Deep Discounts: The Nemesis of Bargain Hunters

Submitted by szaragoz on Tue, 07/13/2021 - 20:56
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AUSTIN, Texas — Researchers at St. Edward’s University have found that frugal individuals are more likely than their spendthrift counterparts to give in to the allure of deep discounts, whether it is Tax-free weekend, Amazon Prime Day, a Groupon Deal or some other offer.

In order to reconcile making unplanned purchases that may be at odds with their highly disciplined approach to spending, frugal shoppers will categorize the purchase as a necessity versus a luxury, according to the research published recently in the Journal of Business Research

“Essentially, frugal consumers convince themselves they “really” need the product to justify getting the deep discount and call it a “win” in the smart shopper category. It seems that deep discounts truly are the folly of frugal shoppers,” said Sarah Mittal, an assistant professor of Marketing at St. Edward’s University.

Mittal and her co-authors Sommer Kapitan, Jill M. Sundie and Daniel J. Beal (of the Auckland University of Technology, Washington and Lee University and Virginia Tech, respectively) conducted a set of three studies to better understand the process by which frugal consumers justify these impulsive responses to deep discounts.

“Frugality is a trait that balances spending restraint and exuberant exploitation of bargain opportunities,” Mittal said. “With our studies, we set out to offer insight into the manner in which this balance is kept and the conditions under which it can be tilted toward increased expenditures.”

According to the researchers, the buying tendencies of frugal shoppers is one of the less studied aspects of consumer behavior. And yet in times of recession or economic downturns, such as the downturn brought on by the ongoing pandemic, consumers tend to turn into more price-conscious and conservation minded consumers. 

In the first qualitative study, focused on interviews with self-identified frugal consumers, the researchers found that these shoppers make a “clear distinction between necessities and luxuries” and that it is a guiding principle that helps frugal consumers determine when to spend money.

In a second experimental study, the researchers offered frugal shoppers a deeply discounted and minimally discounted offering, and found that frugal consumers (but not less frugal consumers) reported a higher need for a desirable product when it was deeply discounted (60% off), compared to when it was only minimally discounted (10% off). 

Lastly, in a third longitudinal study designed to look more closely at the process of updating a perceived need, the researchers looked at how shoppers viewed their need for a more practical service — a car wash — and a less practical good — a selfie stick — before and after a discount offer. 

They found that frugal individuals — but not those low in frugality — increased their perceptions of need for the car wash in response to a good deal and correspondingly increased their purchase intentions as well. But frugal consumers did not change their perceived need for any product just because it was a good deal.  

“If a moderate need for a good/service already exists, deep discounts and good deals, then, tend to push product need from a “maybe I need that” to an “I really need that” perception for frugal consumers. This positive change in need then enhances purchase intentions,” Mittal said.

What could these insights mean for marketers?

“Marketers who partake in deep discounting should stick to moderate- to high-need items,” Mittal said. “What we found is that frugal individuals justify the splurge by adjusting up their perceived “need” for a product. The effect did not hold for low need items (e.g. a selfie stick or a banana holder —- too frivolous to justify even for the frugal). Marketers can also emphasize the practical utility of a product to help nudge frugals to buy the deal.”

In the future, research could delve further into the consequences for frugal consumers  of making such impulse purchases, such as having feelings of guilt, shame or pride after getting the “good deal,” which could provide additional insights into psychological mechanisms that may help facilitate their overall spending restraint.

 

Key Findings

  • Frugal individuals — like their less frugal counterparts — can be triggered  to make unplanned or impulse purchases. 
  • When confronted with an unexpected deep discount on an (at least moderately needed) offering, the necessity vs. luxury distinction that keeps frugal people in check is flexibly adjusted to justify a purchase. 
  • Spendthrifts are not motivated by deals in the same way. It's like a switch that goes off in frugal individuals —-it allows them to let go of restraint and convince themselves they are meeting frugal goals by getting a “good” deal for an item they would have “needed” anyway.

St. Edward’s Welcomes AVP for Faculty Diversity Equity and Inclusion

Submitted by szaragoz on Wed, 07/07/2021 - 17:56
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AUSTIN, Texas — St. Edward’s University welcomes Monique Jiménez-Herrera as the university’s first-ever associate vice president for Faculty Diversity, Equity and Inclusion (FDEI).

Jiménez-Herrera, who is a licensed clinical psychologist, educator, consultant and trainer, officially assumed her position on July 6, 2021. She has a doctorate in clinical psychology from Albizu University in Miami, Fla., and brings more than 17 years of experience in higher education as a faculty member and department administrator.

