Stern Marketing 2016-2017

NYUSternMarketing 2 016 -2 017 N E WS LE T TE R

44 published articles

DISTINCTION THROUGH DIVERSITY: PURSUING EXCELLENCE WITH A GLOBAL VISION

58 editorial board positions UT Dallas: 4th in research productivity U.S. News: 3rd in worldwide UG marketing Largest number of female faculty among comparable programs

EDITORIAL BOARDS City, Culture and Society C. Samuel Craig Information Systems Research Anindya Ghose, Senior Editor International Journal of Advertising C. Samuel Craig International Journal of Research in Marketing Adam Alter Tülin Erdem, Senior Editor Eitan Muller, Co-Editor-in-Chief, Policy Board Member Vishal Singh Russ Winer, Senior Editor Journal of the Academy of Marketing Science Tülin Erdem Journal of Advertising Research Henry Assael, Senior Advisory Board C. Samuel Craig Russ Winer Journal of Consumer Psychology Eric Greenleaf Durairaj Maheswaran Tom Meyvis Priya Raghubir, Associate Editor Yaacov Trope, Associate Editor Journal of Consumer Research Adam Alter Andrea Bonezzi Durairaj Maheswaran Tom Meyvis, Associate Editor Vicki Morwitz, Co-Editor Priya Raghubir Yaacov Trope Journal of Experimental Social Psychology Adam Alter Yaacov Trope Journal of International Marketing C. Samuel Craig Journal of Marketing Eitan Muller

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MESSAGE FROM THE MARKETING CHAIR PRIYA RAGHUBIR

This is truly a vibrant time for NYU-Stern Marketing. Alixandra Barasch joins us from Wharton, and Raluca Ursu joins us from Booth, bringing us to 28 full time and 4 affiliated faculty, 15 PhD students, and over 50 adjunct faculty.

Academically, we are diverse. Faculty interests range from traditional perception, memory, attitudes, and context effects to JDM, econometrics, machine learning, text mining, stochastic modeling, neuroscience, empirical I-O, and social networks. Our faculty engage in cross-disciplinary research using a mix of experiments and secondary data blurring boundaries between traditional “CB” and “Marketing Science” research. Last year, our faculty published 44 articles, 2 book chapters, and occupied 58 editorial board positions.

We are not only productive, we are also reproductive (see page 9)! We pride ourselves on our diverse family culture. Not only do we count 10 female faculty members among us, (5 of whom are Full Professors), our faculty also comes from all over the globe: Australia to Romania, Russia, Japan, and Turkey, among others.

NYU Stern remains at the forefront of industry; the NYU Stern CBS Media Analytics Initiative is the latest example. Its mission is to advance cross-media research by providing a wider understanding of the nature of the interactions between television and other media platforms and how they influence consumer exposure and behavior. Reflecting this “real-world” orientation, Stern faculty research is frequently featured in respected media outlets ranging from WSJ and NYT to NPR and CNBC. Our administrative team of Anne, Leanna, Mike, and Jory keep the department running like a welloiled machine. Thanks to them for producing, directing, writing the screenplay, art directing and now starring in this newsletter.

Department Chair Dean Abraham L. Gitlow Professor of Business

EDITORIAL BOARDS Journal of Marketing Behavior Tülin Erdem, area editor Eitan Muller

THE STERN MARKETING PHD PROGRAM

COORDINATOR TOM MEYVIS

The PhD program aims to create future thought leaders in the field of marketing: researchers who are fully familiar with past research and state-of-the-art methodology, who understand the importance of research integrity, who identify and creatively examine the pressing questions in marketing today, and who can clearly communicate their insights to colleagues and students. To do so, we have honed a unique, intense, and structured program. It starts with highly selective recruiting that identifies the best and brightest among the many applicants from across the world, such as the four students joining our program this year: Johann Melzner (Organization and Social Psychology, Ludwig Maximilians University), Qianyun (Poppy) Zhang (Marketing Analytics, NYU), Fanglin Chen (Economics, Finance, and Marketing, Tsinghua), and Emily Powell (Psychology, Cornell).

To help admitted students transition into well-rounded scholars, the curriculum includes courses in Consumer Behavior and Quantitative Marketing, as well as essential methods courses and electives in psychology, statistics, and economics. In addition, students are assigned to faculty for research practica on a rotating basis, resulting in ongoing research collaborations with multiple faculty members. Finally, students learn to effectively communicate their work through many presentations, including a popular brown bag series in which each student presents every year to faculty and doctoral students.

While we love having our students around, we are also happy for them to graduate and share their talents and education with the rest of the world. This year’s graduates are Chiara Longoni, who will join the Boston University Marketing Department, and Yuzhou Liu, who joined Airbnb. We wish Chiara and Yuzhou all the best and are confident that they will do us proud as they join the illustrious list of our PhD program’s alumni!

UT DALLAS RESEARCH RANKING WORLDWIDE 2015-2016 RANK

1 2 3 4 5

UNIVERSITY

SCORE

Duke University, The Fuqua School of Business

13.68

University of Chicago, Booth School of Business

12.16

University of Pennsylvania, The Wharton School

11.19

New York University, Leonard N. Stern School of Business

10.76

University of Toronto, Joseph L. Rotman School of Management

10.45

Journal of Marketing Research Tülin Erdem, Advisory Council Member Eric Greenleaf Durairaj Maheswaran, Associate Editor Tom Meyvis Eitan Muller Priya Raghubir Yaacov Trope Russ Winer, Advisory Council Member Journal of Personality and Social Psychology Yaacov Trope Journal of Retailing Vishal Singh Joel Steckel Yaacov Trope Management Science Anindya Ghose, Associate Editor Minah Jung Yaacov Trope Marketing Letters Kim Corfman Tülin Erdem Eric Greenleaf Tom Meyvis Vicki Morwitz Priya Raghubir Joel Steckel, Co-Editor-in-Chief Yaacov Trope Marketing Science Yuxin Chen, Senior Editor Tülin Erdem, Advisory Council Member Vishal Singh, Area Editor Eitan Muller Social Psychology and Personality Science Yaacov Trope

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ACADEMIC PROGRAMS IN MARKETING Marketing coursework at NYU Stern emphasizes experiential learning by leveraging the wealth of resources available in New York City.

