BusinessMatters
Your Business News at the Ulster Business School
ISSUE 6
June 2014
A Testing Business
Page 2
Gazing to the Future
Page 5
Profiting from their
Studies
Page 12
Sir John Parker - Keynote Speaker at
FPM/Ulster Business School Leadership Talk
From left: Professor Feargal McCormack, Managing Partner, FPM Accountants; Professor Richard Barnett, Vice-Chancellor of the University of Ulster; Sir John Parker; and
Professor Marie McHugh, Dean of the University of Ulster’s Business School
“Good management does
make a difference. But never
get so high up that you can’t
find time to go down”, was
one piece of advice given to
business leaders by Sir John
Parker as keynote speaker at
the FPM Annual Leadership
Talk, Management Month
initiative in association with
the Ulster Business School
at the University of Ulster,
Belfast campus.
Originally from County Down, Sir
John’s first job was in Harland and
Wolff with its ship design team.
His career since then has
spanned the engineering,
shipbuilding and defence
industries. In 1983, he returned to
Harland and Wolff as Chairman
and Chief Executive to lead a
turnaround in the yard’s fortunes
and transfer it into the private
sector.
It was to be the first of numerous
significant leadership roles. Sir
John has chaired five FTSE100
companies, including National
Grid, from which he stepped
down in December 2011, and he
is currently Chairman of the
mining conglomerate Anglo
American. He is Vice Chairman of
DP World (Dubai) and a NonExecutive Director of Carnival
Corporation and EADS (Airbus).
He has also chaired the Court of
the Bank of England (2004–2009)
and is currently President of the
Royal Academy of Engineering.
During the one-hour conversation
with broadcaster Gerry Kelly, Sir
John’s passion for creating an
industrial strategy for the UK
aligned with a growth in the
number of apprentices was very
apparent. He said, “Education, the
skills agenda, universities,
research and development,
industrial activity – it all needs to
be more aligned and that I think is
starting to happen”.
Speaking at the event, which
attracted a full house, FPM
Chartered Accountants, Managing
Partner, Visiting Professor Feargal
McCormack stated that Sir John’s
approach to leadership, his vision
and views, which were shared
during the in-depth chat, were
inspirational, saying, “It is clear to
see why Sir John Parker has been
one of the most sought-after
company chairmen and directors
for the past three decades”.
Professor Marie McHugh, Dean of
the Ulster Business School at the
University of Ulster, added,
“We were delighted to work with
Professor Feargal McCormack
and his team at FPM in organising
the Annual Leadership Talk. As a
Business School that is
committed to developing the
entrepreneurial flair, business,
management and leadership skills
of its students, it was an honour
to welcome such an
internationally renowned and
respected figure as Sir John
Parker, to share with us his
thoughts on his approach to
business”.
2
A Testing Business
Stamp of Approval
Putting the consumer at the heart of
product development is the focus as a new
Consumer Sensory and Testing Suite is
launched by the Ulster Business School’s
Department of Hospitality and Tourism
Management.
Participants on Ulster Business School's
MSc Marketing degree have received a significant
endorsement from the Berner Group.
Professor Grainne Allen (right) and Dr Amy Burns (left) invite Esme Porter, Suki
Tea, to try out the Ulster Business School’s new Consumer Sensory Testing Suite
on the Coleraine campus
Catering for the Northern Ireland
food industry, the facility on the
Coleraine campus includes
sensory testing booths for
consumer panelling, a seminar
room for exploring consumer
perceptions, benchmarking
products and concept
development, and a test kitchen
for developing new product
concepts. Additionally, at the
Ulster Business School’s Belfast
campus, The Academy
Restaurant can offer industry ‘real
meal’ testing of consumer
responses.
Ulster Business School Visiting
Professor Grainne Allen explains,
“Food manufacturers in Northern
Ireland have a great reputation for
supplying high quality products
to the major retailers, but they
don’t always have access to
affordable consumer testing
facilities. It is increasingly
important, especially for smaller
food companies, that they
identify and analyse the quality
levers that affect shopper and
consumer choice before investing
in expensive technology and
product trials. This new
Consumer Sensory and Testing
Suite will provide access to a test
kitchen, development chefs and
the testing facilities which are so
vital for growth but often
prohibitively expensive.”
Live projects
The facilities are also used by
students on the BSc Hons
Consumer Studies degree to
complete live industry projects.
“It is a win-win situation for both
the Ulster Business School and
the local food industry”, adds
Course Director Dr Amy Burns.
“Students undertaking the
module in Food Innovation have
the opportunity to work with
companies across the island of
Ireland and Great Britain to help
inform thinking on future food
and drink products. This
collaborative approach also
makes a significant contribution
to building the skill set of future
graduates wishing to embark on
a career in the food and drinks
industry.”
For more information about the
Department of Hospitality and
Tourism Management and the
BSc Hons Consumer Studies
programme please email:
htm@ulster.ac.uk
MSc Marketing students
participating in an
Entrepreneurship module worked
with Berner UK Ltd to identify an
innovative route-to-market for the
company in the UK. Their
challenge was to undertake an indepth review of the company’s
potential for growth and to
provide an entrepreneurial
marketing solution for the
company to consider as a
response to the challenges it
faces.
The Business Venture team
project is an established part of
the Entrepreneurship module on
the MSc Marketing programme. It
is run by the Centre for SME
Development and the Ulster
Business School’s Department of
Marketing, Entrepreneurship and
Strategy in collaboration with
Invest NI and the University's
Office of Innovation.
