Coming Soon: A New Home for Baylor Business
At its February meeting, the Baylor University Board of Regents approved fundraising for a new 275,000-square-foot business school building that will expand the school's size and reach by nearly 40 percent. The architectural design for the new business school building features a highly corporate and sustainable business environment, including a centerpiece atrium that will showcase some of the school's signature classrooms, such as the Southwest Securities Financial Markets Center. The design also includes a large 350-seat auditorium to accommodate guest lectures and special events, and a variety of classroom spaces that will fully incorporate the latest classroom technology for collaborative learning, innovation and problem solving. The project cost is estimated at $100 million. The current Hankamer-Cashion space occupied by the business school will become available for other academic needs on campus, benefitting students across disciplines.
"We are delighted that Baylor Regents have authorized fundraising for this exciting new project," said Terry Maness, dean of the Hankamer School of Business. "We have so many extraordinarily successful and generous business school alumni with whom we have spoken over the years about a new building for our expanding assortment of top quality and innovative business programs. We are eager to share this good news and to work with them, and with all those who support our distinct mission, to help bring this dream to reality."
Refining CRM by Leveraging Data
Although companies have engaged in customer relationship management (CRM) for years, Morris George, assistant professor of Marketing, is working to maximize the effectiveness of their efforts.
Most recently, he coauthored "Maximizing Profits for a Multi-Category Catalog Retailer," which has been accepted in the Journal of Retailing and explores the impact of catalog mailing in order to suggest an optimal multi-category catalog mailing policy.
"My research is mostly in the customer relationship area," he said. "U.S. companies send out about 12.5 billion print catalogs with only about a 4 percent response rate. Because of that, my work mainly involves using customer level data to build a statistical model integrating the customer's purchase probability and purchase amounts with the firm's mailing efforts."
George initially worked on problems relating to retail businesses, such as identifying customers for cross-selling. He has worked on extensive databases to develop one-to-one strategies and build models that allow businesses to effectively connect with their markets.
"Our study showed that implementing the optimal catalog mailing policy we proposed could help firms achieve 38 percent more Customer Lifetime Value (CLV) as compared to the current catalog mailing policy of the retailer," George said. "In a nutshell, we came up with a model to send the right catalog to the right customer at the right time."
George's future research topics include how to increase the frequency of donors' donations, such as how one-time disaster donors become repeat donors, which single game ticket buyers are likely to become season ticket holders, and how marketing impacts nonprofits' performance.