This year, Stern Marketing as well as the Entertainment, Media & Technology Program have introduced new courses at the graduate level. Brilliant Execution, a new course conducted by Allen Adamson (founder of the consulting firm BrandSimple), uses a workshop-based structure to immerse students in the practical and pragmatic aspects of marketplace execution.

Predicting the Future of Technology, a new course conducted by Amy Webb (founder of the Future Today Institute, a forecasting and strategy firm), systematically explores the future in order to forecast it and make better business decisions in the present. The class presents a process for identifying and acting on trends in tech and its use in industry.

Mario Batali visits Stern to discuss Eataly in MBA Core Marketing. Pictured with Russ Winer and Priya Raghubir.

STUDENT ORGANIZATIONS IN MARKETING

The Entertainment, Media & Technology Association, open to all MBA students enrolled at NYU Stern, is a crucial resource for top MBA and professional talent to engage in conversation on the most relevant issues facing EMT organizations worldwide.

EMTA, which operates in collaboration with Stern Marketing’s Entertainment, Media & Technology Program, organizes events such as career development trainings and mentorship, the annual MBA Media & Entertainment Conference, industry panels, and networking opportunities. nyustern.campusgroups.com/emta

Stern’s Graduate Marketing Association includes over 500 students interested in exploring marketing across a wide array of industries, and works to provide their members with the tools to improve their marketing skill set and to build their network.

The 2015 GMA conference on Consumer Engagement featured a keynote presentation

by Brooklyn Brewery’s Steve Hindy. nyustern.campusgroups.com/gma

The Marketing Society, open to all NYU and Stern students, works to combine the academic resources of Stern with a connection to the vibrant New York marketing industry.

MktSoc’s packed event schedule, which includes weekly speaker series events, ADversary think tank discussions, and numerous networking events, is structured to foster a community of better marketers and future leaders. MktSoc’s 2015 Marketing Mix Conference was held last November, and featured speakers from Time Inc., DigitasLBi, Accenture, Nielsen, and more. nyumarketingsociety.weebly.com 4 | 2016-2017 NEWSLET TER

Stern’s Luxury and Retail Club, founded in 2004, was established as a career-based outreach program for Stern students interested in entering the luxury and retail industry sectors.

The organization works closely with Stern’s Luxury Marketing specialization, one of the multiple specializations offered via Stern Marketing. Together, Stern faculty and students have worked to promote Stern as a premiere source of talent in these sectors. nyustern.campusgroups.com/gma

The Stern & Tisch Entertainment Business Association serves undergraduate students interested in film, television, music, sports, and other media. This cross-school organization works to build a strong network in the entertainment & media industries.

By organizing panels, speakers and programs on all aspects of entertainment business, STEBA offers a strong advantage to NYU students within the growing entertainment landscape in New York City and beyond. pages.stern.nyu.edu/~steba

EXPERIENTIAL LEARNING WITH STERN MARKETING Stern Marketing has offered multiple experiential courses in recent months, with one highlight, “Consulting Lab: Branding,” increasing in popularity. Adjunct Professor Fran Gormley (left) discussed the Spring semester Consulting Lab Experience with collaborator Lynn Feinson, Stern alumna and EVP at MasterCard. takes that ability to a totally different place because you’re actually doing the work. When you go through the case method it’s very useful to learn techniques, frameworks, processes, but it’s in the application of your skills that drive your business. I wish we had the brand lab when I was a Stern student. I think that my career would have advanced much more quickly.

NYU Stern: Can you tell us a little bit about how you met?

Gormley: We met at Citi Bank when we were both working in the credit card division; Lynn was a colleague and, then, a client of mine.

Feinson: And I was very fortunate to meet Fran when she was building a unique practice; it was all about brand positioning in financial services and value propositions with consumer-centric techniques.

I don’t think I’m overstating if I say that Fran changed the financial services industry with these segmented value propositions.

At what point did you realize this sort of class would create as much value as it did, for both parties?

Gormley: The problem that MasterCard presented the class with was something I would get in my consulting practice. It was one of the more challenging things I’ve seen ever posed and, honestly, going into it I really didn’t know what the answer was.

Feinson: One of the most delightful surprises for me in participating in the brand lab was the quality of the work. I really didn’t expect that MasterCard would get from it what it received. I thought that we would help the class learn some things, they would do a nice little case study, it would be neatly tied up, and that would be it. And the surprise was the usefulness of the ideas the students presented.

They were very thoughtful, very deep, very pragmatic.

Gormley: Students who take this class learn how to generate relevant customer insights, evolve branding concepts, think of innovative new platforms, and to update value propositions and service offerings. This class is great for anyone who wants to be in the field of Brand Strategy, innovation, or to work for a consulting firm. But even if you’re not going to do any of those things, today everyone is charged with managing a brand wherever they work. This class gives insight into how to get the best out of your consultants and agencies, in terms of keeping your brand innovative and dynamic.

Feinson: I manage a global team of over 100 marketing consultants; I wish I could send new hires to the brand lab. The experience students receive in this course is equivalent to the first 6 months to 1 year of experience that a consultant gets when they start with us.

We used the case process quite a bit when I was at Stern, so I learned how to tackle problems a bit in the abstract, but I didn’t feel very equipped for the real world to a certain extent. Experiential learning

Gormley: You can be far along in your career before you really get exposure to a global branding strategy or footprint. In this class, you learn from one of the best brands there is globally in MasterCard and Priceless®. The students get exposed to that framework and then real MasterCard strategic documents, briefing documents, market research that they can all go through.

I can talk about them, but there’s nothing like trying to do it yourself, analyzing it, and generating insights.

EXPERIENCES FROM THE SILVER SCREEN: EMT Students at the 2016 Cannes & Tribeca Film Festivals The NYU Stern Entertainment, Media & Technology Program is no stranger to experiential marketing.