Professor Pauric McGowan,
module coordinator said,
“The module is designed to allow
students to use their knowledge
to work with company owners in
providing practical, innovative
solutions to many of the
marketing problems those owners
face in growing their businesses.
It’s a great opportunity for
business practitioners who work
with us and course participants to
learn from each other, and to
support each other’s learning. The
project has had some very real
impacts already for a number of
SMEs since the initiative was
launched.”
The Berner Group is one of
Europe’s largest entrepreneurial
companies. Founded in the
immediate post war period by
entrepreneur Albert Berner, it has
constantly sought to maintain the
entrepreneurial spirit that
characterised its early
foundations, even as it has grown
to its current size. It remains a
family firm, present in several
countries in the EU and now
employing 9000 people.
As a part of its commitment to
supporting Entrepreneurship
learning at UBS, the Berner group
has sponsored an award for the
best performing team in this
year’s cohort on the MSc
Marketing. At a recent visit to the
University, Wout van Stokrom,
Vice President, Berner Region
West said, “We are particularly
pleased to be associated with the
important work of the Ulster
Business School in encouraging
greater entrepreneurial behaviour
in Northern Ireland. The Berner
company started out with just one
man and a car; it is now one of
the biggest family businesses in
Europe. From humble beginnings
great things can be achieved by
people with the vision and the
courage to act; entrepreneurial
people.”
Gerry Doherty, CEO for
Berner UK said, “It’s great to be
involved with the Ulster Business
School in promoting
entrepreneurship; as a local lad
I’m really pleased to support the
work of the School in promoting
this agenda. It is one at the very
core of what Berner UK is about.”
Pauric McGowan, Professor of Entrepreneurship at the Ulster Business School
and Gerry Doherty, CEO for Berner UK
www.business.ulster.ac.uk | 3
Entrepreneurial
Spirit Award
Partnership is the
Recipe for Success
Final year undergraduate students are being
encouraged to reveal their entrepreneurial flair
as the University of Ulster’s Business School
opened entries for this year’s Entrepreneurial
Spirit Award in partnership with the Northern
Ireland Chamber of Commerce (NICC).
Marketing students at the Ulster Business
School have gained hands-on experience
of digital marketing through collaborations
with businesses including top restaurants
James Street South and Hadskis.
The award is a Postgraduate
Bursary up to the value of £9,000
which includes a mentoring
programme, giving students the
opportunity to boost their futures
with a cutting edge Ulster
Business School Masters
Programme, while also meeting
with a mentor from a Northern
Ireland business for six months. In
addition, the winning student will
gain essential business skills such
as networking techniques,
presentation skills and
management styles, not to
mention learning the responsibility
of arranging and preparing their
own mentor meetings while
gaining an appreciation of
entrepreneurial spirit.
working in partnership with the
University of Ulster in order to
promote the vast array of business
talent, entrepreneurial spirit and
innovation we have in Northern
Ireland. The award will provide the
winning student with a great
opportunity to meet other
entrepreneurs, visit successful
businesses and learn how to be an
innovative businessperson as they
take the first steps towards their
own successful enterprise.”
The academic-industry
partnerships have seen both BSc
and MSc students act as digital
marketing consultants to a wide
range of businesses. The learning
model, devised by Professor of
Marketing Mark Durkin, will help
equip students for marketing
roles in an ever increasing digital
world and it is hoped businesses
will benefit from the students’
carefully planned digital
strategies.
Applications comprised a 500word essay outlining why the
applicant deserves to win the
Award. Shortlisted candidates will
be interviewed in May and the
winner will be announced in June
with the selected course of study
beginning in September 2014.
Professor Durkin said,
“Marketing has become more
digital in emphasis and it is vital
that today’s graduates offer future
or existing employers expert
knowledge and skills in how
digital technology can add value
to marketing and consequently,
to the overall business. Given the
pace of change in marketing
practice, it is imperative that
student learning focuses its
attention at the interface between
theory and practice. Using a live
case study assignment where
students act as consultants on a
real company’s digital strategy is
a great example of a successful
academic-industry partnership.”
Pauric McGowan, Professor of
Entrepreneurship, Ulster Business
School and Chair of the Judging
Panel said, “As part of the Ulster
Business School’s commitment to
supporting the growth and
development of the Northern
Ireland economy, this award helps
to raise the profile of
entrepreneurship and increases
the incentive for enterprise
amongst our students. The current
highly challenging environment
has highlighted that future growth
and prosperity will be greatly
enhanced by nurturing the
entrepreneurial flair and talent of
our graduates. By partnering with
NICC, the Ulster Business School
is providing our entrepreneurs of
the future with invaluable
experience, and a unique
opportunity to acquire and
develop the key skills required to
succeed.”
Oonagh O’Reilly, Business
Development Director, Northern
Ireland Chamber of Commerce,
said, “NI Chamber of Commerce
believes that in order to grow the
private sector in Northern Ireland,
young entrepreneurs need
encouragement and support. With
this in mind we are delighted to be
James Street South and Hadskis
owner Joanne McKenna said the
collaboration with BSc students
was a 'real digital opportunity' for
the restaurants she owns with her
husband, chef Niall McKenna.
Pauric McGowan, Professor of
Entrepreneurship and Oonagh
O’Reilly, Director of Business
Development at the Northern
Ireland Chamber of Commerce
She said, “We want to develop
our brand digitally and position it
to support the quality experience
that we’re known for – both in
terms of food and also service.
The student consultants have
been working on making that
opportunity real.
The winning team demonstrated
its unique ability to assess our
digital presence and devised a
strategy to improve our
communications. This has now
been taken in-house and is being
used to improve our presence in
new media. The experience was
enlightening and very
worthwhile.”
