Last official day. Wow, where did the time go? For me it just flew by. Today we had the final consulting presentations. Let me tell you, as a faculty member, my greatest satisfaction is to see students perform well. I love to see the UT McCombs name be given an increased positive power. That is exactly how I feel as I watch all of you prepare for and present your results in the consulting projects. Thank you so much for your positive efforts in reinforcing the McCombs name.
After the consulting presentations the time was then yours to check out Shanghai. And of course we ended the day with a little karaoke. What a great way to end our trip together. Xie xie da jia! And how was your last day?
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March 17, 2011 at 4:54 am |
I visited E-House the largest real estate services provider in China. I was curious to understand how people afford the very high real estate prices in Shanghai and Beijing. A 100 sqm (1000 sq ft) house costs around 2.5 Million RMB ($384,000) when the average salary is still around $10,000 in Shanghai. Chinese people can afford such exorbinant prices because typically there are six persons purchasing a home (husband and wife and their parents). In fact this fact often indicated to E-House when people were purchasing their first home vs. purchasing a second home for speculation. Typically, the first home selling experience involved the entire family, whereas second homes were typically purchased by individuals.
Finally, I enjoyed singing and dancing along to Billy Jean at Karaoke (I am hoping that it wasn’t video-taped although I suspect it was).
March 19, 2011 at 3:22 pm |
I think our presentation at Milner-Weise went pretty well, but our discussion that went beyond the scope of the project was far most interesting and engaging. It was great to hear what a UT MBA alumni really thought about how Shanghai (and China as a whole) was changing. It was also interesting to hear about how limited the Chinese investment options are: Savings account, Shanghai stock market, and real estate. With these limited options it no surprise that both the stock market and real estate are considered inflated. The only question is how the government is going to deal with these issues…
March 21, 2011 at 7:27 am |
Our stateside interactions with Kitco had been somewhat difficult since our primary contact didn’t speak much english. As a result, we struggled some to zero in on a topic that was going to be valuable to them, and we weren’t sure that they would understand our presentation anyway. Given all of that, I was pretty surprised at just how well everything went!
The head of Kitco Asia was a McGill grad who was very fluent in english and very sharp. It turned out that even though our communications were difficult, we did complete the scope they were looking for, and they were very excited to implement some of our ideas. When we broached the idea of implementing a marketing plan that added a status symbol to purchasing Kitco gold (along the lines of an Amex Black Card) the team got very excited… that was lots of fun to see! They also took us out for a fantastic lunch.
March 21, 2011 at 8:24 am |
In the morning we strolled along the streets of Shanghai and made our way to the Shanghai Museum. It was a very impressive exhibition with free admission. After the museum we had our last company visit at E-house, China’s largest real estate services company. It was interesting that the issue of “face” came up again as that was the only reason that they could give us for their IPO on the NYSE. Thanks to Prof. Kelm and Ouyang for a great trip.
March 21, 2011 at 8:48 am |
My last day with the group was great! It started off with a visit to Milner-Weiss, which is a finance/investment firm, and the conversation was really interesting. I am a marketing student, so it was really fascinating to hear about this industry as well as the impact of the Chinese government. In the afternoon I went shopping and got a massage (I am going to miss that), and in the evening we went on a boat cruise and did group karoke. It was a nice end to an amazing trip. I feel like I really got to know my peers better and gained valuable insight about Chinese culture, history and current events. I don’t know if I will ever make it over there again, so I am so happy that I chose this trip. Thanks to everyone for putting together such a great trip and making the most of every minute we were abroad!
March 21, 2011 at 12:36 pm |
Today my group presented at Milner Weis. I thought the presentation went pretty well, but I was surprised at the level of questions that Sandor had for us. For example one of Sandor’s questions required that I understand that a Chinese company can raise capital in the US markets by creating an offshore subsidiary. Nevertheless, we had a great discussion about investing in China. After our presentation Sandor took us out for an amazing lunch with his wife, niece, and family friends. It was interesting to hear what life is like for Sandor as both an expat and a local. Sandor invited his niece to lunch because she is interested in getting her MBA at McCombs. It was interesting to understand why she wanted to get her MBA and why she wants to attend McCombs.
The night was capped off in perfect fashion with Karaoke and Pizza. Ouyang was the definite winner on the mic although Orlando gave him a run for his money. Thank you both for a great trip.