Jiménez-Herrera’s new role is an integral part of the St. Edward’s Diversity, Equity and Inclusion Integration team, established in 2020, that leads the university’s commitment to a diverse, anti-racist, equitable and inclusive university, said Provost Andrew Prall. Jiménez-Herrera will report to the Provost. 

“I am excited to work with Dr. Jiménez-Herrera as she sets and implements an overarching vision of faculty diversity, equity, and inclusion that will help us eliminate systemic racism and organizational marginalization, as well as promote inclusion and anti-racist practices through our systems and processes,” Prall said. “She is an effective leader who has an outstanding track record of advancing diversity, equity and inclusion in the workplace.”

Jiménez-Herrera will serve as an advocate for faculty DEI in the overall academic program, partnering with the Provost in supporting individual faculty members and academic schools. 

She will also facilitate faculty search processes, assist with faculty workshops on topics of diversity, equity and inclusion, and work to develop insights into demographic data across academic schools.

Most recently, Jiménez-Herrera led the Department of Social Sciences at Miami Dade College (MDC), where she conducted professional development trainings on topics that address cultural and individual diversity.

Jiménez-Herrera’s scholarly work focuses on understanding multiple minority identities and the importance of emotional intelligence in the workplace. Her work around diversity and inclusion has led to appointments as the chair of the MDC Wolfson Campus Women’s History Month Committee and member of the Campus Changemaking-IMPACT Committee, and previously as a member of the Puerto Rico Psychological Association Taskforce on Lesbians, Gay, Bisexual and Transgender Issues (2007–2010), and co-chair of the Adler University Women’s Issues Group (2015–2018). In the greater Miami community, she served on the board of directors for The Children’s Trust, including serving on their Racial Equity and Social Justice Committee.

She has also owned a private practice where she offered bilingual psychological services. Additionally, she has served as a consultant to school systems, community organizations and legal entities in areas such as diversity, equity and inclusion, program development, implementation and evaluation, LGBTQ (Lesbians, Gay, Bisexual, Transgender, Questioning) issues, multicultural and abroad education, among other topics.

About St. Edward's University

St. Edward’s University is a private, liberal arts university in the Catholic, Holy Cross tradition with approximately 4,000 students. Located in Austin, Texas, it is one of the top universities in Texas and offers more than 50 undergraduate and 10 graduate programs. With a network of partner universities around the world, St. Edward’s delivers a premier, highly personalized education that helps students explore their own transformational pathways to knowledge, experience, understanding and success. St. Edward’s has been recognized for 18 consecutive years as one of “America’s Best Colleges” by U.S. News & World Report and holds the #8 spot among Best Regional Universities in the West in the U.S. News 2020 and 2021 rankings. For more information on St. Edward’s, visit stedwards.edu/about.

Dr. Jimenez-Herrera

St. Edward’s University Announces New Dean of the School of Natural Sciences

Submitted by szaragoz on Wed, 07/07/2021 - 14:54
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AUSTIN, Texas — St. Edward’s University welcomes Jonathan K. Hodge as the next dean of the School of Natural Sciences.

Hodge, who officially began his role on July 1, was most recently with Grand Valley State University’s College of Health Professions in Michigan, where he was chair of the Department of Allied Health Sciences.

In his new role at St. Edward’s, Hodge will lead the School of Natural Sciences, which comprises six departments: Biological Sciences, Chemistry, Computer Science, Forensic Science, Kinesiology and Mathematics.

The school is home to the NSF-funded Institute for Interdisciplinary Science (i4), which is aimed at preparing students for careers in the interdisciplinary sciences, informatics and emerging technologies. The school also operates the Wild Basin Creative Research Center and manages the 227-acre Wild Basin Wilderness Preserve, which provides research opportunities for students and faculty.

Hodge has a doctorate in Mathematics from Western Michigan University and a master’s degree in Negotiation, Conflict Resolution and Peacebuilding. During a nearly two decades-long career in higher education, Hodge has served as a professor of Mathematics and in various leadership roles, including director of the School of Communications at Grand Valley State.

His research interests lie at the intersection of mathematics and social science, focusing specifically on voting and elections. Hodge has published articles in various academic publications and his work as co-director of a summer Research Experience for Undergraduates (REU) program  has attracted nearly  $900,000 in grants. He has received numerous awards for teaching and research excellence.