Commenting on the experience,
BSc Marketing student Carleen
Hughes, said, “Being a part of the
James Street South group digital
experience was an excellent
opportunity to work on a current
marketing challenge. Working
with a top restaurant in Belfast
has proven highly beneficial and
we know that this experience will
be extremely valuable on
graduation. Our group is excited
to see how our recommendations
are implemented, and can’t wait
to see James Street South grow
their digital presence.”
The BSc students have also
benefited from visits from
University alumni to share their
expertise in digital marketing.
Clare Geehan and Carleen
Hughes, BSc Marketing
students from the Ulster
Business School, with top
chef Niall McKenna were
members of the winning
team tasked with coming
up with a new digital
marketing strategy for
James Street South and
Hadskis as part of their
course
4
Gazing to the Future
Lucia Campbell, Associate Head
of the Department of Hospitality
and Tourism Management at the
Ulster Business School
The latest State of the Nation 2013
report predicts that the hospitality
industry will need to employ a
further 20,000 people during the
next seven years and of these
4,300 will be at senior and
managerial level. In line with this,
the Department is confident that it
is producing the calibre of student
sought after by the hospitality
industry.
With a total of 200 students
enrolled on its BSc Hons
International Hospitality
Management degree alone, the
Department continually strives to
ensure that its students graduate
with the knowledge, skills and
professionalism required by
today’s industry. To achieve this, it
adopts an integrated and inclusive
approach to embedding
employability in the curriculum.
This includes focus on a number
of areas such as the development
of graduate qualities, the
promotion of compulsory workbased learning opportunities,
personal development planning,
entrepreneurship training, and
volunteering. Employability is also
encouraged through Ulster’s Edge
Award and through the use of
PACE. The Edge award has been
designed to enhance the
employability of Ulster students by
providing official recognition and
evidence of activities outside their
programme of study and PACE is
an interactive tool which helps
students access and apply for
internships.
The Department continues to view
a one-year work placement as an
essential part of the degree
programme as it provides students
with an opportunity to enhance
their understanding of the world of
work, to develop their transferable
and interpersonal skills, and to
develop a professional network for
future employment on successful
completion of their programme.
Placement opportunities are
offered locally, nationally and
internationally in places such as
the United States, Australia, Dubai
and Hong Kong.
The Department of Hospitality and Tourism Management in
the Ulster Business School is embracing the employability
agenda to ensure its graduates have the competitive edge.
In addition, prior to placement,
students complete practical
sessions within the Academy
Restaurant throughout Years 1 and
2 of their degree programme.
Within this award-winning, fully
operational restaurant, students
learn the ‘skills of their trade’,
whilst also developing their
professionalism, creativity,
confidence, teamwork and
interpersonal skills. These are the
key employability skills that
today’s placement and graduate
employers are demanding.
Outstanding feedback from both
the Academy’s customers and
graduate employers provide a
resounding vote of confidence in
the Department’s students and
graduates.
Ulster's emphasis on the provision
of ‘professional education for
professional life’ is reflected in the
introduction of specialist pathways
within the BSc Hons International
Hospitality Management degree.
These are designed to meet the
varying career aspirations of the
students and each has its own
unique stamp in the key areas of
Tourism, Events and Wines and
Spirits. An exemplar of how the
Department develops and
enhances the employability skills
of its students is reflected in the
success of the recent ‘fYOUture’
conference on the Belfast campus.
This event, which attracted over
two hundred student delegates
and four industry keynote
speakers from Ireland and the UK,
was organised by a group of
second year students studying a
Corporate Events module. Under
the tutelage and guidance of
academic staff, they displayed the
ability to translate theoretical
knowledge into practice, and
demonstrated the necessary
flexibility, creativity, selfconfidence and teamwork skills to
plan and deliver an event to
industry standards. 2013 has been
a very successful year for the
Department, having been voted as
an outstanding UK university for
Food and Beverage and Tourism,
Travel, and Transport in the
National Student Survey. Indeed,
one of its students, Eamonn
McNicholl, was awarded the
Institute of Hospitality’s Janus
Student Management Potential
Award. 2014 looks equally
promising, with the Institute of
Hospitality set to accredit all the
Department's undergraduate and
postgraduate courses. This,
coupled with the support of
hospitality industry leaders and a
group of exceptional Visiting
Professors such as Michael
Deane, Julie Hastings and Michael
McQuillan, will ensure that the
Department continues to deliver
on the employability agenda by
developing the future managers
and leaders of the hospitality
industry in Northern Ireland and
beyond.
Triple Success for Dermot
Dermot Boyle, a graduate from the Masters in Business Administration
(MBA), has been presented with three top awards by the Ulster
Business School.
Lorimer Scholars Award for being
the MBA Best Overall Student.
The Awards were presented at the
annual Ulster Business School’s
Student Awards event organised
by the Department of
Management and Leadership.
Triple award winner Dermot
Boyle is presented with one of
his Ulster Business School
awards by the Dean, Professor
Marie McHugh
Named the Top Student in MBA
Year 2/Semester II, he won both
the Dean’s Award and the Institute
of Directors’ Prize. He was also
presented with the Sir Desmond
Speaking at the Awards
ceremony, Professor Heather
Farley, Head of the Department,
said, “These Awards recognise
the top performers across the
range of management and
leadership related programmes.
The Ulster Business School prides
itself on delivering courses which
enable students to acquire
knowledge and skills that will
allow them to make a meaningful
contribution to the development
of business in Northern Ireland
and beyond. Our professional
partnerships outside the
University, evidenced by the many
sponsors involved with these
Awards, further demonstrate our
commitment to providing an
important mix of academic and
practical learning.”
