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VOL. III, NO. ii


By Sarah Wallin
Among an array of news stories
ranging from politics and police shootings to the Rio Olympics, an app called
Pokmon GO somehow made its way
to explode in mass media this summer.
Using augmented reality (A.R.), Pokmon GO prompts its players, or
trainers, to catch, collect and battle
Pokmon creatures that can be found
in real-world locations.
According to the New York Times:
Pokmon GO represents one of those moments when a new technology - in this
case, augmented reality or A.R., which
fuses digital technology with the physical
world breaks through from a niche toy
for early adopters to something bigger.

So what exactly about Pokmon GO

is such a breakthrough? Other than

The ability of Pokmon GO to

motivate young consumers to get
out of the house to walk around
highlights the power of virtual
reality games to
influence behaviors.
being the first widespread example of
A.R., its now the most downloaded
mobile game in U.S. history. Additionally, its fast rise in user engagement is
startling as of July 8, users interacted
with the game for an average of 43



By Kristen Borowski
Being up here is like being in a hotel. With less traffic, we can actually
get some work done! Dr. Thomas Patrick was referring to the third floor of
the Business Building, where his office
is located. I sat down with Dr. Patrick
to interview him in the first of a series
of Faculty Profiles for The Bull, Bear &


Dr. Patrick, the Chair of the Finance

Department, is originally from the
Catskills in upstate New York. His doc-

minutes and 23 seconds a day, which is

more time than users spend on Facebook, Instagram, Snapchat, and Messenger.
July 8 has long passed, but the insights gained from Pokmon GO remain for marketers.
The ability of Pokmon GO to motivate young consumers to get out of
the house to walk around highlights
the power of virtual reality games to
influence behaviors. Allowing the purchase of lures or other possible game
features to drive foot traffic into brick
and mortar storefronts shows the potential of A.R. to increase sales and
drive business.
Perhaps marketing of the future
will have companies creating their
own A.R. games where they can convey specific themes or educate consumers about new products. Maybe
consumers will get to virtually interact
with products and services before purchase, or A.R. games will work in conjunction with promotions and loyalty
Pokmon GO is just the beginning
of this new breed of virtual gaming;
the possibilities for marketing with
A.R. are endless.
Watch to see how (and if) companies adapt and change their marketing
strategies in reaction to this new opportunity.

toral studies took him to the University

of Kentucky, where he studied economics because back then, a concentration in finance did not exist.
In addition to working as a professor, he worked as a consultant, focusing
primarily in two areas: education and
He frequently traveled to evaluate
courses and programs, such as education centers for the U.S. Armed Forces
and collegiate courses for the Walt Disney Company. Dr. Patrick also worked
on business valuation. In simple terms,
the valuation of companies involves
comparing private companies to public
companies in order to attribute an appropriate value to that private company. Private companies are without a
public offering, therefore their value is
not as easily determined as their publicly traded counterparts.

From the Editor:

Photo Source: Pixabay

Commemorating the
15th Anniversary of the Terrorist
Attacks of September 11, 2001

We all know where we were on September 11, 2001. Most of us students

were perhaps too young to remember every detail, but we grew to understand the enormity of the tragedy and the impact of that terrible day.
Though the 15th Anniversary has passed two weeks ago, The Bull, Bear &
Lion feels it important to commemorate the Anniversary in this issue.
May we forever hold in our hearts the memory of the innocent victims of
the attacks.
The recent bombings in the New York metropolitan area should remind
us of our freedoms and how desperately the enemy seeks to deprive us of
Contact us:

SEPTEMBER 28, 2016

A Little More Business,

Fewer Taxes
By Kristen Townend

In a recent power struggle between

the European Union (EU) and Ireland,
the EU declared that
Apple Inc. owes Ireland $14.5 billion due
to tax avoidance. The
Commission, the EUs executive body, claims that
Ireland has engaged in
the practice of state
aid, or offering preferential treatment to
Apple. However, Apple CEO Tim Cook is
standing in solidarity
with Ireland, and both
parties stated that Apples presence has allowed for the creation
of thousands of jobs in
the country. The European Commission
while Apple set up two companies in
Ireland, there were no employees or
offices on the ground. Essentially, they
accused Ireland of permitting Apple to
move its profits to these inactive offices,
avoiding higher tax rates.
The EU maintains that rather than
paying Irelands usual 12.5% tax on income, Apple paid an extremely low
amount: .005%. Cook has been quick to
dismiss any notion of wrongdoing, insisting that the company has actually

been Irelands highest taxpayer in past

years. For countries like Ireland, corporate tax breaks are
they encourage foreign
Having corporations
such as Apple incountry brings an
employment boost
and a rise in economic growth in
times of hardship
and high emigration.
The EU seems to
have set its sights on
investigating other
such as Amazon and
McDonalds, for similar cases. Many see
this intervention as a
mistake which could
Photo Source: Pixabay deter future investment. EU countries
have greatly benefitted from corporate
presence, and therefore, even though
the Irish government is unsure about
appealing the EUs decision, it is likely
that it will. Though Ireland could
clearly benefit from a payment of $14.5
billion, the government does not agree
that it is justified. It is in Irelands best
interest to continue to boost investment, and to therefore side with Apple
and appeal the decision.

After some discussion, he disclosed

that his favorite project was at the University of the Virgin Islands, where he
evaluated the quality of the coursework. Ive since been back several
times, but not on business, he said,
pointing to four framed photographs
on his wall, each presenting a different
view of the Caribbean islands.

College of New Jersey in 1981 as a faculty member.

After roughly thirty-six years of
work at TCNJ, Dr. Patrick continues to
conduct research. His forthcoming
publication, Valuation of a Closely
Held Firm Using the Comparative
Company Approach: The Selection of
Appropriate Market Multiples, will be
published in November of this year.
What does Dr. Patrick do when he
isnt teaching or researching? Im
building an electric train set, he says
with a grin. It is a pastime that he has
retained since his youth; he still keeps
his first train set from his childhood.
He then continued, speaking of his
other travels such as journeying along
the Hudson Bay and the Yukon by rail.
For consulting? I ask. No, just for

What does Dr. Patrick do

when he isnt
teaching or researching?
Im building an
electric train set, he says.
While still a consultant, he began his
full-time academic career at the University of Notre Dame, moving then to
Rider University before joining The

Book Review
How to Win Friends and Influence People
By Dale Carnegie
Review by Alyssa J Freitas
There are few professional and personal development books that maintain
their relevance and are lauded for their
wisdom for years after publishing.
Think and Grow Rich, comes to mind,
as well as The 7 Habits of Highly Effective People, but the one that has transformed the lives of many (myself included!) and has shaped a series of
courses is How to Win Friends and
Influence People by Dale Carnegie.
Carnegie, born into poverty in Missouri, believed that being able to effectively interact with people is the key to
happiness and success. Evidenced by
the widespread success of his training
and books, it is clear that others have
come to this same realization.
Carnegies most famous and celebrated book from 1936 is broken into
six parts, taking you from learning the

Bloomberg Businessweek 2016 Ranks TCNJ School of Business #1 in NJ, #35 in Nation, Undergraduate Business School Programs

fundamentals of dealing with people all

the way to writing correspondence that
will inspire the action you desire them
to take. What makes this book rise
above others are the timeless examples
included with the discussion of each
principle. They perfectly illustrate Carnegies points and allow you to identify
similar situations in your own life
where you can improve how you communicate with others.
At the start, Carnegie suggests nine
ways to derive the most benefit from
this book. When you follow these suggestions it is remarkable how much
more you can retain and put into practice, such as stopping frequently to
consider what youve read and making
time for periodic self-checkups on how
you are applying what youve learned.
The principles Carnegie presents
[See BOOK REVIEW, continued on back.]