March 21, 2011 at 2:21 pm |
The trip has flown by! I can’t believe it is the last day. Our team presented to Yihaodian, which was a great success and an amazing experience. We started the day thinking because our contact was out of the office that we would present to no one in particular. Little did we know that we would present to the CEO and the executive committee! With that said, I thought the conversation was very constructive and beneficial to Yihaodian and hopefully they follow up on their desire to have me present a seminar on retail negotiation – I wouldn’t mind going back to Shanghai
Karaoke was great – I enjoyed Ouyang stealing the show but I’m not going to lie, Dan, Jon and I are now looking into traveling as an N’Sync cover band.
Overall, this was an amazing trip. The balance of business, historic landmarks, and fun was good although I wish we had more time. Thanks Orlando, and to China: In the words of our new N’Sync group… BYE BYE BYE.
March 21, 2011 at 2:21 pm |
For my last day I went with the Lenovo group to sit in on the Milner-Weiss presentation, which included a very high-level discussion in which the McCombs alum asked us a lot of questions about how China and Chinese businesses are being perceived in the U.S. press and what we are learning about them in our MBA program curriculum. It was refreshing to be able to offer that feedback.
Later we ventured the the old market near our hotel and enjoyed the historic buildings and some good old-fashioned bargaining.
I really enjoyed my time in China, and want to that Orlando, Ouyang, and Pete for all their hard work and making my first trip to China such an amazing one!
March 21, 2011 at 3:12 pm |
Walking down Nanjing Dong Lu Pedestrian Street with the Quintana crew, we saw an impressive array of premium stores– like the Miracle Mile in Chicago or 5th Ave in NYC. There were still Rolex and Omega dealers, but instead of popcorn or hot dogs, street vendors were selling weird boiled meats and delicious dumplings. Some Chinese students approached us a couple times and we took surveys about random things– Dave did one about his coffee-drinking habits, and I did one about my perceptions of Nike.
Our visit to E-House was very interesting. Like GLP, they talked about housing inflation, and they estimated that only about 10-20% of new residential sales were purchased by speculators, based only on sales force feedback: speculators come alone and ask complicated questions, whereas first-time homebuyers will bring the whole family, as they will all be living there, and ask simpler questions. All of this data fed into their system that is similar to the MLS in the US, which helps developers meet land rights owners.
March 21, 2011 at 6:23 pm |
What an eye-opening experience that this trip has been. Today we presented to Praxis Language, which was very interesting. One of the employees was from a town right next my hometown. I was great because at this point of the trip I am starting to get a bit homesick. We chatted about the Harrington Inn where she will be having a reception for her recent wedding; the turn down service there includes fresh baked cookies and milk that are amazing. This little reminder of home caused me to step back and reflect on how very fortunate I am to have this experience. Not many people in St. Charles and Woodridge, Illinois have been able to experience all the aspects of China that I have in the last two weeks and for that I am pretty lucky. While it will be a while before I can look at a lazy susan without cringing and can’t wait to have clean work-out clothes, this has been an experience of a lifetime.
March 21, 2011 at 7:09 pm |
Going into our meeting, it was pretty unclear what type of company we were working with. However after arriving we were pleasantly surprised to find over 20 people cranking away in their new office. Despite the fact that the head of the Chinese group had spent over a decade in the US, I believe we provided some unique insight into their marketing strategy. They even thanked us with an ounce of silver each!
March 21, 2011 at 7:54 pm |
Today, is our last official school day in China. We presented our consulting project to our China company, Yihodian (think Amazon of China). We showed up and we’re subsequently introduced to the CMO, CTO, and CEO of the company (we had no idea we would be presenting to such a high power audience). Our 20-min presentation quickly ballooned to 2 hrs with great back-and-forth discussion. As a result of our hard work, we were treated to an awesome lunch.
In the evening, we had our go-away dinner (Pizza Hut) and had a karaoke jam session. Chuck’s performance of Guns N’ Roses “Sweet Child O’ Mine” was the highlight of the night. Classic performance!
March 21, 2011 at 8:30 pm |
Wow, I was really sad that this was our last day as a group especially cause I wasn’t feeling well and spent the whole day at the Hotel in bed. However, I was determined not to miss Karaoke even if I had to slay a dragon to be there. All I can say is that It was totally worth getting out of bed, my classmates definitely did not disappoint. Who knew so many people were awesome at Karaoke and willing to put on quite a performance. I have to send a special shout out to Ouyang for treating us to some amazing Chinese songs and our very own n’sync.
PS. Thanks for coming out Party Pete!