A total of eighteen awards were
presented. Sponsors included
Capita, Grafton Recruitment, Peak
Discovery, Labour Relations
Agency, Deloitte, First Trust Bank,
Institute of Directors and the CBI.
Did You Know
In the last five years
students from five
continents have
studied with the Ulster
Business School.
www.business.ulster.ac.uk | 5
Common Power for
Common Good
'Common Power for Common Good' was the theme of an international
Renewable Energy conference held in Enniskillen in March.
Hosted by the Ulster Business
School and Action Renewables,
the conference marked the
culmination of a €2.2 million,
three-year research project,
SECRE, funded by the INTERREG
IVB Northern Periphery
Programme (NPP) which has
resulted in the launch of the
renewable energy consultancy
service, CommonPower.
Almost 100 attendees travelled
from across the Northern
Periphery to attend the
conference, including
representatives from Sweden,
Norway, Iceland, Scotland,
Finland, Northern Ireland and the
Republic of Ireland.
Dr Sharon Loane, Ulster Business
School explains, “Social
enterprises play a pivotal role in
the rural and urban regeneration
of the NPP regions. As such, it is
essential that they are in a
position to maximise the
opportunities and challenges
afforded by renewable energy. We
knew at the outset of the project
that social enterprises face issues
such as lack of knowledge
transfer, problems developing
realistic business models, major
funding issues and lack of long
term technical support.
“The aim of the 12 partner
organisations, led by Karelia
University of Applied Sciences
(Finland), was to work
collaboratively to develop a
transnational service which would
support social enterprises and cooperative organisations in creating
sustainable jobs and wealth
through the generation of
renewable energy. CommonPower
is the outcome of the project and
we are confident that the service
will enhance the abilities of
communities to generate more
regional wealth and employment
Dr Sharon Loane, Ulster Business School; Enterprise Minister Arlene Foster; Ville Kuittinen, Karelia University, Finland; and
Mick O’Reilly, Action Renewables at the launch of Common Power at the International Renewable Energy Conference in
Enniskillen
whilst empowering them to
become less reliant on the energy
grid” she concluded.
CommonPower offers an array of
bespoke services including
training; consultancy offering
guidance from concept to
implementation and evaluation;
and a one-stop knowledge base
at www.commonpower.eu.
Enterprise, Trade and Investment
Minister Arlene Foster said,
“Renewable energy is not the sole
preserve of large developers.
There are already countless
numbers of individuals, small
businesses, farms and even
schools that have installed
renewables. I hope that
communities and social
enterprises can take advantage of
the information and resources
available through the SECRE
project and reap the economic,
social and environmental
rewards.” Mick O’Reilly, Project
Manager, Action Renewables
added, “The community sector
has the potential to gain value
from renewable energy, through
social business, maximising social
and environmental benefit, and
economic profit. Profit making,
but not profit keeping, social
enterprise can allow communities
to create jobs, and at the same
time generate income, empower
communities and give them more
freedom to address local issues.”
6
www.business.ulster.ac.uk | 7
Ulster Business School
Visiting Professors Team 2014/15
• The Ulster Business School is proud of its 40 Visiting Professors who play senior roles in their respective organisations.
• Our Visiting Professors engage with School staff and many contribute to the curriculum design and development.
• Our Visiting Professors are important ambassadors and advocates for the School and provide their services on a voluntary basis.
Back Row (left to right): LESTER MANLEY, (Chair and MD, Manleys Ltd); BOB McCULLAGH, (Former Partner, Pricewaterhouse Cooper); TOM FRAWLEY, (NI Ombudsman); KEN BELSHAW, (Founder, Grafton Recruitment); SHANE McGONIGLE, (MD, WINSIGHT);
IAN McCONNELL, (Forensic Services Partner, PWC); SIMON BRIDGE, (Consultant and Author, Simon Bridge Associates); GRAHAM GUDGIN, (Research Associate, Judge Business School, University of Cambridge); MICHAEL DEANE, (Restaurateur and
Entrepreneur); PHILIP HAMILL, (Dean of the Institute of Banking, IFSC); MICHAEL McQUILLAN, (Founder, The Streat); MIKE JOHNSTON, (Chief Executive, Dairy Council for N Ireland); GORDON MILLIGAN, (Interim Group Chief Executive, Translink);
WILFRED MITCHELL, (Policy Chairman, Federation of Small Businesses); KEN ADDLEY, (Director of Occupational Health, NI Civil Service).
Front Row (left to right): JOHN SIMPSON, (Economist, John Simpson Consulting); LESLEY McCLURE, (Former MD, IPSOS MORI NI); TRACY HAMILTON, (Director, Mash Direct Ltd); MARIE McHUGH, (Dean, Ulster Business School); CAROLE PEMBERTON,
(MD, Coaching to Solutions); MOIRA BURKE, (CEO, Exploris); DAVID TAYLOR, (Author and Business Coach, The Naked Leader Ltd).
Not in Picture: GRAINNE ALLEN, (Co-Founder, The Rainmaker Partnership Ltd); STEPHEN CONWAY, (MD, A V Browne Group); JOHN DOWDALL, (formerly Comptroller and Auditor General for NI); NADA KORAC-KAKABADSE, (Professor of Policy, Governance and
Ethics, Henley Business School); DAVID LAVERY, (Director, NI Courts and Tribunals Service); ALAN LENNON, (Consultant); DENNIS LICENCE, (Former CEO, First Trust Bank); JULIE MAGUIRE, (Marketing Director, Hastings Hotels); FEARGAL McCORMACK,
(Managing Partner, FPM Accountants LLP); FRANCESCO MOLINARI, (Consultant and Research Associate, Politechnico di Milano University, Italy); ANNA MOSS, (Director, General Counsel, Belfast, Citigroup Global Markets Ltd); GERRY MURRAY, (Partner, McDaid
McCullough Moore); IAN YEOMAN, (Associate Professor, Victoria University of Wellington).
