Business CEO's and business practices in general

[GypsmJim]

Is academia over-rated?

No. I think it is underrated.

I took my last University class over 50 years ago. Back then I would have agreed with you. All I "learned" was a bunch of useless garbage. What IDID learn was how to put up with it all. What I got was a piece of paper that got me a good job.

But today things are different. These kids are being indoctrinated quite well. I firmly believe that unless you have strong parents and had a good upbringing, you will graduate a moron.

 

[Bald1]

Actually, it wasn't a joke. Grandpa retired early in 1958, so obviously it was before then.

I understand you were serious about it. Part of me wishes it was still that way.

 

[The Last Standing Knight]

Unfortunately a lot of the CEO's now are Business school educated with MBA's and were taught that employee's are no longer to be considered a valuable resource but are considered expendable the same as tooling etc. Get them, use them up then get more. The bottom line is the only thing important so make the most profit you can as cheaply as you can.

This.
Over the years I have worked in and around industries with this philosophy. One thing I see left out is this: GREED! It is no longer about just making money...it is to make as much as you can as quick as you can before someone finds out. I've been in meetings where the corporate guys harp constantly on making more profits, cutting expenses and overhead, and how replaceable employees, supervisors, and managers are in this role. One project I worked was fairly high paying (billing and payrollwise) but required a certain level of skills. We had trouble hiring for these positions. I was told that the company "didn't care if (we) keep or lose the contract...." and that for the costs and return that project had, "we can hire a homeless idiot, put them in a uniform, and send them to work in (number forgotten) parking lots at minimum wage and make the same profit..."

That statement summed up everything to me.

 

[LVSteve]

Well, I can think of (what I consider) a better alternative right off the top of my head. Pick a new name. Change SOME of the stores (particularly in locations where demographic studies show it would be beneficial) to the new, more hip restaurant that appeals to the younger crowd (which is what they're going after). See how that works out.

Then -- depending on the results -- you can slowly change over the rest of the locations if you want to. Or maybe even build new restaurants and expand your clientele without alienating your existing clientele. Or, if the new look doesn't work, convert those restaurants back to the successful and thriving Cracker Barrel. (Not even remotely close to bankruptcy, by the way.)

What they are doing instead is a classic repeat of the New Coke fiasco. Instead of introducing New Coke as an alternative to traditional Coke, they completely replaced it. Took traditional Coke off the market. DISASTER! Back pedal like crazy, at huge expense! When New Coke might have been a very successful product if they had offered it as yet another drink that they sell instead of trying to force customers to change.

Noooo!!! Modern business thinking is like Communism but with more money. Everything has to match the model created by a suit (or small gang of suits), having stuff that is different might lead those that work there to think they are special. That will never do. How can you possibly produce easy to manipulate metrics for a larger bonus if things vary from place to place? Nope, can't have that malarkey.

Why do you think we now have to pay for parking on the Las Vegas Strip? Because some suits declared "but it's an industry standard". The concept that Vegas, or anywhere else for that matter, needed treating differently would never be accepted.

 

[45Smashemflat]

A business model that works, but gets forgotten quite often…



Bottom line, give the customer something they want at a price that makes sense to both you and him.

Kinda like weight loss, surprisingly, eating less and moving more still works.

 

[DWalt]

My favorite managerial shortsightedness story is Eastman Kodak. Kodak created the first digital cameras, which offered an enormous marketing advantage opportunity. Yet the corporate leadership continued for years to pour nearly all company efforts and resources into manufacturing and marketing film cameras, film, and related products, nearly completely ignoring the benefits of digital technology which was what their customers really wanted until Kodak finally was forced into bankruptcy as its traditional customer base vanished. There is a name for it - marketing myopia. In other words, Kodak focused on maintaining their long-time product line, not fulfilling their customers' needs. B-school books have been written on the topic.

 

[ladder13]

Money talks

Cracker Barrel to return to its old logo after backlash

Last week, Cracker Barrel announced that it was changing its logo to remove the image of a man sitting in a chair leaning against a barrel, and replacing it with a logo that only featured the chain's name.

www.cbsnews.com

 

[GypsmJim]

A business model that works, but gets forgotten quite often…

View attachment 789392

Bottom line, give the customer something they want at a price that makes sense to both you and him.

Kinda like weight loss, surprisingly, eating less and moving more still works.

My story goes back about 30 years, so y'all must understand the time line.

My buddy was the Plant Manger at a bourbon factory. The CEO decided to try a stunt to make a lot of money. They took their current loved formula and re-labeled it as "premium", and then raised the price. Then, they watered it down and used that formula for the "standard" product.

Last I heard was that they had so few complaints that they continued with the scheme.

 

[GypsmJim]

I understand you were serious about it. Part of me wishes it was still that way.

I agree in principal that Unions have lost their edge, and that it it should still be the way when they empowered their workers and helped them succeed.

But I am happy that the tactics of the past are no longer prevalent. A Union is supposed to help labor. When it got to a point that the Union Thugs were intimidating their own workers, that was not right.

Grandpa always talked about his monthly encounters to donate to the family of one of his dead brothers. Once he asked who died so he could attend the funeral. He was told that asking a question like that would have him dead very soon.

As I said, Grandpa's face turned red when he heard the word Union. If he heard the word Teamster he would start spouting off swear words in German.

Different time, different place. So, where the heck is Hoffa anyway....

 

[The Last Standing Knight]

Money talks

Cracker Barrel to return to its old logo after backlash

Last week, Cracker Barrel announced that it was changing its logo to remove the image of a man sitting in a chair leaning against a barrel, and replacing it with a logo that only featured the chain's name.

www.cbsnews.com

That and the fact their corporate people took an "up yours" attitude toward its customer base while doing so. Despite it not changing logos I think the damage has been done...but only time will tell. BTW I ate at a Cracker Barrel only once...I actually left hungrier than when I went in...last time I had portions that small was in the USMC and we called them "rations" for a reason!

 

[rwsmith]

Companies are in it for the quick kill. Slow growth is a loser's game. Often companies shoot themselves in the foot as a result.
I think that most of the comments here are spot on and they are all part of the problem.

 

[Bald1]

I agree in principal that Unions have lost their edge, and that it it should still be the way when they empowered their workers and helped them succeed.

But I am happy that the tactics of the past are no longer prevalent. A Union is supposed to help labor. When it got to a point that the Union Thugs were intimidating their own workers, that was not right.

Grandpa always talked about his monthly encounters to donate to the family of one of his dead brothers. Once he asked who died so he could attend the funeral. He was told that asking a question like that would have him dead very soon.

As I said, Grandpa's face turned red when he heard the word Union. If he heard the word Teamster he would start spouting off swear words in German.

Different time, different place. So, where the heck is Hoffa anyway....

Hoffa under the 50 yd line at Meadowlands Stadium

 

[Beemerguy53]

One of the best current examples of a cosmically stupid corporate decision was Southwest Airlines deciding to mimic everyone else's business practices. From standing out in so many good ways, they're now just another airline.

 

[Model29-26.5]

He was told that asking a question like that would have him dead very soon.

Reading this irked me more than I should have.
That kind of talk is grounds for medieval style retribution!

 

[Ματθιας]

I think this is the CEO for Cracker Barrel

 

[Ματθιας]

Hold on... From X.



"We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our "Old Timer" will remain.

At Cracker Barrel, it's always been – and always will be – about serving up delicious food, warm welcomes, and the kind of country hospitality that feels like family. As a proud American institution, our 70,000 hardworking employees look forward to welcoming you to our table soon."

Seems like their stock went back up. I wonder what happened....