Posts filed under ‘Women & Leadership’

Women advancing in Economics

We love to highligh accomplishments of women in leadership, and today’s news is exciting! The first women ever to win the Nobel prize for economics was awarded today. 

From the BBC:

“Elinor Ostrom has become the first woman to win the Nobel prize for economics since it began in 1968.

Ms Ostrom won the prize with fellow American Oliver Williamson for their separate work in economic governance.

The Nobel Memorial Prize in Economic Sciences is the last of the six Nobel prizes announced this year. Since 1980, it has gone to Americans 24 times.

Last Friday, US President Barack Obama was awarded the Nobel Peace Prize – though this aroused some controversy.

BBC economics editor Stephanie Flanders said the judges had rewarded work in areas of economics whose practitioners’ “hands were clean” of involvement in the global financial crisis.

The economics prize was not among the original Nobel awards, but was created in 1968 by the Swedish central bank in Alfred Nobel’s memory.

The Royal Swedish Academy of Sciences cited Professor Ostrom, who teaches at Indiana University, “for her analysis of economic governance,” saying her work had demonstrated how common property could be successfully managed by groups using it.

She told Swedish television that she was “in shock” at being the first woman to clinch the award, adding winning had been a “great surprise”.

Meanwhile, Professor Williamson, the academy said, developed a theory where business firms served as structures for conflict resolution.

The University of Berkeley California academic has argued that hierarchical organisations such as companies represent alternative governance structures, which differ in their approaches to resolving conflicts of interest.

“Over the last three decades, these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention,” the academy said.

The pair will share the 10-million Swedish kronor (£910,000; $1.44m) prize.

Last year, American academic Paul Krugman won the prize, in recognition of his analysis of trade patterns and where economic activity takes place.”

To read more…http://news.bbc.co.uk/2/hi/business/8302662.stm

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October 12, 2009 at 3:43 pm Leave a comment

Women Drive the World Economy. But Companies are Doing a Poor Job Serving Them

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In the Harvard Business Review’s September issue, a fascinating, if not slightly shocking study result was published:  As a market, women represent a bigger opportunity than China and India combined, but companies doing a poor job of serving them.

“Women now drive the world economy. Globally, they control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. Their $13 trillion in total yearly earnings could reach $18 trillion in the same period. In aggregate, women represent a growth market bigger than China and India combined—more than twice as big, in fact. Given those numbers, it would be foolish to ignore or underestimate the female consumer.

And yet many companies do just that, even ones that are confident they have a winning strategy when it comes to women. Consider Dell’s short-lived effort to market laptops specifically to women. The company fell into the classic “make it pink” mind-set with the May 2009 launch of its Della website. The site emphasized colors, computer accessories, and tips for counting calories and finding recipes. It created an uproar among women, who described it as “slick but disconcerting” and “condescending.” The blogosphere reacted quickly to the company’s “very special site for women.” Austin Modine of the online tech publication The Register responded acidly, “If you thought computer shopping was a gender-neutral affair, then you’ve obviously been struck down by an acute case of female hysteria. (Nine out of ten Victorian-age doctors agree.)” The New York Times said that Dell had to go to the “school of marketing hard knocks.” Within weeks of the launch, the company altered the site’s name and focus. “You spoke, we listened,” Dell told users. Kudos to Dell for correcting course promptly, but why didn’t its marketers catch the potentially awkward positioning before the launch?

Most companies have much to learn about selling to women. In 2008 the Boston Consulting Group fielded a comprehensive study of how women felt about their work and their lives, and how they were being served by businesses. It turned out there was lots of room for improvement. More than 12,000 women, from more than 40 geographies and a variety of income levels and walks of life, responded to our survey. They answered—often with disarming candor—120 questions about their education and finances, homes and possessions, jobs and careers, activities and interests, relationships, and hopes and fears, along with their shopping behavior and spending patterns in some three dozen categories of goods and services. (You can learn more about the survey and take an abridged version of it at www.womenspeakworldwide.com.)

We also conducted hundreds of interviews and studied women working in 50 organizations in 13 fields of endeavor. Here’s what we found, in brief: Women feel vastly underserved.

Despite the remarkable strides in market power and social position that they have made in the past century, they still appear to be undervalued in the marketplace and underestimated in the workplace. They have too many demands on their time and constantly juggle conflicting priorities—work, home, and family. Few companies have responded to their need for time-saving solutions or for products and services designed specifically for them.”

To read more go here:

http://hbr.harvardbusiness.org/2009/09/the-female-economy/ar/1

If you are a woman, do you agree: do you feel under-served, ignored, or undervalued by companies? If you are a man, what are your thoughts? And what are the opportunities that you now see, (as a consumer? as a leader within a company?)

September 23, 2009 at 2:39 pm Leave a comment


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