For over a decade, the EMT Program has orchestrated annual immersion courses for both undergraduate and graduate students—all with a passion for film and the industry that drives creation. Undergraduate students are invited to attend the Tribeca Film Festival (TFF) here in NYC, and are tasked with observing the structure of the event. Student feedback plays an important role in the Festival’s annual developments, and is welcomed every year by senior members of the TFF.

At the graduate level, 26 students from Stern and from NYU’s MBA-MFA dual-degree program travel to France for the Cannes Film Festival. This highly-anticipated class is offered to students interested in the creative and business components of the independent film industry, and has contributed to the immensely successful network of NYU students who enter this space.

EXCELLENCE IN RESEARCH MARKETING AWARDS AND RECOGNITION Yaacov Trope was selected as a winner of the 2015 Society for Personality and Social Psychology (SPSP) Career Contribution Award.

This award honors scholars who have made major theoretical and/or empirical contributions to social or personality psychology.

On June 7, Steven Dallas received the 2016 Behavioral Exchange (BX) Junior Scholars Award.

The award recognizes scholars who are conducting cutting-edge research that intersects with policy or business. Steven received the award at this year’s BX 2016 Conference at Harvard University.

Journal of Consumer Research Prof. Durairaj Maheswaran, along with HaeEun Helen Chun of Cornell University and Pragya Mathur of Baruch College, explore the mindset framework, one of the powerful drivers of consumer and organizational behavior.

To advance discussions on the 6 | 2016-2017 NEWSLET TER

In this NYU-wide competition, doctoral candidates must engage and excite a general audience about their work using nothing more than their knowledge, passion, and three minutes.

On February 25, Vicki Morwitz co-chaired the Society for Consumer Psychology doctoral Consortium.

She worked together with Stern alumnus Manoj Thomas (PhD ‘06) and Thomas’ doctoral student, in St. Pete Beach.

Luke Williams was rated one of the 100 leading professors in the field of entrepreneurship by Hot Topics.

Consumer Mindsets and SelfEnhancement: Signaling vs Learning

4th year PhD student Steven Dallas won NYU’s Lightning Challenge.

concept and applications of mindsets in consumer research and in the marketplace, the authors provide conceptual and contextual clarity into the signaling mechanism by identifying relevant and meaningful consumer contexts.

They also suggest potential solutions for important methodological challenges that researchers and practitioners may face and highlight the managerial and organizational relevance of mindsets.

Raluca Ursu was awarded an honorable mention in the 2015 Alden G. Clayton Doctoral Dissertation Proposal Competition.

Raluca, who was honored for her paper “The Power of Rankings: Quantifying the Effects of Rankings on Online Consumer Search and Choice,” joined Stern this year.

Eric Greenleaf was recognized with the Best Reviewer Award by the Journal for Consumer Psychology.

Anchoring in Payment: Evaluating a Judgmental Heuristic in Field Experimental Settings Journal of Marketing Research Prof. Minah Jung and co-authors examine the effect of numeric anchors on pay-what-you-want and other elective pricing models.

The authors use a thoroughly investigated and widely employed pricing scheme (pay-what-youwant pricing), to look at how numeric anchors influence elective payments. Sixteen field studies (N=22,702) and four hypothetical

studies (N=3,056) reveal substantial variation.

Simple field tests showed no differences in payments (Studies 1-2), and these null effects persisted across many theoretically derived modifications (Studies 3-10).

The Unintended Consequences of Counter-Marketing Strategies Marketing Science Prof. Vishal Singh and his coauthors, Yanwen Wang and Mike Lewis, present an analysis of the relative effectiveness of varied anti-smoking, or countermarketing, strategies. They find that cigarette excise taxes are the most effective tool for reducing overall cigarette sales, followed by antismoking advertising.

Smoke-free restrictions are not found to have a significant effect on cigarette sales. This issue is important because some counter-marketing techniques may potentially shift consumers to more dangerous, higher nicotine and tar cigarettes.

Steidl: Printer, Publisher, Alchemist: The Field of Luxury Production in Germany Luxury This case study by Prof.

Thomaï Serdari on German publishing house Steidl Verlag was presented with the aim to articulate key ideas on luxury business strategy that have been absent from the existing business literature and to highlight the importance of creative strategy in productdriven luxury brands.

SternMarketing

Questioning the End Effect: Endings Are Not Inherently Over-Weighted in Retrospective Evaluations of Experiences

A Structured Analysis of Unstructured Big Data

by Leveraging Cloud Computing Marketing Science

Journal of Consumer Research

Journal of Experimental Psychology: General Prof. Tom Meyvis and alumna Stephanie Tully investigate whether it really is better to end experiences on a high note. The research re-examines one of the most basic assertions regarding the evaluation of hedonic experiences: the end effect. The end effect suggests that the retrospective evaluation of an experience is disproportionately influenced by its final moments.

Their findings indicate that endings are not inherently over-weighted in retrospective evaluations. Episodes do not disproportionately affect the evaluation of experiences simply because they occur at the end.

Publisher Steidl Verlag, founded in 1972, and located in Göttingen, Germany, constitutes a critical case study that will help articulate some key ideas on luxury business strategy that have been absent from the existing business literature.

On the Psychology of Scarcity: When Reminders of Resource Scarcity Promote Selfish (and Generous) Behavior

Prof. Xiao Liu and co-authors combined methods from cloud computing, machine learning and text mining to illustrate how content from online platforms can be used for forecasting.

They conducted analysis on nearly two billion tweets and 400 billion Wikipedia pages.

Their main findings emphasize that in contrast to basic surfacelevel measures such as the volume of or sentiments in tweets, the information content of tweets and their timeliness improve forecasting accuracy significantly.

Saving the Masses: The Impact of Perceived Efficacy on Charitable Giving to Single vs. Multiple Beneficiaries Organizational Behavior and Human Decision Processes

Prof. Vicki Morwitz and alumna Eesha Sharma find that donors who believe their contributions are effective will be significantly more likely to donate to multiple beneficiaries and large causes.

People are more generous toward single than toward multiple beneficiaries, and

Prof.Andrea Bonezzi, Caroline Roux of Concordia University and Kelly Goldsmith of Northwestern University posit that reminders of resource scarcity activate a competitive orientation, which guides consumers’ decisionmaking toward advancing their own welfare.