About St. Edward's University

St. Edward’s University is a private, liberal arts university in the Catholic, Holy Cross tradition with approximately 4,000 students. Located in Austin, Texas, it is one of the top universities in Texas and offers more than 50 undergraduate and 10 graduate programs. With a network of partner universities around the world, St. Edward’s delivers a premier, highly personalized education that helps students explore their own transformational pathways to knowledge, experience, understanding and success. St. Edward’s has been recognized for 18 consecutive years as one of “America’s Best Colleges” by U.S. News & World Report and holds the #8 spot among Best Regional Universities in the West in the U.S. News 2020 and 2021 rankings. For more information on St. Edward’s, visit stedwards.edu/about.

Jonathan K. Hodges

#AskOIT: Secure Your Account With MFA

Submitted by yyahya on Fri, 07/02/2021 - 16:08
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We understand technology can be intimidating.

There's always something new like a gadget, app or tool to learn, and we recognize that it can be hard to keep up with. So we're here to help make technology less intimidating. Each month we'll answer any questions you've got about tech. You can send us your questions, and we (Yasmeen Yahya and Jesse Plaza) will do our best to help you out.

This month, our column is all about multi-factor authentication (MFA), which will be required for all faculty (excluding adjunct faculty) starting August 16. Incoming students will also be required to have MFA set up by September 8. Those who do not have MFA set up by their respective deadline will not be able to access St. Edward's software and systems.

So, here's what you need to know about MFA.

What is MFA?

Likely, you know MFA stands for multi-factor authentication, but you're not sure exactly what it is. Well, to help explain it, we'll go with a bank metaphor.

You log into your bank account with just your password, which is super handy and convenient. A password is like a key that you don't have to physically have. But would you give your key out to anybody? Would you put your key anywhere where someone could get it, like a notepad or unprotected document?

Unfortunately, passwords aren't as secure as they used to be. Or, rather, in today's modern world, they're just too easy to misplace and reuse, which could mean that it's just as easy to get leaked somewhere.

So, with MFA, in addition to something you know, like your password, you'll also sign in with a second factor. This could be something you are or something you have, like a code that's texted to your phone and only lasts for a certain number of seconds or minutes, a USB stick that you plug in, or a phone call, for example. This way, if your password gets leaked for some reason, you'll still be secure. This is because even if your password is compromised, the hacker won't have your second factor (because they won't have access to your verification app, text messages, USB stick, etc.), so they won't be able to get into your account. So when you set up MFA, your account is way harder to take over and attack. Basically, we're rolling out MFA because it's the gold standard for security.

For more information about MFA, including frequently asked questions and a comparison guide of the MFA factors (answering the question, ‘which authentication factors should I choose?’), visit our knowledge base.

Beware of reusing passwords.

Let's go back to the key metaphor. If you have a key that works in multiple locks, that makes things easy for you because you can easily access many more doors. Similarly, if you use the same password on multiple websites, they're easier for you to access. Though, that means it's easier for others to access too. All a hacker needs is one copy of your "key" to unlock the doors to your data.

You can't trust internet security these days — you have to take it into your own hands. So if something that you use gets taken over and your password gets leaked, you'd better hope that password is only good for that one account. Otherwise, people who want to log into your stuff or rob you will start trying that username and password on a bunch of different services.

So, how do you set up MFA?

This one is easy. Just go to your account page, the same place you would go to change your password. Sign in, hit that button to edit your profile as if you're going to change your password, then go to the button at the bottom called "Extra Verification." This section will have all these different methods you can choose from to set up MFA. You can find more detailed instructions on setting up MFA by visiting bit.ly/SEU-MFA.

You don't have to set up all of the extra verification factors.

However, we recommend setting up more than one, so you are not reliant on a single device. For example, let's say you lose your phone or something happens where you can’t access it. If you set up authentication factors that aren’t tied to it, like a USB stick (authentication key) or biometric authenticator, you can still log in.

What do I do if I get locked out of my account?

Just like requesting a password reset, if you don't have access to any of your factors, our Support team at support.stedwards.edu can help reset your factors for you and get you back into your account.

If you end up getting locked out of one of your authentication apps but have other factors set up, just go into your account to remove the authentication app and re-add it. You will need to use your other authentication method to log in. Though, this is an excellent example of why it's good to have a backup factor!

Final Notes on MFA

MFA is honestly a lot easier to manage than it sounds. You're not going to get prompted for MFA every time you log in. Instead, it's going to try to remember the last couple of devices, browsers and locations you've logged in from. Essentially, our identity management system (what prompts your for MFA) will learn your habits so you won’t have to verify it’s you every time you log into something from your usual work location.

