Justin Woo's Blog

For almost every occasion and often when there isn’t an occasion at all, retailers advertise huge sales on their products. These “percent off” sales are so common, it is rarer to see a retailer without any sort of sale than a retailer with a sale. The main idea behind offer these discounted items is the hope that there will be some items that the customers will buy at full price.
While 25% off discounts were once seen as huge, today they may not be enough to entice buyers. Advertisements often claim 50, 60, or 70 percent discounts. Many companies use a different approach to the “percent off” discounts so their effectiveness is not worn out. One tactic is to offer a discount only if the buyer spends a minimum amount of money. Another approach is to give a discount on the second item after the first item is bought at full price.
It is important for many shrewd shoppers to feel like they “won” by getting a big discount. And despite the fact that these tactics are used so regularly, it is still effective and arguably necessary, as customers have become accustom to discounts in their everyday shopping.
And, as the Christmas season approaches, many of us will use our shrewd consumer skills to “win” the gifts we intend on giving.

http://www.nytimes.com/2010/10/12/business/media/12adco.html?_r=1&ref=business

In light of the recent MIS/IT lecture, it would be fitting to address the increasing usage of IT in business schools around the world.
As the business world continues to rely more and more on IT each day, many business school are coming to terms with the fact that IT needs to be an important and integral part of education. Indeed, Sauder School of Business has certainly adopted this mentality as demonstrated with the implementation of iclickers, blogs, tweeter, vista, and many other programs.
However, beyond all the impressive technology schools have the offer, the big question is whether or not the technology actually enhances learning. In Virginia’s Darden Graduate School of Business, for example, a group of MBA students were given a device called the Kindle DX e-reader to supplement the textbook they were also given. According to the students, the constant switching between textbook and Kindle was a hinderance as it was far slower and more complicated than learning straight from the textbook.
However, beyond learning enhancement, many schools are implementing devices which make group communication much easier. At Duke University a “Telepresence” system has been installed. Essentially it is a giant plasma screen which portrays life size images of people from other parts of the world, allowing overseas guests to participate in the lectures. Furthermore, campuses in Singapore, France, and Dubai have constructed virtual campuses where members from around the world can learn and interact.
In conclusion, in a world with increased reliance on IT, one should always question whether IT enhances the quality of education and communication or if it acts as a hinderance. In doing so, one is able to take the best of both worlds in order to truly obtain the highest quality of learning.

http://www.economist.com/whichmba/MBAs-and-technology

While browsing The Economist website, I came across a topic that I have never really considered, that is, the effects of a rising commodity price. Currently, wheat prices are up almost double what they were in June due to fires and drought in the large wheat-exporting nation of Russia. The principles of supply and demand would reason that as the supply decreases the quantity of goods decreases and the price of the goods goes up, assuming demand stays the same. And sure enough, this is exactly what has happened to the wheat commodity.
The social implications of these high wheat prices are more serious than I thought. For example, the country of Mozambique experienced a riot a month ago partially prompted by the wheat prices. The riot resulted in a least a dozen dead and more than 400 people injured. As a result, the government decided not to carry through with the proposed 30% increase to bread prices. There have also been riots in a number of African and Eastern European countries.
One reaction towards the rising wheat prices has been countries stocking up on wheat in order to have enough for the future. This panicked buying just amplifies the effects of the Russian wheat problem. Most experts believe that the current wheat prices are not that big of a deal. Certain factors, such as farmers substituting other cattle feed for wheat, have brought the demand down. And ultimately, though the prices are currently higher than average, there is still more than enough wheat to go until Russian bounces back.

http://www.economist.com/node/16996835
http://www.economist.com/node/16994407