SEPTEMBER 28, 2016

Big Data & Data Mining I

u.s. & world headlines:


The First in a Series

9/20: North korea tests a rocket engine, nuclear bomb

on 9/9 9/19: investors leave the Philippines after Pres.
dutertes crude remarks toward the u.s. 9/19: n.y.c. & n.j.
bomb suspect Ahmad khan rahami arrested 9/18: pipe
bombs found in Elizabeth, n.j. train station 9/17: bomb
explosion in Chelsea, manhattan 9/17: pipe bombs detonated in seaside park, n.j. 9/15: the u.k. approves plans for
hinkley point nuclear project, despite security concerns
over foreign investment

Tips & quotes

Edited by Kristen Borowski



Symptoms: Exhaustion, Feeling Overwhelmed, Depression
Address the root cause by tracking your time
Decrease the time you spend on draining activities
Increase the time on replenishing tasks and activities


Its more important to do the right thing than to do things right.
Peter Drucker, Austrian-American Management Consultant
BOOK REVIEW [continued from front.]
are easy to understand and to realize
value from quickly. One of the main
takeaways I had was to approach any
disagreement with the thought I could
be wrong. I often am. Lets examine
the facts. This allows me to carefully
consider both sides of any argument
and, hence, to better understand others. These sorts of mindset shifts are
included throughout the book and
slight adjustments like this can make


An Exchange of Opinion
Regarding Donald Trumps
Immigration Policy and the
Future of America
Immigration policy has been at the forefront of the Presidential race. This topic
will continue to be pertinent, especially
during the upcoming Presidential Debates. Here we provide discourse from
both sides of the political spectrum on this
controversial issue.
By Paul Mulholland
and Kristen Borowski

Aging Population &

the Labor Force
PM: The immigrants who come to
America contribute to our economy.
Those who break out of the inertia of
their normal lives to travel to a different country are uniquely ambitious.
Many are young, employed, and entrepreneurial. We do not import poverty when we allow more immigration, we import youth and ambition,
which are in short supply.

KB: While it is true that America is
growing older, our immigration policy
must not revolve primarily around the
long-term goal of replenishing the
workforce. National security should
instead be of utmost concern. A porous border could spell direct entry for
Mr. Trump has stated, Send criminal aliens home. Welcome those who
embrace our way of life. We cannot
reward illegal behavior by any means.
Rules and laws must be enforced, toward citizen and immigrant alike.
Contact us:

all of the difference in your relationships.

This month I will be attending a
Dale Carnegie Training session and am
excited to see how the trainers can further shed light on the principles.
Check back next month in The Bull,
Bear & Lion to find out what else you
can learn from the teachings of Mr.
Carnegie and my experience with the
in-person course.

Trade, the Economy

& Financing
The Wall
PM: Building a wall on our southern
border would be an obnoxious obstacle to the freedom of movement and
commerce; $400 billion in two-way
trade crosses the border. Cargo trucks
would presumably have no way of
crossing, since Trump only wants one
door. Not only would Americans
working in exporting industries potentially lose their jobs, but Americans working in industries which use
Mexican inputs would face the same
outcome; 64% of what Mexico exports
to the U.S. uses inputs that were made
in America. Damage would also be
done to consumers who could no
longer access Mexican goods, and the
economy would suffer from a less efficient supply chain, severed trade
routes, and reduced competition.
Trump actually does have a plan to
make Mexico pay for the wall. He
wants to cut off the remittances that
Mexican immigrants send back home
while in America, which is nearly $25
billion. Its not clear if this is possible,
as it would require the government to
track every online transfer of money,
no matter how small.

By David W. Letcher, Ph.D.

