All posts by mclemore

Walton College Executive Education Creates Supplier Relationship Management Course

Remko Van Hoek, clinical professor at the Sam M. Walton College of Business at the University of Arkansas and an adviser to several companies on sourcing and procurement, will hold a supplier relationship management course in Little Rock on Wednesday, Aug. 21. This course is a great opportunity for procurement professionals who interface with or manage suppliers to learn a procurement approach to unlock value and stay competitive. Continue reading Walton College Executive Education Creates Supplier Relationship Management Course

Walton College Engages Students Through Summer Programs

The Office of Diversity and Inclusion at the Sam M. Walton College of Business hosted four residential summer camps in June to introduce high school students to the University of Arkansas and Walton College.

The four camps introduce high ability minority students to career options, campus resources and campus life.

“Introducing college life to high school kids who may not otherwise have this opportunity is life changing,” said Barbara Lofton, director of the Office of Diversity and Inclusion for Walton College. “Through our summer camp programs, these students meet faculty and staff, stay in dorm rooms and eat meals on campus, participate in research and learn about academic and career opportunities available to them.

“It changes their perception of college and makes them feel at home here.”

The Business Leadership Academy, held June 9-13, introduced newly admitted freshmen to campus life. The students enhanced leadership skills through team projects and met Walton staff and faculty. The program also told students about career opportunities in retail and marketing.

The Fleischer Scholars Program, held June 16-21, hosted two camps for low income high school juniors and seniors whose parents did not attend college. Fleischer Scholars Program I was for students new to the program. Fleischer Scholars Program II welcomed back students who attended the camp previously.

The weeklong camps taught students how to research, develop and present a business plan and helped them transition from high school to college. The Fleischer Scholars Program provides a four-year partial college scholarship to participants.

The Accounting Career Awareness Program was held June 23-28 for underrepresented high school juniors and seniors interested in pursuing careers in accounting. Students attended undergraduate classes and networked with accouting professionals. Workshops focused on basic skills needed for accounting careers, business etiquette and requirements for certified public accountants.

The Office of Diversity and Inclusion was established in 1994 to support, advocate and assist Walton College in developing plans for diversity and supporting students throughout the college. It is the oldest office of diversity at an Southeastern Conference business school and recently celebrated its 25th anniversary. For more information regarding the Office of Diversity and Inclusion, visit walton.uark.edu/diversity.

 About the University of Arkansas:The University of Arkansas provides an internationally competitive education for undergraduate and graduate students in more than 200 academic programs. The university contributes new knowledge, economic development, basic and applied research, and creative activity while also providing service to academic and professional disciplines. The Carnegie Foundation classifies the University of Arkansas among fewer than 2.7 percent of universities in America that have the highest level of research activity. U.S. News & World Report ranks the University of Arkansas among its top American public research universities. Founded in 1871, the University of Arkansas comprises 10 colleges and schools and maintains a low student-to-faculty ratio that promotes personal attention and close mentoring.

Walton College Partners With Thaden School on Executive Education

Executive Education at the Sam M. Walton College of Business recently launched a customized business foundations program for the leadership at Thaden School, a new independent school in Bentonville that will serve grades six through 12. The program provides leadership, strategy and design-thinking knowledge to the Thaden leadership team as they prepare for a new academic year. Continue reading Walton College Partners With Thaden School on Executive Education

Walton College Executive Education Offers Summer Technology Series

Join the Sam M. Walton College of Business for the Summer Lunch and Learn Technology Series. Courses will take place in Little Rock at Walton College at 2nd and Main. From digital currency strategy to artificial program development, there are a variety of executive-education courses available to learn the latest business-related technological advancements. Continue reading Walton College Executive Education Offers Summer Technology Series

Salty Snacks – It’s All Academic

Hmmm. What to pick … pretzels, potato chips, corn chips, energy bars or popcorn?

For marketing seniors and juniors in the Marketing Category Management class at the Sam M. Walton College of Business, walking through the snack aisle in the grocery store is more than a shopping trip, it’s an academic study.

Bob Bachtel, an instructor for the Department of Marketing and a principal for IRI Worldwide in Bentonville, leads this class and challenges students to research the salty snack category, devise a plan to drive sales and then present their solutions to the class and industry experts. The competitive exercise was the culmination of the class, which focused on data analysis using shopper and sales trends, product placement, shelving/modular and product placement design software and presentation skills.

The class is designed to provide students a strong skill set to get a job in the growing field of category management.  Students can get certified in category management and Kantar Virtual Reality and learn to use shopper and sales data in category and business analysis. 

Throughout the spring 2019 semester, category management students benefitted from corporate mentors and speakers from Walmart, Sam’s Club, IRI Worldwide, Johnson & Johnson, Nestle, 8th& Walton, General Mills, PepsiCo, Harvest Group, Keurig/Dr. Pepper and Smuckers.

In addition, companies such as IRI Worldwide, the Category Management Association and Kantar Retail provided data sets and computer-aided design software to assist in researching shopper trends and placing products on shelves digitally.