The authors reveal that this tendency can be leveraged to promote generosity when resources are scarce.

Specifically, in a climate of scarcity, in order to promote actions that benefit society at large, it is important to emphasize the personal benefits associated with those behaviors, instead of trying to appeal to people’s altruistic self.

encouraging greater giving to multiple targets is challenging.

We identify one factor, perceived efficacy, which enhances generosity toward multiple beneficiaries. We investigate relationships between perceived self-efficacy (believing one can take steps to make an impact), response efficacy (believing those steps will be effective), and charitable giving.

Four studies show that increasing perceived self-efficacy increases perceived response efficacy and increases donations for multiple beneficiaries.

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2015-2016 A YEAR OF MILESTO SUNDER NARAYANAN

CLINICAL PROFESSOR OF MARKETING Dean Geeta Menon discussed Sunder’s journey from Visiting Professor to Full Professor with Stern.

What drew you to an academic career in Marketing?

For someone coming from a scientific and engineering background, I find Marketing appealing to both my analytical and creative side. My love for Marketing only grew while I worked in product management in India.

Those were the exciting days of new product launches, advertising campaigns, market research, and field visits. However, after a few years of working, I started looking for a new relationship with the field, and found it through a Ph.D. program. Marketing lies at the intersection of multiple disciplines, and welcomes ideas from a multitude of disciplines; there is never a dull day in this field.

My Marketing colleagues reflect this diversity and provide a truly invigorating environment for my professional growth.

What are your current research and teaching interests?

My current academic interests are broadly in the areas of globalization and strategy. As a clinical professor, I am given the opportunity to teach a diverse set of very interesting courses in the undergraduate program.

In general, my courses focus on industries such as Entertainment and Media, Digital Platforms, and Energy, and on regions, such as the Middle East and Latin America. In addition, I have created new courses, such as one on the Middle East, an immersive experience delivered in NYU Abu Dhabi, and another on clean energy innovations, an experiential learning seminar that gives students an opportunity to work on projects for Clean Energy Tech startups.

I’m also the Director of Undergraduate Global Academic Initiatives. Working closely with the academic departments, my responsibility is to ensure that Stern courses offered in our global sites are consistent with those offered at Stern. NYU is one of the first universities to go global on such a large scale, and faces similar challenges as those faced by multinational corporations operating around the world.

While allowing for cultural and other variations across countries, the challenge for NYU is to implement a transnational strategy that maintains the quality of the curriculum, the faculty, and the facilities, while also maximizing the learning and the international experience for students.

What changes have you seen at Stern since you started teaching here?

A lot has changed at Stern. Apart from the improved facilities, the quality of students has also improved; that makes the classroom interactions more enjoyable. The campus’s location in the most exciting city in the world, combined with its combination of international students and increasing number of domestic students studying away, give Stern a very cosmopolitan air. The excitement and energy on campus is palpable, and we are graduating truly global citizens at Stern.

What are your thoughts on the future of Marketing?

What positions do you hold at Stern? What do you enjoy most about these roles?

The future for this field is very bright. With the increased availability and emphasis on data analytics, Marketing has begun to play an increasingly important role within companies.

While other functions may eventually get outsourced to lower-wage, high-skilled employees in emerging countries, the Marketing function usually remains within the organization.

I’m the undergraduate faculty adviser in the marketing department. In this role, I guide students on Marketing courses and careers.

Marketing will continue to adapt and reinvent itself in a changing world, and provide many future job opportunities for our students.

HENRY

50 YEARS

W I TH

ST

Sam Craig and Priya Raghubir celebrating Henry Assael (center) and his 50 years of service with Stern Marketing. Sam interviewed Henry on his time here.

What in your view have been the most significant changes since you have been at NYU? As I look back on my time at Stern, there is one theme that stands out: the increasing diversity of our community and the strength created by this diversity. When I entered my first class at Stern, an introductory marketing MBA course, it was composed of 49 men and one woman. There were no female professors in marketing, few in the faculty; none with the title of Dean. There were few minority faculty members or students.

Fast forward to today. Female students make up the majority of my students. 40% of Stern Marketing professors are women. Minority group students have strong representation. Our greater diversity has lent strength to the academic excellence of our student body and faculty at Stern.

A second theme of change is the increasing excellence of our student body and faculty. Our admissions standards have steadily enhanced the quality of our students. As for the faculty, when I joined, only Finance and a stand-alone International department had national recognition.

Today, Stern is a leading research-oriented school and is balanced across departments.

Over time your research interests have evolved— but there seems to be a constant theme of looking at issues related to advertising.

My first job before I got into the doctoral program at Columbia was at BBDO, one of the largest ad agencies; my focus on advertising came naturally.

This was reinforced with a background in

ONES WITH STERN MARKETING ASSAEL

TERN MARKETING economics when at Harvard that led to an interest in the concept of individual response elasticities, with resulting interest in segmenting markets by consumers’ sensitivity to marketing stimuli.

In 1990, I established an ongoing research relationship with CBS, and in particular, Dave Poltrack, their chief research officer. We were interested in investigating whether single source data (data on ad exposure and purchase behavior for the same individual) was a more powerful basis for media selection than traditional demographics. We believe we did so in a series of articles in the Journal of Advertising Research from 1991-2002. The advertising industry was slow to come around, but today it is widely accepted that behavioral criteria are more powerful for media selection than demographics.

Given the proliferation of media since 2002 and the increasing importance of mobile, I then segued into an interest in the effects of crossmedia exposure. I am currently focusing on how cross-media effects impact on ROI. Recently, you were instrumental in establishing the NYU Stern/CBS Media Analytics Initiative.

What is your vision for the initiative?

The rapidly changing media landscape provides fertile ground for faculty research. CBS has a rich source of proprietary data, much of it from Nielsen, which would not ordinarily be available to academic researchers. It was only natural to establish a synergistic relationship, so faculty could have access to such data and CBS would benefit from the analytical expertise of our faculty.

