University of Miami School of Business Opens New Research Lab
Posted on: Monday, 10 March 2008, 09:01 CDT
CORAL GABLES, Fla., March 10 /PRNewswire-USNewswire/ -- The University of Miami School of Business Administration today announced the opening of a new laboratory designed for advanced, technology-driven marketing research. The Canes Behavioral Laboratory - a state-of-the-art research facility - houses 31 networked computer workstations in 800 square feet of research space. All of the research stations are outfitted with leading behavioral research software, computer joysticks and headsets for studies requiring audio. The lab will enable the School's faculty to conduct leading-edge marketing research in a controlled environment.
"The School of Business is committed to research excellence and to fulfill that commitment we must provide an environment where leading-edge research and innovation can thrive," said Barbara Kahn, dean of the University of Miami School of Business Administration. "Not only does the laboratory create tremendous research opportunities for current faculty and students, it will help the school attract more top research faculty and complement our efforts to build a world-class PhD program," said Kahn.
The lab's advanced technology enables researchers to take advantage of tools ranging from interactive surveys to virtual environments that simulate product features so they can learn how people react in actual situations. Each semester, as many as 450 undergraduate business students will participate in research conducted in the lab to meet a course requirement. With each student participating in three one-hour sessions, the lab's research hours will total more than 1,300 each semester.
"It is important for business students to understand the tools and techniques used in real-world market research. Participating in lab studies gives students the opportunity to be part of marketing in action and enriches their understanding of the value of research in the formulation of sound marketing strategy," said Michael Tsiros, associate professor of marketing at the School of Business. "The lab enhances faculty research by providing an environment for testing new marketing concepts, and for measuring and controlling variables that could not be otherwise accomplished," said Tsiros.
Initial research in the behavioral laboratory focuses on how consumers react to retail sales and promotions and on price negotiations. In one study, researchers are looking into buyer regret, whereby consumers tend to shy away from buying marked-down products when they know the product was sold previously at a deeper discount. The findings may help retailers position such products differently in order to make them more appealing to consumers. In another study, researchers are looking at the effect of time delay in a seller's response to a buyer's offer (e.g., in a car dealership) and the buyer's satisfaction with the final outcome. And in a third study, researchers examine how different consumer goals lead to a preference for a specific price promotion (e.g., sales framed as dollars-off vs. percent-off).
About the University of Miami School of Business Administration
The University of Miami School of Business Administration is a comprehensive business school, offering undergraduate business, full-time MBA, Executive MBA, PhD and non-degree executive education programs. One of 12 colleges and schools at the University of Miami, the School is located in a major hub of international trade and commerce and acclaimed for the global orientation and diversity of its faculty, students and curriculum. The School delivers its programs at its main campus in Coral Gables as well as at locations across Florida and abroad. More information about the University of Miami School of Business Administration can be found at http://www.bus.miami.edu/.
University of Miami School of Business Administration
CONTACT: Jeff Heebner of University of Miami School of BusinessAdministration, +1-305-284-4005, jheebner@miami.edu
Source: PRNewswire-USNewswire
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