March 22, 2011 at 12:35 pm |
I echo the ‘sad to leave’ sentiments. The trip has definitely flown by! Our group presented to Yihaodian and as mentioned, were treated to an audience of the entire executive committee. The best part of the experience was how humble and willing to learn the company was. While they are clearly a large, successful company in China they were engaged and interested in our material, opinions and findings. It’s rare that I’ve come across such enthusiasm with American firms I’ve worked for and it’s clear to see why they have become a success in e-commerce since they were immediately making plans to incorporate some of our suggestions.
And finally, karaoke was amazing. The Bye Bye Bye group and Chuck’s Sweet Child O’ Mine were definitely fan favorites.
March 22, 2011 at 1:00 pm |
Today we presented to Milner Weiss on the potential for outbound M&A transactions from China to the US. While I thin our presentation went well and the firm’s CEO, Sandor, appreciated our insights, I think our discussion after the official presentation and over lunch was the highlight. It was interesting to hear the different perspective that Sandor has on living in China, particularly since he’s been in Asia so long and his wife in Chinese. It provided a very unique view. While I think we all knew that the Chinese government played a significant role in daily life, our discussion regarding investing in China and how influential the government remains today was fairly shocking. It seemed as though every aspect of the investment process involved some aspect of governmental approval whereas in the US, many transactions, particularly smaller ones which we were discussing, get completed without much regulatory approval at all.
March 22, 2011 at 1:49 pm |
Our Quintana group had a nice company visit with E-House, where we learned about the differences in the residential real estate market in China compared to the U.S. Thanks to our McCombs classmate Li Chen for setting up the meeting. The fact that the company went public on the NYSE appeared to be mostly a strategy move intended to impress potential clients. It was interesting hearing how the company’s stock’s volatility had mirrored the stock index since it went public months before the financial crisis.
The cruise and karaoke were an entertaining end to a wonderful trip. Everyone had a great time seeing the beautiful city of Shanghai before hearing the talented voices (and some not so talented, particularly mine) bellow out our favorite tunes. The only disappointing part of the night was knowing that the trip was ending and our group was splitting up. Thanks to our leaders and everyone on the trip, I had a blast!
March 22, 2011 at 3:20 pm |
To echo Kyle, Cass and Marco’s comments, our presentation went very well and we definitely rose to the challenge of having pretty much the c-suite of the company serve as an audience. The CEO was impressive and really made us feel welcome. They invited us to lunch after wards which was great as well.
Now time to party. Karaoke, Pizza and the Chuck Wagon. Enough said. Overall great trip with a great group. I’m glad I went!
March 22, 2011 at 3:32 pm |
I really enjoyed the last day in Shanghai also and was sad to leave–it was definitely my favorite city of the trip. Our group actually went to visit the New Balance store (thanks for your flexibility Orlando in allowing us to go!) which I was very interested in seeing. We heard from the CEO of New Balance right before we left for china and he had just told us about the new stores they had opened in both Beijing and Shanghai so it was interesting to see the different marketing strategies and store layouts for U.S. running stores compared to the China store. Since the Chinese are not big outdoor runners (due to the pollution and different cultures) the store was promoting their lifestyle shoes much more than their actual running shoes. The store also had very little clothing/gear and was much smaller in size than I would have expected. It was fun to see though and we got a group picture with the two local Chinese store managers who were excited to have Americans there.
March 22, 2011 at 3:35 pm |
My experience today focused around how incredibly helpful Shanghai’s volunteer services were! After trying to take a taxi to the area we were Monday night to do a little afternoon shopping, the driver dropped us in an unexpected location and we had no idea where we were. In the confusion of paying the driver and getting out of the cab, I ended up leaving my phone in the cab. We then found this volunteer station, and they could not have been more helpful. First, they helped us find (and actually escorted us to) the area of town we were hoping to be dropped off at. Then, they (about five of them) started calling cab companies trying to track down my phone. Though it was a lost cause, it was such a surprise to see how intent they were on trying to help us.
And, Karaoke was amazing – overall, great trip!
March 22, 2011 at 4:28 pm |
I went to the Milner Weiss presentation in the morning. I really enjoyed Mr. Weiss and thought he asked some very interesting questions. Unfortunately, most of the questions were outside of the scope of the project, but it was interested to see how he analyzes M&A deals.
The night was capped by a boat cruise and Karaoke. The boat cruise was awesome. I really love Shanghai’s skyline. Karaoke was great. Overall the trip absolutely exceeded my very high expectations. I learned a ton about China and I also made some lasting friendship on this trip and had an amazing time. Thanks to everyone on the trip for making the trip so much fun. I could not have had a better time or experience! Xie xie!!!