We plan to hold an interactive session with CBS in October to investigate joint areas of research interest to our faculty and CBS. Just to cite two areas as examples: it is clear that consumers have an increasing facility to circumvent TV ads; CBS would be interested in developing a model to predict ad-free pay TV subscriptions.

Also, CBS has found that for consumer packaged goods, most purchases occur within 48 hours of exposure. It would be interesting to develop an advertising decay model for particular CPG categories to investigate this effect.

JACK JACOBY

LEGEND IN CONSUMER BEHAVIOR Jack’s work will be featured in an eight-volume anthology published

by Sage and edited by Jagdish Sheth of Emor y University. Stern Marketing alumna and Columbia Business School Professor Gita Johar discussed this honor with Jack.

You’ve received many accolades over your career. On top of these, what does being nominated as a “Legend” in Consumer Behavior mean to you?

Out of the blue, Jagdish Sheth called telling me that I had been selected as a Legend in CB. Honored to be in such august company, I promptly told my wife, whose reaction was priceless: “You still have to load the dishwasher after meals.” Kidding aside, it was a reaffirming, heart-warming honor.

Among other things, it meant that many of my writings would be published, with each volume containing commentaries by highly regarded others—such as, Morris Holbrook, Jerry Zaltman and you, Gita.

I still see a lot of your papers being cited.

What do you see as your most important contributions to the consumer behavior literature?

I think a number of my works are more important than those that have been mosthighly cited. One is series of studies on brand loyalty, especially the Jacoby and Kyner 1973 JMR article on brand loyalty which nowadays might be best understood as illustrating a test of causal explanation rather than causal description. That article shows how our core constructs need to be parsed, conceptualized, and validated before being used as part of larger theoretical frameworks.

Another was my attempt to have ACR develop a Code of Ethics and resuscitate its ethics committee.

But I think most important has been my work on pre-decision information processing which has been published across a variety of outlets, both inside and outside the discipline. I argue that much consumer research uses methods that fail to accommodate essential truisms underlying consumer choice behavior in the real world.

As a consequence, too much consumer research is of the misguided “what if...?” variety, rather than the “what is” variety.

Given the changes in the world today, what are some research questions you would encourage junior scholars to study?

Having defined consumer behavior broadly as including the consumption of ideas, consumer psychology as a social psychological sphere of action, and given the current U.S. presidential election campaign, I would encourage research on what makes for the consumption (acceptance and dissemination) of lies. With its potential to wreak havoc upon the U.S., it merits serious thought and research.

NYU STERN MARKETING Prof. Tom Meyvis examines the military’s investment in precision flying teams to attract prospective service members

Prof. Russ Winer explains why consumers may dislike no-tipping policies at restaurants “Prof. Russ Winer [...] said diners like to feel like they’re in charge, and taking the tip out of their hands—literally—may not make them feel at ease. ‘People like the discretion,’ he said.”

6.9.16

6.3.16

Prof. Priya Raghubir discusses banks’ branding challenges after the financial crisis “Prof. Raghubir says that ‘humanising’ the brand can help in an imploding industry: ‘That can be done through showcasing your service competence; it could be done through a logo. If you allow the brand to be human, then it’s going to take on some of those human qualities .”

6.8.16

Prof. Scott Galloway discusses Amazon’s first brick-and-mortar bookstore 2.4.16 Prof. Adam Alter explains why Donald Trump’s detractors won’t likely move to Canada if he is elected 3.2.16

Prof. Tom Meyvis’ research on memory and the “end effect” is featured “Doctors Stephanie Tully of USC and Tom Meyvis of NYU present a set of experimental findings that, taken together, suggest the end effect may not be real.”

Prof. Anindya Ghose underscores the growing importance of data analytics “‘To be perfectly honest, I do not at all understand these big-data cynics who engage in fear mongering about the implications of data analytics,’ Ghose said. ‘Here is my message to the cynics and those who keep cautioning us: ‘Deal with it, big data analytics is here to stay forever.’”

5.8.16

Prof. Kazu Ishihara’s research on video game pricing is cited

3.7.16 5.6.16

Prof. Adam Alter explains connections between a movie’s title and its success - 9.18.15

Prof. Thomai Serdari comments on the Diamond Producers Association’s advertising towards millenials “‘Brands need to create a story that feels authentic to a consumer who has been overexposed to traditional advertising messages,’ Serdari says. She singles out Hermès as one of the few luxury brands effectively using digital platforms.”

6.2.16

Prof. Al Lieberman comments Wars to both m “‘Beyond featuring women, the company appears to be tailoring some of its messages to females,’ he said.

In a four-minute comedy sketch on ‘Jimmy Kimmel Live,’ Harrison Ford and Chewbacca resolved a purported feud with an endearing, hug-it-out moment.

Professor Jack Jacoby weighs in on Coca-Cola’s attempt to trademark “zero” for its beverages 5.30.16

PhD student Steven Dallas’ research on nutrition labels and serving sizes is featured “For the study, participants were shown a family-size package of lasagna. Half of them saw the current label, which says the package contains six servings, while the other half saw an updated one, which says the package contains only three servings.

All were then asked to estimate how many lasagnas it would take to feed a party of 20 people. And the outcome was telling: Those who saw the new label said they would need to buy roughly two more lasagnas than those who saw the traditional one.”

6.8.16

IN THE NEWS 2015-2016

s on Disney’s marketing of Star men and women ‘That is not what your high-adrenaline, action-oriented male population is looking to see,’ Lieberman said. ‘It sells the characters.’”

12.14.15

Prof. Tulin Erdem comments on Tribune Publishing’s name change

“...businesses can start on a new course in one day that will change them forever. All it takes is a willingness to embrace new ways of thinking.”

“‘Brands shouldn’t change their name for the sake of being hip,’ said Tülin Erdem, a marketing professor at New York University’s Stern School of Business. She said ‘it seems like [Tribune] is acting very quickly without strategic focus to change the name.’”

10.2.15

6.6.16

Prof. Michelle Greenwald shares suggestions for rapid business innovation

Prof. Luke Williams underscores the importance of innovation for growth “He spoke about challenging the conventional business way of thinking.

‘If you are motivated to grow, you also have to be motivated to lead innovation,’ he said.”