8
Grow up why don’t
you?
Professor Pauric McGowan
Factors likely to constrain SME
owners from growing their
businesses.
We are hearing a lot about how
UK is on its way to recovery, but a
closer look at the financial and
business picture within the UK’s
small businesses would suggest
that a lot of uncertainty still clouds
the horizon. Having achieved a
level of success many SME
owners and managers appear
reluctant to pursue further growth.
There is a need to ask the
question why this is the case and
to challenge business owners to
think again.
Issues identified as holding many
back from pursuing growth
include:
•
•
•
•
•
owners doubts about their
competencies, particularly
with respect to marketing,
resource management and
people management;
doubts about being able to
access key skills to sustain
growth;
perpetual lack of
resources,fears over
accessing cash flow, the
impact of late payments,
limited access to growth
capital, poor support
relationships with local banks;
fear of failure as one gets
older and an emerging sense
of risk aversion; and
anxiety over speed and rate of
recovery in the global
economy.
Of course, not every company
owner wants to pursue a strategy
for their business that is solely
focused on continuous, scalable
growth. Many are attracted to
business ownership as a lifestyle
choice, for example, or as a
response to a particular social
agenda. Some just want to keep
their enterprise at a manageable
level; enough to enjoy a
comfortable life but to keep their
enterprise lean and mean,
particularly in the face of
competitors. However there are
many SMEs, the owners of which,
with the right outlook and support,
could go for further growth and for
the reasons considered above
don’t.
Northern Ireland is not unique in
terms of needing to encourage
and support SME owners to
reflect again on how they might go
for growth in their enterprises.
Other parts of the UK face the
same issue. Right now, SME
owners “need to consider a new
approach, prioritising investment
and seeking internationally
focused market growth, as they
prepare for a more stable
economy.” Global Economic
Conditions Survey (GECS), 2013.
In March, the Ulster Business
School’s Centre for SME
Development joined forces with
the Institute for Small Business
and Entrepreneurship (ISBE) and
the Marketing Institute of Ireland
to host a one-day workshop for
small businesses. Participants
heard from businesses who
overcame the growth challenge
including entrepreneur and angel
investor, Bryan Keating; Moira
Burke Co-Founder of Bio-Kinetic
Europe and Digital Marketing
specialist, Patrick McAliskey,
Novosco.
Insights from the latest academic
research were provided by
Professor Pauric McGowan and
Professor Mark Durkin of the
Ulster Business School's
Department of Marketing,
Entrepreneurship & Strategy. The
day was designed to maximise
audience interaction with group
and round table discussions
facilitated by Mike Johnston,
Executive of the Dairy Council of
NI and Professor Tony Hines of
Manchester Metropolitan
University.
Back to the Future for
Retail in 2014?
High Street retailers should look to the past if
they want to succeed in 2014.
Dr Karise Hutchinson, Head of the
Business and Enterprise
Department at the Ulster Business
School led debate on the
changing nature of the high street
at a special Chartered Institute of
Marketing event recently.
Dr Hutchinson, with marketing
lecturer Lisa Donnell, argued that
customer demands for better
service and high-quality products
hark back to memories of the
small business retailers of
yesteryear. She said, “We are a
nation that likes to shop, but how
we shop has changed radically.
Customers want interaction and
experience on the move. Recent
trends such as ‘mobile’ marketing,
show-rooming and the importance
of convenience, mark a new
chapter in the ever-changing high
street, but also spark memories of
retailing in the past.”
The recent boom in traditional,
artisan food shops supports this
view. Local business associations
seek to breathe life back into the
high street. Creating a sense of
place for physical retail stores and
town centre space will be crucial
in 2014, challenging traditional
retail models in new contexts.
Richard Houdmont, Director for
Ireland of The Chartered Institute
of Marketing said, "Retail is one of
the most rapidly changing areas
for marketers. It's essential that
local businesses reflect on those
changes and look at ways to move
forward. No-one is immune from
the massive shift in the way
people shop.”
Dr Hutchinson added, “Since
2009, the media has been
reporting the death of the high
street. Retailers have endured
prolonged uncertainty, with several
high-profile failures, a decline in
consumer spending and growth of
online shopping. As we see
growing consumer confidence
tempered by continuing
government austerity measures,
there is more certainty for the
sector.”
The CIM event points ownermanagers to answers to the big
questions; what are the key trends
for retail in 2014? What lessons
can be learned from successful
retail businesses? How can
retailers market their brand to
consumers seamlessly in a
multichannel world? Is online an
opportunity as well as a threat?
Retailers must not be backward in
going forward. Managers need to
understand recent trends,
innovate and learn from others'
success and market proactively.
Dr Hutchinson and Ms Donnell
revealed how the old ways of
shopping still hold strong, but also
that new actions need to be taken
to develop the right business
model to grow their business,
online and offline.
From left: Lisa Donnell, Lecturer in Marketing; Dr Karise Hutchinson, Head
of Department of Business and Enterprise, Ulster Business
School; Christine Watson, Chair of CIM Ireland; and Nick Read, Business
Development Manager, Ulster Business School and Board Member CIM
Ireland
www.business.ulster.ac.uk | 9
Dublin Student
Celebrates
Academic Success
Miriam Silke, who is currently Chief
Executive at the College of
Psychiatrists, Dublin, has won a top
award from the Ulster Business
School.