March 22, 2011 at 8:11 pm |
Our presentation today went pretty well at Praxis Language. We were able to give them a few take aways but I did learn how challenging it is to provide advice for an international company. We had our last lazy susan lunch and I was appreciative that I was able to have those delicious eggplants one last time. We talked to some ex-pats from the company at lunch about assimilating to the Chinese culture and both commented on the ease of child care in China for new borns. It is customary to have a full time nanny to help with the new babies. I also enjoyed my last bargaining experience at the Shanghai Pearl Market. I must say that they pizza tasted so good after having more Chinese meals than I was used to. I think Chuck and Ooyang should try out for American Idol! Thank you to Orlando, Ooyang and Pete for your efforts planning this memorable trip.
March 22, 2011 at 8:13 pm |
I meant…Ouyang
March 22, 2011 at 9:20 pm |
I would have liked to have painted the town, but instead spent the better part of the day in bed (last day of sickness). I did have an adventure at a Chinese pharmacy though… pointed to ailments on a piece of paper, to which the pharmacist would pull random things off the shelf. Some of the items on the list were very unusual though, like “stinky armpits”. Really?? Buy some deodorant and call it a day! At first I thought it was strange, but it made me realize that things that are obvious or common to our culture clearly isn’t as universal as I would have thought.
I wound up just getting a coke and reverting to my medicine kit that i had packed, but also with consulting the Beste’s and Laura S. who have doctor moms. We are definitely like a family abroad!
The day capped off with karaoke… the first song I saw was Orlando singing Randy Travis’ “I’m gonna love you forever” and Laura & Kyle slow dancing. How fantastic! Nothing beats Ouyang though, I’ve never seen someone karaoke like that before!
March 22, 2011 at 9:37 pm |
I think Shanghai was by far my favorite city that we visited. I wish we had much more time to spend there. I had a great last day though, getting to walk around the old town to do a little more bargaining for gifts and going to the fabric market. I also finally got to try real Shanghai soup dumplings! (It might sound strange, but this was a bucket list item for me since one of my favorite foods in NYC is the soup dumplings at Joe’s Shanghai). Casey and I ordered from a menu in all Chinese by just pointing at a few items and crossing our fingers. Luckily we ordered the right dumplings and they were delicious!
The boat cruise was a great way to see the city all lit up one last time. Overall, it was an exhausting, but amazing trip and learning experience and it also made me appreciate the comforts of home a little more!
March 22, 2011 at 9:58 pm |
Our Kitco presentation went really well and we were able to provide them some new perspective on their marketing plan. As a relatively new business to the Chinese market, Kitco was very interested in our ideas and observations. We also learned a lot about their business and the precious metal market in China. After our presentation, the four Kitco reps treated us to lunch near their office. The food was great and we were able to discuss and share our different work and educational experiences in the US and on our Global Trip.
Between the presentation and the boat trip, I walked around Shanghai’s Old City and Yugarden. The architecture was amazing and looked like what I expected to see in Shanghai. I grabbed a dumpling snack from a famous Shanghai chain and bought some souvenirs in the market. The vendors would still be willing to negotiate but were not nearly as ruthless as those in the Silk Market in Beijing.
The night’s boat cruise was really cool. After seeing Shanghai from its highest tower it was really neat to see from the water. The karaoke afterward was a blast and an excellent way to end an experience of a lifetime.
March 22, 2011 at 10:20 pm |
Our presentation with Praxis went well and it was nice to hear their feedback afterwards as they pressed us with other issues they were facing. I felt like we contributed more in our discussion with them than in the presentation, which was nice that they were engaged and interested in our opinions. It was incredibly nice of them to treat us to tea and lunch after the presentation as we got to see a different part of Shanghai that we normally would not have visited. This was followed by a quick trip to the market for one last shopping extravaganza as a group…we had some language issues in the cab so thank goodness for the iTouch as I translated “pearl” and “market” into chinese for the driver. (Loved how dressed up the taxi drivers were in Shanghai). Needless to say, we arrived safely at the Pearl Market and took care of business before we headed back to the hotel. Somewhere in the midst there was a tea house visit where we got to witness tea blossom in the pot.
The boat cruise was fun as we could see the contrast between the Bund and the new skyscrapers that dominate Shanghai’s skyline. Followed by an awesome night of karaoke, it was a great end to the trip.
March 22, 2011 at 10:32 pm |
I really enjoyed our time in Shanghai. On the last day, I visited the New Balance store which was interesting to see after having met with the New Balance CEO before leaving for China. We also visited the Shanghai Nike store in order to compare how the two companies are positioning themselves in China. I thought it was interesting that New Balance had a very strong lifestlye position while Nike emphasized its connection to basketball.