9.18.15

Prof. Russ Winer explains why Taco Bell is targeting a young demographic 2.4.16

Prof. Scott Galloway discusses the impact of the FBI breaking into a secured iPhone on the Apple brand “Scott Galloway said Apple risked public sentiment turning against the company as people became more informed about the case, and particularly if Apple lost. For now, he said, ‘the line isn’t going to be any shorter for the iPhone because the FBI in concert with a third party figured out a way to hack into one phone. I haven’t heard anybody say ‘That’s it, I’m switching to Samsung.’’”

4.1.16

Prof. Vicki Morwitz shares advice for this year’s Black Friday shoppers “Consumers need to be aware that while these deep discounts are often very good, they are offered to lure customers into the store with the hope that once they are there they will buy more. So, consumers should plan and be disciplined about what they want to buy and where they want to buy it and have done their homework before on who offers the best prices for the items they want to buy.”

11.19.15

Prof. Samuel Craig comments on Netflix socks 12.22.15

Prof. Priya Raghubir discusses Weight Watchers’ new “Beyond the Scale” campaign “More than 90% of people said they believe it’s better to eat a well-balanced diet than to use diet products in a 2015 survey [...] There has been a shift from touting the explicit weight-loss benefits of fitness and food products to promoting an overall lifestyle that is sustainable.”

12.9.15

Prof. Yaacov Trope’s research on psychological distance is cited “Trope likens it to the old cliché of missing the forest for the trees: you can wander around in the trees forever or, through training or external intervention, realize that you need to step back to see the full vista.”

9.16.2015

Prof. Michelle Greenwald highlights the brand experiences delivered by Guinness, Van Cleef & Arpels and Samsung

“As one first year we interviewed said of his experience at Stern, ‘He’s super engaging and makes you think more about the consequences of your actions in marketing than simply teaching you the tools.’”

6.6.16

7.13.16

Prof. Jeff Carr is profiled for his exemplary contributions to the Stern School of Business

ANNOUNCING:

NYU STERN/CBS MEDIA ANALYTICS INITIATIVE This initiative, conducted in collaboration with CBS Corporation, will combine the analytical skills of NYU faculty with data access from CBS to advance cross-media research with industry and academic contribution.

As part of this unique partnership, CBS will encourage research proposals from Stern faculty in order to access proprietary data.

In addition, the Network will make the CBS Television City Research Center in Las Vegas available for further studies.

This summer, New York University and CBS Corporation announced the NYU Stern/CBS Media Analytics Initiative, a new program designed to advance cross-media research by providing a wider understanding of the nature of the interactions between television and other media platforms and how they influence consumer exposure and behavior.

The initiative, housed in the marketing department of NYU’s Stern School of Business, combines the analytical skills of NYU faculty with data access from CBS.

“We are glad to partner with CBS on this exciting research initiative,” said Henry Assael, Professor of Marketing at NYU Stern, whose efforts in conjunction with CBS led to the establishment of the initiative. “As crossplatform exposure to television shows has increased, ‘watching TV’ has taken on a whole new meaning that has important implications for the media industry and our society that are worthy of serious research.”

“Working with CBS, which has made the study of this issue a priority, gives NYU Stern scholars access to information with great potential for

important and compelling research findings,” he continued. “We look forward to announcing more specifics on joint projects in the near future.”

David Poltrack, Chief Research Office of CBS Corporation, President of CBS Vision and Adjunct Professor of Marketing at NYU Stern, has noted the potential growth that this initiative may encourage.

“CBS continues to work with advertisers to provide them with research and intelligence that allows them to employ television and digital media to their full potential,” he said.

“Joining forces with NYU Stern on this initiative will allow us to draw on the expertise of this esteemed institution and will enable us to deliver breakthrough research that is beneficial to our advertising clients.”

ANNOUNCING:

ADDITIONS TO THE STERN MARKETING FAMILY

Samuel Jack Alter (aka Sam) was born on March 14, 2016, to parents Sara and Adam Alter.

The fullness of their hearts was matched only by the fullness of Sam’s head of hair. Sam enjoys early mornings, late nights, and long walks on the beach NYU Campus.

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PhD student Shirly Bluvstein was married to Meir Netter last summer. Their daughter, Yaheli (“my light”), was born 11/19/2015.

PhD student Isil Öztürk had a daughter, Defne, on July 6, during the summer of 2015.

Defne enjoys being outdoors very much, and she loves music, swings, mushrooms, cats, and birds—in that order.

Prof Russ Winer welcomed two grandchildren this year!

Oliver Samuel Chaput (lef t) was born on April 12 to Jessica Winer Chaput and Christopher Chaput. Asher Ross Winer (right) was born on June 8 to Christine Joyce and Andrew Winer.

STERN STUDENT SPOTLIGHTS An effective marketing mindset allows our students to lead the market with evolutionary and revolutionary products and services, and to lead in academia with cutting-edge research. Our current students and our alumni continue to expand the Stern Marketing network through their expertise and impact.

Why did you decide to return to school for your MBA?

MARC ABDELDAIM Product, HappyFunCorp Digital Marketing Strategy, Mount Sinai (2010-2015) Stern MBA Class of 2017

I decided to pursue an MBA in order to learn fundamental business skills and to grow as a digital media business leader.

One core skill that has propelled my career to date is my ability to speak both the language of business as well as that of digital media. A formal business education was critical in order for me to evolve this skillset.

What is the biggest highlight of the Stern program for you?

The number one highlight was visiting Asia for the first time with

my classmates this past spring.

My undergraduate degree was in Eastern Religions and yet this was my first trip to Asia. Our global study tour to South Korea and Japan was an amazing opportunity to experience Asian culture and business firsthand.

Your work is in the areas of media and digital marketing.

What are some of the ways in which Stern has helped you in your career in this field?

I have learned a lot about entrepreneurship in technology, venture capital and digital media business strategy. I now have a much better understanding of

how some of the digital media companies that I admire evolved over time. This knowledge has helped me to more thoroughly evaluate and respond to current business opportunities.

What are your career goals?

My number one goal is to launch and grow a business.