Miriam has been named Best Final
Year Student in the BSc Hons
Business Studies part-time degree
course and has been awarded the
Rutledge Recruitment and Training
Award for Excellence. The
programme was delivered by the
Ulster Business School in Dublin
in conjunction with Irish Times
Training. Miriam (centre) was
presented with her award by
Professor John Simpson, watched
by Course Director Carol Reid
(right) at the annual Ulster
Business School’s Student
Awards event organised by the
Department of Marketing,
Entrepreneurship and Strategy.
Speaking at the Awards
ceremony, Dr Danielle McCartanQuinn, Associate Head of
Department, said, “These Awards
recognise the top performers
across the range of marketing,
entrepreneurship and strategy
related programmes. The Ulster
Business School prides itself on
delivering courses which enable
students to not only reach their
academic potential, but also
allows them to experience the
subjects through practical
application. The fact that so many
of our leading private sector
companies and professional
bodies are engaged with both the
Awards and the learning
experience at the Ulster Business
School is testament to the
importance of the integrated
approach towards preparing
students for careers across the
business sector.”
A total of 12 sponsored awards
were presented. Sponsors
included Property News,
Stakeholder Group, Wrightbus,
Rutledge Recruitment & Training,
First Trust Bank, Hastings Hotels,
Envision Management
Consultants, Moy Park, Chartered
Institute of Marketing, Chartered
Institute of Management
Accountants and the Marketing
Institute of Ireland.
From left: John Simpson, Visiting Professor to the Ulster Business School;
Miriam Silke, Chief Executive at the College of Psychiatrists; Carol Reid, Course
Director, Ulster Business School
Could a
Recovery be
Dangerous?
… asks University of Ulster Business School’s
Senior Lecturer in Professional Accounting
Practice, Ronnie Patton.
There seems to be a growing
consensus that we may be on the
cusp of an improved economic
outlook, with some commentators
and businesses adopting a
cautious optimism. Positive news
is always welcome, and building
business confidence will be a key
to sustaining any recovery that
might be on its way. So I need to
‘fess up at the outset. You’re
reading an article written by an
accountant. I hope that hasn’t put
you off, and that you’re still
reading! Without wishing to
confirm the popular view that
accountants are arch pessimists, I
would argue that any recovery
could actually be dangerous, not
good news. At least for any
business which doesn’t fully
understand its costs.
The question that every business
needs to consider when setting
selling prices is ‘can I be
absolutely sure that I know how
much profit I’ll make at this price?’
That, I would argue, is where the
danger lies. Without reliable cost
information, you can’t be sure how
much profit you will earn at a given
selling price. While this is true for
all businesses, obtaining this
information isn’t normally an issue
at the larger end of the spectrum.
But, it is a potential concern for
smaller businesses – especially
very small or micro businesses.
Invariably, there is no in-house
accounting function in such
businesses, and the services
provided by an external
accountant are usually confined to
preparation of year-end accounts,
audit and tax matters. None of
these activities provide useful
information about future costs.
Indeed, many owner/managers will
argue that the very reason they
restrict the services provided by
an external accountant is to
minimise costs. This is
unfortunate. Perhaps development
of the accounting system should
be viewed as an investment, rather
than a cost. For those businesses
which don’t have the resources to
maintain up to date cost
information, there is the inevitable
result that profit can only be
measured after the event. This is
too late, as no corrective action is
possible.
It’s important to note that this isn’t
just an issue for individual (small)
businesses. We are all affected.
Whether we are moving into
recovery might be a matter for
debate, but the need to grow the
private sector – and thus the
economy – seems to be widely
accepted. It also seems to be
widely accepted that, if the
economy is to grow, much of that
growth will be driven by small
businesses.
Does this affect your business?
With the ‘cost conscious’
approach mentioned above, I have
a real concern that many
businesses may be basing selling
price on outdated, or assumed,
data. For example do you know,
within a reasonable margin for
error, your depreciation cost for
the next three months? What
about energy costs? Insurance
premiums? Even if you have
reasonable estimates of all of your
costs, can you predict how each
cost will impact on the cost per
unit if, as I’m sure you’re hoping,
the recovery brings opportunities
for a new contract or expansion?
The danger is that, if you don’t
have this information, the results in
your year-end accounts might be
an unpleasant surprise. In the
worst case, you may find that
you’ve been selling for less than
cost. That could put you out of
business. So the advice is – make
sure your costing data (not one of
the more glamorous aspects of
business, I accept) is up to date,
future-proofed and reliable.
If not, that money you saved,
might not just be dangerous – it
might be terminal!
10
Marketing Masterclass
The Ulster Business School is looking to the future as they sponsor the Belfast Telegraph's Excellence in Marketing Award
The influential regional newspaper recently engaged in a question and answer session with Dr Mary Boyd, Lecturer in Business Strategy,
Department of Marketing, Entrepreneurship and Strategy.
Why did you chose to
sponsor the category of
Excellence in Marketing?
As the main provider of specialist
undergraduate and postgraduate
Marketing programmes in
Northern Ireland, it is very apt for
the Ulster Business School to
sponsor the category of
Excellence in Marketing. Many
local companies sponsor the
Ulster Business School Annual
Excellence Awards, presented to
students on the BSc Marketing
course and others, and it gives us
great pleasure to be involved with
marketing excellence at industry
level. This is a two-way process
from which everyone benefits, we
learn what industry needs from our
students, the students get early
insights into the real world of
industry, and industry gets high
calibre marketing talent to help
their firms grow and prosper.