Professor Emeritus and Adjunct Professor
My previous articles in The Bull,
Bear & Lion focused on the theme of

Big Data. But big data is only part of

a much larger story. Remember, the
term Big Data refers to a wide variety of files that are characterized by the
three Vs: volume, velocity, and variety. Some authorities have even added
a fourth V, veracity, to this collection.
These files are typically very large in
size, arrive at a fast, continuous velocity, and are of varying types, such as
traditional row by column tables, audio and image files, and emails and
tweets, etc.
But over the last few decades a
wide variety of hardware and software techniques and solutions have
been developed that enable businesses
to analyze their big data files to answer the many business-related questions being asked. These techniques,
taken altogether, comprise Data Mining.
What is data mining? I suggest we
use the definition proposed by Gordon
Linoff and Michael Berry, both of
whom are recognized data mining
consultants and founders of Data Miners, Inc.
Data mining is a business process
for exploring large amounts of data to
discover meaningful patterns and
rules. (1)
Isnt it interesting that data mining
is a business process? That fact will be
a guiding principle for this series. I
should mention that data mining
techniques are not only employed in
the business world, but in many other
disciplines such as medicine, astronomy, genetics, and sports to name just a
Businesses have experienced a revolution over the last couple of dec-

ades resulting in a change from their

tradition of mechanically keeping
traditional records such as interest
rates on loans and insurance claims
processing to the new world of customer
(CRM). That is, paying attention to
their customers needs! Data mining
supports CRM!
Broadly, data mining is performed
by three non-mutually exclusive approaches:

The testing of hypotheses

Directed data mining
Undirected data mining

A hypothesis is a claim whose validity can be assessed through analysis

of data. Data could be historical, collected over the course of a companys
existence, or could be generated from
experiments, such as a test advertising
The directed approach, also known
as predictive modeling, focuses on
target variables, for example, customer loyalty. A business may want to
predict whether a customer will remain loyal to the business or leave.
Not using a target variable characterizes undirected data mining. This
approach involves searching for overall patterns in the data; some of which
may be useful to the business and
some may not.
These three approaches will be
examined and described more fully
during the course of this academic
year. Stay tuned!
(1) Linoff, Gordon S. and Michael J. A.
Berry, (2011). Data Mining Techniques,
3rd ed. Indianapolis, Wiley Publishing,



PM: America could save a lot of time

and money by granting amnesty to
those living in the U.S. It is worth noting that the U.S. did not enforce explicit
quotas on any country in the Western
Hemisphere until 1965, and yet managed to survive.
Everywhere mass deportations have
been tried, they have led to death and
suffering, and hurt the local economy.
Trump often cites the mass deportations
of the 1930s and 1950s, while omitting

the damage that was done by removing

over a million workers, consumers and
civil servants from their communities.


KB: Donald Trump has stated, on more

than one occasion, that legal immigration is good and that illegal immigration
is not good. His plan reflects this adherence to the law and its enforcement.
American success has been predicated
on laws and their enforcement.



Volume III, Number ii
September 28, 2016


The objective of a wall is to enforce
the existing immigration laws.
A wall would not completely stop
trade. Could it delay freight transport?
Possibly, but logistical issues should
not be of heightened concern. Supply
chains, and businesses in general, will
adapt, as they do frequently due to a
plethora of other issues. According to
Trumps plan, the increase of visa fees
and port fees will finance the construction.


Kristen Borowski, 17

Assistant Editor
Alyssa J Freitas, 17

Copy Editor

Sarah Wallin, 17
Paul Mulholland, 18
JoAnna DiCicco, 17

Carolyn Previti, 18
Emily Johnson, 17
Jonathan Sheridan, 17

Kristen Townend, 19

Patty Karlowitsch, Communications Specialist,
TCNJ School of Business
Jean Brechman, Ph.D. Assistant Professor, Marketing
Karl Peterson, Adjunct Professor, Management

No t e: Th e o pi ni o ns e xpr es s ed i n T h e B ul l, B ea r &
Lion a r e t h o s e o f t h e wr i t er s
a nd d o no t i m pl y end o r s e m ent by t h e ne ws pa p er .


Brenda E. Ghitulescu, Ph.D.
Susan Hume, Ph.D.
Jean Brechman, Ph.D.

Roger Moore, Ph.D.
David W. Letcher, Ph.D.
Kevin H. Michels, J.D.

Thank you to our Advisors and Faculty Advisory Panel for topic ideas, fact-checking, and guidance.
Bloomberg Businessweek 2016 Ranks TCNJ School of Business #1 in NJ, #35 in Nation, Undergraduate Business School Programs