Turning crisis into opportunity

Rachel Farrell

For multinational businesses in Asia, the economic recession was an earth-shattering event.

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Trade volumes declined. Exchange rates fluctuated. Competition dramatically increased. In a matter of months, firms were forced to make sweeping changes to their staff, marketing strategies, business practices and more.

Today, the outlook in Asia has shifted. In a post-recession world, many executives see opportunities that Asia-based businesses are particularly well-positioned to capitalize on.

Academics and business leaders discussed best practices for approaching these opportunities at the March 19-20 Kellogg Impact Series event in Hong Kong. The conference was the third in a five-part global series on business, innovation, leadership and society. Previous conferences took place in London (Feb. 8) and Chicago (Feb. 19); upcoming events will be held in San Francisco (May 11) and New York (June 3).

The two-day conference kicked off on Friday with a keynote address by Professor K.C. Chan, SBS, JP, secretary for Financial Services and the Treasury, Government of the Hong Kong Special Administrative Region and former dean of Business and Management of the Hong Kong University of Science and Technology, who shared his insights on Asia’s advantages post-recession.

The following day, a distinguished group of Kellogg faculty members presented their perspectives on global business practices. Among the highlights:

• Clinical Professor Timothy Calkins explored the challenges of balancing short-term financial goals with brand-building in his talk, “Building Enduring Brands in a Short-Term World.”
• First impressions make or break us, explained J. Keith Murnighan, the Harold H. Hines Jr. Professor of Risk Management, who delivered a lecture about the way first impressions affect the garment industry in New York City and bargainers in India.
• Robert McDonald, the Erwin P. Nemmers Professor of Finance, offered a lecture, “Regulating Financial Markets After the Crisis,” which took a closer look at the various proposals for reform in the wake of the financial crisis.
• In her talk, “East Meets West: How Does Culture Matter?” Angela Lee, the Mechthild Esser Nemmers Professor of Marketing, explored cultural differences between the West and the East and how these discrepancies influence consumer behavior.

“The Kellogg Impact Series in Hong Kong was a highly informative event that focused on today’s global business issues that are important to alumni in Asia and the greater Kellogg community,” said Sunil Chopra, interim dean and the IBM Distinguished Professor of Operations Management.

“Kellogg alumni expressed great enthusiasm for this event and the upcoming Impact events in New York and San Francisco.”