Though, if you ever get a random message saying you logged in on a new device at three in the morning, and you know you haven't signed into anything in a while, contact OIT Support by going to support.stedwards.edu. You can chat with us, send an email or use our contact form. Whatever method of contact you choose, one of our agents will help you secure your account.

Lastly, remember that cybersecurity is not just a hypothetical. We are seeing an increasing amount of these sorts of attacks and phishing scams. Though, by protecting your account, you stop these attacks from spreading to other people. In other words, the more secure your account is, the safer we all are as a community. 

If you have more questions about MFA, visit the OIT Support Center to find knowledge base articles on the subject. Still have questions? Contact us.

More questions? No problem.

Remember, whether it's about robots, tech accessories, cybersecurity or you just need some general guidance, we want you to pick our brains, even if it's not necessarily work or university-related.

Submit your questions, and we'll answer them in a future episode!

In the meantime, you can also follow us on our social channels, Twitter and Instagram, for updates on anything important from OIT, as well as more tech tips and information on events (yay for doing in-person things again!).

See you back on the blog and on Youtube next month!

St. Edward’s Welcomes President Montserrat Fuentes

Submitted by szaragoz on Tue, 06/29/2021 - 20:04
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AUSTIN, Texas — The St. Edward’s University Board of Trustees joins the campus community to warmly welcome new President Montserrat “Montse” Fuentes to the Hilltop.  

Fuentes officially assumes the role of president of the nationally ranked private, Catholic university succeeding President Emeritus George E. Martin, who retired on June 30 after 21 years leading the University. Fuentes, a native of Spain, is the first Hispanic president to lead St. Edward’s and the second female president in the university’s history, a role held by Patricia Hayes from 1984–1998.

“I am deeply humbled and honored to join St. Edward’s and look forward to working collaboratively with our dedicated faculty, staff and Board of Trustees to ensure that our students receive a quality education and holistic college experience rooted in our Holy Cross tradition,” Fuentes said. 

Fuentes was most recently executive vice president and provost at the University of Iowa, and she also previously served as dean of Humanities and Sciences at Virginia Commonwealth University. 

As a first-generation college student who went on to achieve a doctorate in Statistics from the University of Chicago and a distinguished decades-long career as a higher education administrator and an advocate for diversity, equity and inclusion, Fuentes shares in the St. Edward’s University mission to deliver an outstanding education for all students regardless of background or financial circumstance.

St. Edward’s University, a Hispanic-serving institution, has a long history of spearheading programs and providing resources that remove barriers to college for low-income and first-generation college students. The University has initiated recent policies and delivered resources with an eye on accessibility 

Dr. Montse Fuentes sits in the Munday Library set to take on her new role as President of St. Edward's University.

and affordability, including a Test-Optional Policy, a seamless transfer policy accepting Texas Core Complete, and financial aid webinars in English and Spanish. In addition, success coaches at St. Edward’s help guide and empower students to create a personalized education roadmap that positions them for long-term success.

Fuentes said she is excited to continue building upon the impressive foundation by listening to students, faculty and staff, and looking for new ways to bring ideas and expertise from St. Edward’s University out to the community.

“I am committed to open communication, transparent governance, introducing new academic programs, expanding or improving upon successful initiatives already in existence, and engaging with new partnerships in Austin to enhance the education, internship and service experiences the University provides,” she said.

In a video shared on her first day, Fuentes said she is eager to welcome back students to campus this fall and spoke about her optimism for the upcoming year. 

“As we continue to navigate through a global pandemic and embark on a new academic year, I believe we are entering an important time in the history of our university; one that is poised to  transform the landscape of higher education going forward,” Fuentes said.

“I am truly excited about the future of St. Edward’s and the path we will take to build upon our strengths in delivering an exceptional educational experience while leaning on the foundation of our Holy Cross mission. Working together as a community and with our Austin partners, we will continue to create a better future for the students we serve,” she added.

About St. Edward's University

St. Edward’s University is a private, liberal arts university in the Catholic, Holy Cross tradition with approximately 4,000 students. Located in Austin, Texas, it is one of the top universities in Texas and offers more than 50 undergraduate and 10 graduate programs. With a network of partner universities around the world, St. Edward’s delivers a premier, highly personalized education that helps students explore their own transformational pathways to knowledge, experience, understanding and success. St. Edward’s has been recognized for 18 consecutive years as one of “America’s Best Colleges” by U.S. News & World Report and holds the #8 spot among Best Regional Universities in the West in the U.S. News 2020 and 2021 rankings. For more information on St. Edward’s, visit stedwards.edu/about.

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