Can a company succeed
today without marketing?
In essence, marketing is the most
essential part of any organisation
in that it establishes what
customers actually need and want,
provides need satisfiers thereby
attracting customers and creating
profits. Marketing is the core
essence of what a company is all
about and customer needs are
central to the operation of all
organisations.
the right message to the right
people at the right time!
Increasingly, marketing campaigns
are using digital media and the
Ulster Business School has now
incorporated this into both
undergraduate and postgraduate
programmes.
How does Ulster Business
School help companies to
market themselves
appropriately?
As a Faculty, we help companies
market themselves through
consultancy projects, the Centre
for SME Development, placement
opportunities and by producing
high calibre Marketing graduates
that have the unique skills,
attributes and abilities that make
them valuable assets to their
employers. Marketing graduates
from UBS are vocationally
prepared to build and develop a
professional career in a specialist
field. Our graduates are the future
of marketing in Northern Ireland.
Has Ulster Business School
seen any trends in student
demands for Marketing
courses?
The BSc Hons Marketing degree
at Jordanstown is a very popular
course and year on year there is
an increasing number of
applications. The degree attracts
ambitious, creative individuals
seeking quality careers in
Marketing. Students are attracted
by our student centred approach
to teaching and the quality of the
programme. We have achieved
95% student satisfaction in the
National Student Survey and have
been rated highly amongst the top
such courses in the UK over the
past four years. Our students can
join the Marketing Society which
encourages affiliation and
belonging within the BSc
Marketing student cohort and
allows the students to put their
theoretical know-how into practice
which in turn increases
employability.
The MSc Marketing degree has
been in existence for 30 years and
it continues to grow and attract
high calibre individuals from a
wide range of academic and
industry backgrounds. The School
is committed to the development
of the NI economy through the
applied nature of the courses we
offer and our engagement with
local business.
How does Ulster Business
School tailor its teaching to
equip graduates with skills
to cope with the changing
state of the economy?
Scholarship and research informed
teaching enables us to equip our
students with skills in innovation,
creativity and entrepreneurship
which are highly valued graduate
employability skills in the
marketing arena. Students are
actively encouraged to network
and engage with their peers,
lecturers and prospective
employers invited to address the
student cohorts on the subject of
employability within courses and
through extracurricular events fully
supported by the Careers and
Employability Unit.
Are accolades like the
Business Awards and an
award for Excellence in
Marketing important?
These awards are very important
as they recognise innovative
marketing practice within small
firms and reward exemplars in
their field. The Business awards
can assist and promote in
positioning businesses at the
cutting edge of marketing
innovation in Northern Ireland, in
collaboration with the Ulster
Business School.
What are the essential
components of a successful
marketing campaign?
In the current economic climate
marketing plays a pivotal role in
identifying opportunities that can
determine organisational success.
The mission of marketing should
be to build a powerful brand image
in the customer’s mind. Marketing
campaigns need to have strategic
focus. An integrated marketing
communication approach is
essential to any marketing
campaign. This needs to be
customer orientated, personalised
and technology enabled.
Organisations need to be sending
Professor Marie McHugh, Dean of Ulster Business School presents Victoria Gault of AndorTechnolgy with the award for
Excellence in Marketing at the recent Belfast Telegraph Business Awards in association with British Airways. Also pictured are
British Airways Ambassadors Christine Wright and Jayne Deasy
www.business.ulster.ac.uk | 11
Forecast Set
Fair for 2014
The Northern Ireland Centre for Economic Policy, (NICEP), based at the
Ulster Business School, is an independent economic research centre
focused on producing evidence based research to inform policy
development and implementation.
NICEP's main roles are: core
economic research; policy advice;
teaching of Economics across the
Ulster Business School and
commercial economic consultancy
projects.
The Centre, which is part of the
Ulster Business School at the
University of Ulster, engages with
all organisations that have an
interest in enhancing the Northern
Ireland economy. Its work is
relevant to Government, business
and the wider general public.
Northern Ireland’s economic
prospects look favourable for the
first time in many years, with
NICEP forecasting 2.8% growth
and 13,600 net new jobs this year
(2014) and 2.9% growth and a
further 9,600 net new jobs in 2015.
These economic numbers will also
support a continued increase in
house prices which are forecast to
rise by 6.7% this year and a
healthy 8.5% next year.
Gareth Hetherington, Associate
Director at NICEP comments,
“The Northern Ireland economy
enjoyed a welcome change of
direction last year and the
prospects for the remainder of
2014 and into 2015 are positive.
The number of people in
employment accelerated in the
last nine months and this is
forecast to continue throughout
this year. Home owners are also
likely to enjoy rising property
prices and we can say with
confidence that the property
market has finally turned the
corner.”
But is the recovery built on sand?
The recovery to date has been
very reliant on the consumer. The
business investment and exportled recovery evident in economies
such as Germany has not
materialised in the UK. With
interest rate rises putting pressure
on the consumer and government
austerity here for the long term,
this recovery will be short-lived
without accelerated growth in the
business sector and improved
trade performance. This means
there is no time for complacency
in policy-making circles and
measures to support enterprise,
reduce business costs and attract
Foreign Direct Investment are vital
for a sustained recovery.
Gareth said, “It may seem churlish
to be warning of longer term risks
just as an improved economic
forecast is being made for 2014,
but with potential economic
challenges already visible on the
horizon, there is a lot of hard work
ahead for Government if this
recovery is not to run out of
steam.”
