6.03
$2.10
2010:
Fleischer Scholars program launches
$7.25
per hour
$2.50
$3.06
$0.46
$7.89
$2.48
2019:
Today
$7.25
per hour
$2.89
$2.85
$0.55
$9.11
$2.99

Connect with us and share your thoughts:

Connect with us and share your thoughts:
LinkedIn alumni group
wpcarey.asu.edu/linkedin
Thanks for reading our Autumn 2019 issue!