Summit Updates

We interviewed the Wharton undergrads after their presentation and here is the recap. After 36 hours of high intensity, the team is feeling “really good”. When asked about the preparation for their presentation, they mentioned doing lots of rehearsals and having lots of practice. The team also has worked to balance out when to work and when to rest, which contributed to their productivity. The team’s advice for the future participants: practice a lot and develop your own individual style.

On a lighter note, today happens to be one of the team members’ birthday. Later we will post video footage of everyone singing her “Happy Birthday”. Surely, this was an unforgettable moment in the Summit for Team Wharton and for all of us involved.

Random fact: When asked which they prefer, Mountain Dew Code Red or NC product Cheerwine, they mentioned that they hadn’t heard of Cheerwine until they got here so they would prefer Code Red.

–Xiaoxiao & Ran

We caught up with the undergraduate team from William & Mary to recap following their presentation. We asked them what their favorite social media outlets were. They were excited about Youtube and Facebook, as they see these as the growing trends that will shape the next few years.

When asked about their team nickname, “Fast and Furious 4,” they mentioned that a dream car would be the Lexus LF-H from the last Fast and Furious movie. This was the car driven during the scene that played their team theme song.

One of their takeaways from the weekend was that it is important to have a cohesive team. The group had worked together previously in a student organization on campus, so that working rapport really helped in this event. Some advice that they have for future Summit participants: Bring Red Bull, get lots of sleep, and bring a team you like. When you’re going to be in a room for 36 hours with them, you better like them.

–Greg, Xiaoxiao, & Ran

We talked with the undergraduate team from the University of Maryland to debrief after their presentation. One of the big areas in businesses now is the role of social responsibility. We asked the team how they felt about this. They felt that as companies are globalizing, it is more important to have a social focus. Especially for the younger generation, this is more of a concern than when Friedman wrote his initial book.

Some of their key takeaways from the presentation: No matter what, a brand is a brand. Just because they’re changing doesn’t mean that the core values change. It was great that the company was open to change and looking for innovative solutions. Having the chance to talk to executives and get feedback from people who’ve been there was a great experience.

In terms of breaking through the barrier during the 36 hour marathon, the team had the following advice: It helps being around people you like. It keeps you energized. Having a team of “troublemakers” helps to keep things going. When things get tough, it’s important to slow down and analyze the situation from a different perspective.

–Greg, Xiaoxiao, & Ran

Our sponsors have generously donated some great prizes, to be given out over the course of the day via a series of online trivia events.  Once each trivia question is asked, the prize will be given to the first person to leave a comment with the correct answer.  Come check it out!  Donating sponsors include Hanesbrands, BB&T, FedEx, and Inmar.  Be sure to like our Facebook page, and stay tuned all day for the prize reveals and your chance to win!

Here are a few of the items from our sponsors that we will be giving away:

The 2012 Wake Forest University Marketing Summit Case Competition culminates this morning, with all of our case teams giving their final presentations to our Executive Judges!  Check out our Facebook and Twitter  accounts for live updates from today’s proceedings!

And remember to vote for Fan Favorites!

The last event for the second day of WFU Marketing Summit is the “Alumni Reception” at Deacon Tower. It is a perfect setting for Wake Forest students to meet and interact with alumni. We got the chance to hear from recent graduates, ask questions and receive some tips. Along with alumni, we were also able to meet and speak with our Dean of the Wake Forest Schools of Business Steve Reinemund.

Later, Steve Reinemund welcomed alumni to the Marketing Summit, and thanked all the sponsors of the event. He talked about how alumni play an important role in helping students with their job search and thanked alumni for their continuous involvement with Wake Forest and the Summit.

Day 2 of the 22nd Annual Marketing Summit is coming to a close. There is still a lot to look forward to on day 3!

~Raman Perivela

The WFU Marketing Summit event is half way through and there is a lot of activity happening in the campus right now.  Both the undergrad and MBA teams are busy preparing for the case, attending various events and trying to catch few winks in between (probably not).  Today’s Keynote speaker event is one of the highlights of the day.  We have full attendance in the auditorium and the event started with the introduction of our Dean Steve Reinemund.  Our Dean talked about the Marketing Summit, one of the famous student run events at Wake Forest.  He then introduced Richard Noll, CEO of Hanesbrands Inc.

“Look for mega trends so that you can ride the wave”

Richard Noll started his speech talking about “mega trends”.   Fads come and go away.  On the other hand, mega trends stay for a long time.   Sometimes, it’s hard to recognize them.   Demographics are a mega trend.  The top 3 populous countries in 1950 are China, Russia and US.  The top 3 populous countries in 2050 will be India, China and US.  The population in Europe is shrinking.  So if you want to invest in a business that will sustain for 50 years, you may not want to invest in Europe.  You may want to invest in China or India or US.

Volatility is a mega trend.  There was a period of constant economic growth from 1991 to 2008.  We can argue of a minor recession in 2001, but that is not because of the business cycle.   During that 18 year period, businesses became complacent.   2008 was a year of recession, and volatility is back.   Volatility and change are the norm of future.

Globalization is another mega trend.  America and Asia will have a bigger foot print by 2050.  The message Rich Noll gives to audience is to look for mega trends so that you can ride the wave.

“You wear what your grandparents wore.   Not what your parents wear”

He talked about Hanesbrands business model, explaining how Hanes sells within a category of products that consumers buy for their entire lives.   He tells us that we can come up with lot of new ideas by looking at the past, and that fashion trends occur in cycles.

Career Advice:

Rich Noll gave three pieces of advice to students.

1. Build a distinctive competency as early as possible.   Build your own brand.
2. Continue to develop communication skills.  Formal communication, informal communication, communication in small groups or big groups, everything is important.
3. A well-worn passport.  We are living in a globalized world and it is important to travel to places and understand the world.

“Before you look for differences, look for commonalities”

Rich Noll conveyed this compelling message in simple words answering to a student’s question on how Hanesbrands effectively uses its business techniques in diverse countries such as China and India.

He ended his speech by wishing good luck to the participating teams.   It is a great learning experience to attend a speaker event like this one and get insights from industry leaders such as Rich Noll and Steve Reinemund.

All teams are presenting Saturday morning.  Stay tuned for more updates!

~Raman Perivela