I have worked in a handful of startups over my career and I have witnessed some colossal failures. I now have a much better understanding of the magnitude of the challenge and I am much better equipped to pursue this goal given my education at Stern.

Interviewed by Prof. Raluca Ursu.

Raj Raghunathan (PhD, 2000) recently published a book titled If you’re so smart, why aren’t you happy? The book takes readers on a tour of the best research available on how some of the determinants of success may also come in the way of happiness. Raj explores the seven most common inclinations that successful people need to overcome, and the seven habits they should adopt instead. The book will soon be published in 10 languages by Penguin/Portfolio.

Ellie Kyung (PhD, 2010) has been promoted to Associate Professor of Marketing at the Dartmouth’s Tuck School of Business. Ellie’s research focuses on how memory and mental representation influence consumer decisions and behavior. In particular, she is focused on issues that have implications for the design of surveys, interfaces, and communication for marketers and policy makers.

Gülden Ülkümen (PhD, 2007) has been promoted to Associate Professor of Marketing with tenure at the USC Marshall School of Business. Gülden is an expert in decision-making, with a focus on financial decision-making. Her work shows how seemingly irrelevant ways in which information is described and organized can have profound effects on consumers’ decisions, and has important implications for marketing and policy makers, guiding interventions that can lead to more informed and less biased decision-making.

Completed in 2015 as part of the NYU Tisch MFA Program by thesis student Bradley Bixler and MBA/MFA student Rajat Sharma (Class of 2015), short film Quedate had a successful festival run playing at the Cannes Short Film Corner, Berlin Film Märkt, Trinidad & Tobago Film Festival and Annapolis Film Festival.

In July 2015, the film was introduced to Stern alumna Leslie Cohen (MBA ‘94), VP of Film Programming at HBO, and wife of Marketing Adjunct Assistant Professor Dan Cohen (MBA ‘00). Upon a successful review, the film was acquired by HBO in early 2016 for its Latino, Go and Now platforms.

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SPOTLIGHT: ESTEEMED ALUMNI NYU Stern alumnus John Boris, current SVP and Chief Marketing Officer of internet-based photography company Shutterfly, earned his MBA through the Langone part-time program. He discussed the changes in his industry—and how Stern prepared him to address these changes—with Prof. Alix Barasch.

What led you to pursue this career?

When I graduated from Middlebury College (undergrad), I believed that, to be creative, you had to work in a “creative field.”

Thankfully, upon entering the workforce I realized that creativity is key to business and, in particular, marketing. I was drawn to marketing because I believe it is the perfect combination of right and left brain creative strategic thinking. I love thinking about things through the eyes of a customer and creating effective campaigns to meets their needs and achieve our business objectives.

How have your previous positions at Lonely Planet and Zagat Survey affected the approach you’ve taken at Shutterfly?

I learned at Zagat and Lonely Planet the importance of an authentic content strategy in establishing customer relationships.

People are consuming more content than ever, but what and how they are consuming are ever-changing. Whether it’s User Generated Content, curated content, written words, images or video, providing the right content and sharing tools at the right time is incredibly powerful. At Shutterfly, the majority of our content is personal to and self-created by users. We discovered that it is critically important for us to provide our users the ability to leverage their content to create one-of-a-kind products, and to provide a platform for users to share their images and personalized products, both digitally and physically.

How have the proliferation of digital technology and growth in the mobile sector created opportunities in this industry?

Everyone has a camera in their pocket at all times, and as a result there are now more photos taken in one year than in the past 100 years combined. We take and share photos daily, and at the risk of sounding trite, we are all artists. However, with this ubiquity comes a deluge of ephemeral photos. At Shutterfly, we want everyone to take photos, but we want them to come to us to transform that captured moment into a lasting memory. So, while images of the 14 | 2016-2017 NEWSLET TER

dinner you had last night are great, we tend to focus on the seminal moments in our customers’ lives – the moments you want to remember forever.

the life you’re living, and take a second to capture the moment to remember it. Our marketing speaks to life’s special moments, which happen daily. It can be playing with your kids at the park, joining your friends at a music festival or having a quiet conversation with Grandma; the moments in between the celebrations and milestones are worth capturing and remembering as well.

What advice would you offer to young business students who want to pursue a marketing career?

Are there any unique challenges to starting a company in the digital age?

There are more opportunities than challenges in the digital age. Technology has enabled companies to disrupt longestablished industries and to grow in unexpected ways. However, while it can facilitate rapid expansion, it can also present a series of challenges. It is easily imitable, can be hard to scale and certain platforms can quickly become a fad. It is important to note that while great tech can be engaging, it can’t overcome a bad business model.

What marketing strategies or tactics have you found useful for keeping consumers engaged and loyal to Shutterfly brands?

As is the case with Shutterfly, having an amazing product and a beloved brand helps! We collect self-selected data—for instance, someone who purchased birth announcements from us will likely be interested in baby’s first holiday cards from us that year. I believe that leveraging data to hit customers with the right message at the right time, and a skillful combination of direct response and awareness marketing levers is the best way to keep customers engaged in your brand.

Many people believe that photo-taking inhibits enjoyment of experiences. How do you try to counter that intuition?

As with anything, it’s about balance - enjoy

One of the few pieces of advice I give people at any stage in their career is to do what you love. My philosophy is very simple; if you aren’t passionate and excited about what you do, it will take a toll on your happiness.

Throughout my career, I have had the selfselected good fortune to work for, or create brands about which I am deeply passionate.

As a marketer, if you feel strongly about your brand and product it will deepen your connection to your customers and your internal teams.

What has been the most unexpected advantage Stern has given you?

When I attended Stern’s Langone program, I was running marketing for a pre-IPO startup and was working 60+ hours a week. So for a bit over two years, my life was consumed with work and Stern. I would say the biggest advantage Stern gave me was that it reinforced my tenet that anything is possible with hard work and dedication. Soon after graduating from Stern, I recall speaking with a very notable Internet pioneer who said that if you ever wanted to get a sense of someone’s work ethic, abilities, general intellect and aptitude, find a part-time MBA student who works full time.

What was your favorite memory at Stern?

Do you have any photos that capture it?