Teamwork
For the final class project, the students formed six teams and began to research the overall category, find areas of growth in product development and target markets. From there, teams devised new or improved product lines, such as:

  • Dos Cara 2019
    Team One: Dos Caras 2019

    Team One – Dos Caras, Spice It Up, a new plain corn chip with flavor packets to add according to the spiciness level of the consumer’s choice. Target market: millennials and young adults.

  • Team Two – Simply, a new product line of organic corn chips with guacamole and Sriracha hot sauce flavors. Target market: millennials through flavor and older adults through pricing.
  • Team Three – New packaging and flavors for KIND bars, an existing product line. Target market: older millennials and baby boomers.
  • Team Four: Pop Fuego
    Team Four: Pop Fuego

    Team Four – Pop Fuego, a new line of popcorn with new flavors. Target market: middle class millennials

  • Team Five – Marley’s Seaweed Chips, a new veggie chip. Target market: health conscious adults.
  • Team Six – New flavors for Tostitos, expanding an existing product with new flavors. Target market: Asian and Hispanic markets in west coast, Texas and southern states.

Industry professionals judged the six presentations on:

  • Thesis statement or the strength of the idea presented.
  • Supporting documentation or evidence.
  • Creativity in solution.
  • Presentation skills.
  • Wow factor.

Several teams noted the increasing Hispanic population and one team noted the increasing Asian population for their target market. Students also researched trends of Millennials, Gen Xers, Baby Boomers and more. From there, they researched product flavors and spokespersons that might appeal to those ages and markets.

Some targeted consumers interested in healthy snacks, while other teams targeted cost conscious consumers.  The target audience would shape how each team promoted its product. Those focused on cost cutting would use coupons as a marketing tool, while products focused on the Hispanic market might launch the new product line before Cinco de Mayo (May 5) or during Hispanic Heritage Month (Sept. 15 – Oct. 15). 

With the research done, consumer audience identified, products designed, and presentations created, teams were ready to present their work to judges Cole Dodson from IRI, and Steve Meehan, a retired industry executive, and Bob Bachtel.  

The winning team of Dos Caras consisted of students Bobbi Thompson, Chase Punko, De’stani Clark, Mohamad Abutaleb and Ashley Grizzle.
The winning team of Dos Caras consisted of students Bobbi Thompson, Chase Punko, De’stani Clark, Mohamad Abutaleb and Ashley Grizzle.

And the Winner Is …
The Dos Caras, Spice It Up! team won the class competition due to its proposed unique spice packet that comes with each bag of unflavored tortilla chips. The consumer adds the amount of spice they like to plain chips and then shakes the clear, re-sealable bag to distribute the flavors. If the consumer wants more spice, they add more.

The Dos Caras (Two Faces) product targeted Gen X and Baby Boomer population and the growing Hispanic market in the mid-Atlantic states and key markets in the western United States. It would launch with three flavors:  hot sauce/jalapeno, chili/lime and mango/chili.

Dos Caras presentation included sales profit of $1.7 million for 450 Walmart stores at a sales price of $2.48 per bag.

The team tackled a 2% loss in the unflavored chip market with this interactive product. Its main competitors are the Juanita’s, Tostitos and Old Dutch brands. 

The salty snack industry is a $19 billion industry with 4% annual growth.

 

 

Nominate a Business Leader for the 2020 Arkansas Business Hall of Fame

FAYETTEVILLE, Ark. – The Arkansas Business Hall of Fame board is accepting nominations for the 2020 class of business leaders who have made a lasting contribution to business and their communities. The nomination deadline is July 31.

Arkansas Business Hall of Fame
Arkansas Business Hall of Fame

Specific criteria for selection and a list of past honorees can be found at walton.uark.edu/abhf. Nominations can be made by completing and submitting the form found on the Arkansas Business Hall of Fame website or sending a letter of nomination including information that illustrates to the selection committee why the nominee deserves recognition.

Nominations also may be emailed to abhf@walton.uark.edu or by mail to the Office of External Relations at the Sam M. Walton College of Business, Donald W. Reynolds Center for Enterprise Development, Office of External Relations, Room 217, University of Arkansas, Fayetteville, AR 72701-1201.

The 2020 class will be inducted at a gala dinner Feb. 7, 2020, in Little Rock.

In selecting inductees, the committee considers outstanding leadership in establishing, building or running a business; improving his or her community; and displaying the highest level of ethics.

Equal consideration is given to Arkansans – by birth or by choice – whose business achievements have been inside or outside of the state. Living inductees must be at least 60 years of age. Nominations are not limited to graduates of the Sam M. Walton College of Business or the University of Arkansas.

About the University of Arkansas: The University of Arkansas provides an internationally competitive education for undergraduate and graduate students in more than 200 academic programs. The university contributes new knowledge, economic development, basic and applied research, and creative activity while also providing service to academic and professional disciplines. The Carnegie Foundation classifies the University of Arkansas among fewer than 2.7 percent of universities in America that have the highest level of research activity. U.S. News & World Report ranks the University of Arkansas among its top American public research universities. Founded in 1871, the University of Arkansas comprises 10 colleges and schools and maintains a low student-to-faculty ratio that promotes personal attention and close mentoring.