The boat cruise and karaoke night were a wonderful end to the trip! Overall, this trip was great. I learned a lot about the Chinese culture, being an expat in China and the government’s involvement in business. And in addition, I learned how to haggle, use a squatter, interact with people who didn’t speak my language, and eat pretty much anything (including octopus, duck wing, sea snail and starfish). This has been an amazing experience! Thank you Orlando, Ouyang and Pete for organizing it!
March 23, 2011 at 6:18 am |
Today was one of my favorite days. I love taking time to just walk around the city and explore. My group started off at the New Balance store and learned about their store in Shanghai and compared it to some of the other athletic stores. It was fun to see. NB prides itself on being American made (while most other shoes are made in China) so it was interesting to see that come out even in China. We then walked around the city looking at different neighborhoods and enjoying all the different buildings and architecture. I think it’s amazing how you can walk one block and things change so drastically.
The boat cruise and karaoke were a great way to end the trip. I can’t believe it went so fast but it definitely exceeded my expectations and will be a trip I remember for years to come. I particularly enjoyed being able to see China from an educational / business perspective. Thanks for such a great experience!
March 23, 2011 at 8:44 am |
Today I got to truly see Shanghai. Since I was visiting New Balance, I got the chance to start off in the heart of the commercial part of the city. In the course of the day, I took 4 taxi cabs, 3 subway rides that involved switching lines at least twice, and walked at least 10 miles. It was definitely one of my favorite days because I felt I really got to see Shanghai.
Add the boat cruise karaoke and it was such a great end to Shanghai and the trip. But this wasn’t the end of China for me. Going to Xi’an afterwards was the best decision I made. It wasn’t just visiting the Terracotta Warriors, but being truly surrounded by Chinese history.
March 23, 2011 at 9:22 am |
This was one of my favorite days in China! I started the day off by visiting the New Balance store, which was interesting to see after speaking with the CEO and seeing pictures of it. Having worked in the retail industry, I enjoyed the similarities and differences in the retail stores in the area in terms of their merchandising and appearance. It was also surprising to see competitive stores placed right next door to each other, as Nike, New Balance and Adidas were.
It was nice to just walk and wonder around Shanghai. I think that is one of the best ways to visit cities. It was great for people watching!
I also liked the boat cruise and seeing all the spectacular views of the city at night. And of course, the Karaoke was a great way to finish off the trip!
March 23, 2011 at 10:19 am |
My group presented to Praxis Language in the morning. It was great to meet the famous Hank! We enjoyed the open discussion at the end of the meeting where could provide additional value past what we covered in the deck. We also got to see where they record the podcasts, which was interesting. Then, they treated us to tea and lunch!
I enjoyed the evening a lot with the boat cruise and karaoke. I don’t think pizza has ever tasted so good. Thank you all for fantastic performances and an overall great trip!
March 23, 2011 at 3:26 pm |
Some of us walked around Shanghai and visited the museum. At first Shanghai has a western feel to it, but with a closer look it has many differences. We saw shops and markets that had way more employees than any US shop would have. We visited a chopstick store that actaully had a pair of solid gold chopsticks for $10,000. It was clear that even in Shanghai, much like Beijing, everything is up for bargaining (excluding franchises, restaurants and high end stores). The locals who go to the local store or market to purchase food have to bargain everyday. It was evident, however, that they were much more efficient at it than visitors. In one instance I saw a man say only two sentences and then purchased a few desserts. The employees must know who is local and set prices that are more fair from the begining.
March 23, 2011 at 3:28 pm |
Last day of the McCombs scheduled trip. The morning consisted of a trip to Milner Weiss, where we met a McCombs alumni who excelled in matching businesses with other companies to be acquired. It was an interesting dynamic again hearing about the experiences of working within the Chinese government’s control and again how important the relationships are with officials.
A small group of us went and shopped around the Old Market in Shanghai, ate a traditional chinese dumpling, skewered meat, and fried rice meal and toured the Shanghai area around our hotel. It was nice to get a feel for the city just walking around and taking in the surrounding environment.
After a quick nap, we took the boat cruise that gave us a beautiful view of downtown Shanghai and showed the dichotomy of the modern, skyscraper filled East Bank, compared with the old, European style buildings on the West Bank, showing the eclectic European influence on the city. The Karaoke to top off the night and the trip was simply amazing with performances from the golden pipes of Chuan Ouyang, and the Randy Travis like melodies of Orlando Kelm. It was an awesome, unforgettable, once in a lifetime trip. Thanks to everyone for making it such a great experience!