When I graduated, it was before the proliferation of digital photography; sadly, all of the pictures I have from Stern are in a shoe box. Although, doing this interview has inspired me to share them with my family.

ADDITIONS TO THE FACULTY ALIXANDRA BARASCH

RALUCA URSU

Alix joins the NYU Stern Marketing Department from The Wharton School.

Raluca joins the NYU Stern Marketing Department from the University of Chicago.

She spoke with Associate Professor of Marketing Adam Alter about her current research, and for her plans moving forward with NYU Stern.

She spoke with Associate Professor of Marketing Vishal Singh about her path to the marketing field, and transitioning to life in New York City.

Assistant Professor of Marketing

Tell us a bit about your research. What’s the most surprising thing you’ve discovered in one of your recent projects?

My research examines social aspects of consumption, like the judgments and inferences we make about others, how focusing on oneself versus others affects our behaviors, and our decisions to share resources with others. One stream of my research explores prosocial behaviors that help us signal our virtue to ourselves and others. A second stream investigates how people decide what and when to share with others.

Some surprising findings come from my work on photo-taking.

Many people have strong intuitions that photo-taking detracts from the enjoyment of everyday activities, and I had similar expectations going in. My work found that the opposite is true. Photo-taking can heighten enjoyment of positive experiences by increasing engagement.

However, people’s intuitions aren’t completely wrong, as the positive effect of photo-taking depends on individuals’ motivations for taking pictures. Taking photos with the goal of sharing them with others (like on Facebook) does decrease enjoyment of the experience, compared to taking photos for personal memories. This is because taking photos to share increases feelings of anxiety over how those photos will be evaluated by others.

Can you share some ideas that you’re keen to explore in the next couple of years?

I am excited to continue exploring the social foundations of consumer behavior, especially how people relate to new technologies. Rapid changes in the media landscape are reshaping how consumers relate with others, express their thoughts and feelings, and converse about their actions. Several of my new projects explore the nature and consequences of these novel communication channels. For example, how do consumers engage with apps designed to help them track their behavior and share it with others (e.g., Untappd, Runkeeper), and how does the constant barrage of updates about social information affect consumer well-being?

This isn’t your first time living in New York. What are you most looking forward to on your return to the city?

NYC matches my level of energy like no other place—there is always something to do and new places to explore, whether I’m craving interesting cultural events, museums, dancing, or delicious food. It’s hard to overstate how much I appreciate the 24-hour culture and round-the-clock public transportation here. NYC is alive at all hours, and the night never has to end earlier than you’d like!

SternMarketing

Assistant Professor of Marketing

Your undergraduate degree is in Math and Economics and your PhD is in Economics. What got you interested in Marketing and how has that transition been?

After double majoring in Math and Economics, I continued studying Economics during my PhD, with an initial focus on economic theory and especially on game theory. Later on, I started doing research in Industrial Organization, which led me to several marketing conferences and allowed me to interact more with people in the field. This made the journey towards Marketing a very natural transition for me.

Your research focuses on understanding search costs, which we expect to be lower in an online environment. What are the key takeaways from your work, particularly with the ‘power of ranking’?

Online markets have been characterized by an abundance of product options facing consumers. To lower consumers’ search costs of evaluating these options and to help them find a matching product, companies like Amazon, Google, or Expedia present options to consumers using rankings (ordered lists). My research looks at how these rankings affect consumer search and purchase decisions. I find that the power of rankings lies in influencing which products consumers consider, but not directly what they end up purchasing: so if a product is listed at the top, it is more likely that consumers gather information about it; however, they are not more likely to purchase the product because of its position in the ranking. This finding has important implications for the construction of relevant rankings for consumers.

Are there other areas of research you are interested in?

As online markets continue to expand, the role of rankings in helping consumers navigate through an overwhelming number of choices is amplified as well. In the future, I am interested to study two particular trends that I believe will exacerbate this role even further: mobile search and searching in sharing economy markets. In addition, I am working on understanding the role of rankings in online matching markets, as well as in modeling how consumers’ decision to spend time online informes estimates of their preferences and search costs.

How does life in NYC compare to the “Windy City”?

I grew up in Bucharest, the capital of Romania, where I developed my passion for math, fencing, and museums. As a graduate student, I was lucky to live in an amazing city, Chicago, admiring its great architecture, art museums, lakeshore and my favorite place, The Second City. And NYC? I am only now starting to explore, but as a big city lover, I couldn’t ask for more!

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STERN MARKETING STAFF

MIKE BEATO

JORY BEER

LEANNA BORNKAMP

ANNE RODEMAN

Administrative Aide

Administrative Aide

Program Coordinator, EMT

Administrative Coordinator

Mike graduated Phi Beta Kappa and Magna Cum Laude with a Bachelor of Arts in Psychology from the University of Rochester. He received a Master of Arts in School Psychology from the University at Buffalo Graduate School of Education.

Jory graduated from Quinnipiac University in 2014 with a BA in Marketing. She previously worked at Mediaplanet, where she was the Project Manager of 7 national advocacy campaigns that were published within USA Today.

Leanna received her BA in Management of Musical Enterprises from the Macaulay Honors College at CUNY Baruch. She is pursuing a Stern MBA in Marketing and Business Analytics—taking her first marketing electives this fall.

In her free time, Leanna writes and edits for the Stern graduate newspaper The Oppy, staunchly defends the New York Islanders franchise, and hunts for chord progressions to help her crack the mysteries of the universe.

Anne received her BFA in Theater from Marymount Manhattan College. She is a writer/performer who worked in the wine industry for six years before landing at Stern.

A native Buffalonian, Mike spends his time suffering as a Bills and Sabres fan, running in Central Park, and searching for new bookstores to explore.

NYU Stern Marketing Tisch Hall 40 West Fourth Street New York, NY 10012 (212) 998-0500 16 | 2016-2017 NEWSLET TER

In her free time, she enjoys camping, playing ice hockey and frequenting the dog park.

In no particular order she loves dumplings, bridges, and Judy Garland and is most proud of the fact that the Marketing team won bronze at this year’s Stern Office Olympics.

@NYUSternMktg NYU Stern School of Business