Gareth Hetherington
Time for an honest debate – our
fiscal deficit demands it. The fiscal
deficit represents the amount by
which government spending
exceeds revenues from taxation in
any given year. Recently published
data has allowed NICEP to
estimate the Northern Ireland fiscal
deficit for 2012/13 at
approximately £9.4 billion, that’s
over £5,000 for every person in
Northern Ireland.
Gareth adds, “Although we are
not required to repay this annual
deficit, it is a vulnerable position
for Northern Ireland to be so
reliant on other parts of the UK to
fund our standard of living to this
extent. This information puts in
stark context the need for an
honest debate about the structure
of our economy, how we increase
our tax base by growing the
private sector and how we deliver
and pay for public services.”
Northern Ireland – Economic Forecasts
2014
2015
2016
2017
2018
GVA(1) growth rate
2.8%
2.9%
2.6%
1.8%
1.5%
Unemployment rate(2)
5.4%
4.9%
4.4%
3.7%
3.6%
Employment growth
1.7%
1.2%
0.8%
0.9%
0.4%
House price growth
6.7%
8.5%
8.4%
8.0%
7.0%
Note 1: Gross Value Added (GVA) is the preferred method of measuring economic activity. It is similar to Gross Domestic Product (GDP) but excludes the
impact of taxes and subsidies (most notably VAT).
Note 2: Claimant count rate as a % of 16–64 population
12
Profiting from their Studies
Ulster Business School students pursuing an MSc in Financial Services put their academic learning to the
test recently, resulting in a £55,620 profit made in only seven weeks.
Lecturer Paul Stewart explains,
“The 18 students were all
completing coursework taken in
the Financial Markets, Investments
and Operations Module. Their
challenge was to develop a trading
and investment strategy with a
virtual £100k each, which they
managed over a seven-week
period. All of the students' trades
were in ‘real-time’ at actual market
prices using market trading
simulation software. Whilst the
cohort had a virtual £1.8m to start
with, the average equity portfolio
return of just over 3% in such a
short trading window was very
creditable indeed, and gave the
students a practical and realistic
understanding of the investment
sector.”
Five employers – Danske Bank,
Cunningham Coates
Stockbroders, Graham Corry
Cheevers, Investec Wealth &
Investment and Quilters along with
The Chartered Institute for
Securities and Investment (CISI) –
helped develop the coursework,
facilitated student mentoring by
their staff members, and
sponsored a prize for the top three
‘traders’.
Belfast student Aisling Armstrong
was the overall winner of the CISI
NI Investment Student of the Year
award, with Peadar McMullan from
Ballymoney and international
student Yiguan Li both runners up.
Speaking at the awards
presentation, CISI (NI) President
Wayne Nickels who is also Partner
at Cunningham Coates
Stockbrokers said, “The
enthusiasm the students had
throughout the project is
testament to their interest in the
investment arena – especially
those who have non-financial
undergraduate qualifications.
Although the project had a
relatively short trading period, the
practical application of the theory
and appreciation of longer term
investing shone through.”
The students themselves found
the experience to be extremely
beneficial. Overall winner Aisling
Armstrong said that she “really
enjoyed the hands on trading
Afternoon Tea with
Renowned Economist
The event, entitled ‘Leadership,
Confidence and Recovery,’ was
hosted by The Management &
Leadership Network (MLN), in
partnership with Legacy Wealth
and Ulster Business School and
explored how ‘Confidence’ and
‘Leadership’ are set to drive the
local economic recovery. The
seminar informed over 100
attendees on how they can lead
their own recovery both as
individuals and organisations.
One of the UK’s most recognisable
and optimistic economic
commentators, Justin Urquhart
Stewart began his career as a
barrister. Realising it wasn’t for
him, he moved into the world of
corporate finance and in 2001 he
founded Seven Investment
Management. Sporting his
© Ulster Business School 2014.
Ulster Business School student Aisling Armstrong, overall winner of the CISI NI
Investment Student of the Year Award at the presentation dinner with Wayne
Nickels, CISI NI President and Professor Marie McHugh, Dean of the Ulster
Business School
experience and found the project
challenging but simultaneously
very rewarding and insightful”.
Runner-up, Peadar McMullan,
commented that he found “the
trading project an innovative and
exciting introduction into the
practical world of equities
trading”, while fellow runner-up
Yiguan Li took a broader view and
said that “the course has helped
me to develop the knowledge of
global financial markets and
financial assets and has helped
me to better understand the
financial industry. I believe that this
will be very useful in my future
career”.
Internationally renowned economist and business commentator Justin
Urquhart Stewart was the keynote speaker at Management Month
Masterclass at the University of Ulster's Belfast campus.
trademark red braces, Justin was
joined on stage by Keith Liggett,
co-founder and managing director
of local wealth management
practice, Legacy Wealth. Keith
spoke on ‘Leadership in a
Changing Environment'.
Keith commented, “We have all
come through a period of
significant uncertainty which has
impacted how we think about the
future and the decisions we need
to take. Working with Justin over
the past number of years has
brought a sense of realism along
with a degree of confidence that
has helped us, and more
importantly, our clients move
forward.” He added, “It is Justin’s
enthusiasm and blunt talking that
has helped us focus on things that
really matter and to be able to
weigh up the options and make
bold decisions. We were delighted
to be able to bring him to Belfast
to speak as part of Management
Month at the Ulster Business
School.”
From left: Hanna McGirr, BSc Hospitality student; Professor Marie McHugh,
Dean of the Ulster Business School; Keith Liggett, Managing Director of Legacy
Wealth; and Justin Urquhart Stewart, Economist and Pundit
Photography by Press Eye