Greece 2011 Wrap-up

Starting early on Wednesday, several groups of us hauled our luggage, marched up to Syndagma Square, and hopped on the airport Xpress bus. We quickly found that express doesn't mean the same in all cultures! Apparently the bus stops at all the regular stops while saving the express part for the highway portion of the trip. In the past ten days, our students have learned to keep an open mind about experiences such as this - and not to assume sameness. From a cultural standpoint, this is definitely a lesson they will use for life. From our faculty/chaperone perspective, this group of students demonstrated an amazing mix of professionalism, enthusiasm, curiosity, and flexibility. The Kelley-in-Greece class of 2011 created a memorable experience for themselves, and for us, setting a high bar for future Kelley groups who might venture on a similar journey. Thank you for reading along.

Tatiana Kolovou and Gail Fairfield

A few comments from the students:

"It was one of the most memorable and influential weeks of my academic studies, if not my life. Each student in the course remained in disbelief throughout the trip at how smoothly eveyr day went and the myriad of cultural and business activities you planned for us."

"It was without a doubt the best trip I've been on in my life and I'm so sad it's over."

"I had an unbelievable time! Words can't even begin to describe how grateful I am for the hard work you put into organizing the trip. I had the time of my life!"

"It was truly rewarding and provided me with great insight about the culture of Greece as well as international business/economy."

"It was one of the best experiences I've had at IU."

May 24: Goodbye Greece!

Our last day in Athens was one of the busiest, but also one of the most interesting. In the morning, we went to an aviation base and met the owner of one company, Tassos Economou. He welcomed us to his facilities, gave us a short background on the company, and invited us to ask some questions. The students who asked the best questions were rewarded with a unique prize, a short ride in one of Mr. Economou's helicopters! Six of us boarded the helicopter and flew over a nearby island. The view of the ocean and nearby towns was incredible; it was definitely a once in a lifetime experience. After the lucky six were back on the ground, the group reconvened and spoke with two of Economou's employees. An older, very entertaining man talked about the numerous codes and regulations imposed on the aviation business. He also shared a slideshow of aircraft mistakes caused by pilot or mechanical errors. We then heard from a mechanic who was kind enough to show us around a helicopter before we left for our next destination. Our last company visit of the entire trip was a tour of the Greek shipping company, StealthGas. During the course of the class, we learned that shipping is Greece's second largest industry following tourism, so it was exciting to see an actual shipping business at work. At the company, we took a walking tour of the offices and got to hear the descriptions of each area from insurance to human resources. We learned that StealthGas is the only shipping company in its sector, liquefied gas petroleum (LGP), to be listed on the NASDAQ and it is the market leader with a 90% market share. Interestingly, many of the employees at the offices were from several different nationalities. Up until this point, the majority of the companies we had visited had mainly Greek employees. StealthGas was proud to promote diversity by employing over eight different nationalities in their Greece offices. After the presentation, we cooled off with some ice cream and headed back to the hotel. After a long day of company visits, we had the opportunity to unwind and end the day with an Alumni Party. Professor Kolovou invited the IU alumni of Greece, along with many of the speakers we met thoughout our trip. We ate hors d'oeuvres and saw a few presentations. First, each team of students presented on the changes Indiana University has seen within the last two decades as well as some of our favority parts of the trip. We all have learned so much from out travels in Greece, and many of us are already suggesting that we come back! Next, Professor Kolovou described how this trip came to be a reality and suggested that IU can help us to "follow our dreams" as the concept of this trip was simply a dream a mere eight months ago. Finally, our keynote speaker, Andreas Hadjikyriacos, an '88 alum, discussed how the small nation of Cyprus has caused a divide in the relationship between Greece and Turkey for over a century. After the reception at the hotel, we headed out to Rebitiki Istoria Taverna for dinner. Here we enjoyed another great meal and also live music. We also learned some new Greek dance steps from Professor Kolovou, her college friends from IU, and other people we met throughout the week. It was a great way to wrap up a wonderful trip with a touch of true Greek culutre! Team #5

May 23 - Milk and Cookies Anyone?

Today we went to the Delta Dairy S.A. located in Tavros. We had a little trouble getting on our way when there was a mix up with the time the bus driver was supposed to pick us up. Upon arrival at the factory, we were instructed to put on hair nets, lab coats, and foot covers before we entered the factory to avoid contamination of the dairy products. We then entered the production floor with the plant manager guiding us. We learned the different heating and cooling methods that they use on their products and were then lead into the control room. From here, he described the various computer systems that they have to monitor their machines and how they worked. It was interesting to hear about the sophisticated equipment they used to ensure that their yogurt products were of the highest quality. He then led us to the floor where the yogurt was put into containers and packaged for shipment. This production process was similar to that of Coca-Cola Hellenic’s in that they had many similar machines and processes. For example, each company took sterilization very seriously and made us wear outfits that prevented us from bringing in bacteria and routinely checked their products to make sure they were fit to sell. But they differed in the fact that Coca-Cola Hellenic only produced some of the bottles that they used for their products, buying the tops and cans from other companies while Delta Dairy S.A. produced not only their yogurt but also the necessary materials needed to package and ship them. These differing strategies can both be beneficial, depending on which will result in the lowest total cost. After the factory tour, we proceeded upstairs for a breakdown of their operations and various products by two other representatives. We were treated to their Chocolate milk products called Milkos, two different types of cheeses, their yogurt and juice line called ‘Life.” It was interesting to learn that the juices were seasonal and the yogurt was in higher demand during the summer because they are very healthy and Greek’s want to look good while at the beach. After the yogurt factory, we hopped back onto the bus and stopped at Goody’s for a quick bite before heading over to the Papadopoulos cookie factory. Unfortunately, due to earlier unforeseen circumstances we were not able to tour the manufacturing plant. However, we still were able to hear a presentation on the history of the company and their different product lines. The company was first started by a poor family who baked biscuits to earn money for tuition; due to luck they came to Greece and realized there was no market for biscuits in Greece. Over the past 100 years they slowly grew their business and expanded their product lines and currently have over 60% of the market share in Greece. The management team is run by a majority of women, including the owner. They then asked us for an American perspective and we volunteered suggestions to appeal to the American market. It was a great day and it was a great experience to see two more aspects of business production and the financial operations side. WE DON’T WANT TO LEAVE!
Team #4

Addition to May 20 Post

Please note addition to May 20 post - in green.

May 22 - Changing of the Guard & A Changing Vision of Business

Today we headed to Parliament in Syntagma Square to watch the ceremonial changing of the guard—an attraction that takes place every Sunday at 11:00 AM. The streets were jammed, packed with tourists and Greeks; there were even policemen that blocked off traffic. Over 100 members wearing kilts, caps, and clogs, paraded down the street to drums and other musical instruments. We noticed that there was a stray dog parading down the street with the men, and were informed that every Sunday the same dog joins the ceremony, preventing other stray dogs from coming close—he was quite the watch dog! After the ceremony, a huge mob of people rushed over to take pictures with the soldiers; it was an awesome experience! We walked over to the Panathenaic Stadium, located in the heart of Athens on the site of an ancient stadium which hosted games for many centuries. Just by walking into the stadium you could feel the rush of energy that once filled the 68,000 marble seats! Standing in the stadium was unbelievable—it is approximately 185 meters long. The class noted that we would do anything to witness the magic of the ancient Olympic Games firsthand! At night we were fortunate enough to be visited by BlueWhite Private Equity Fund, LLC. BlueWhite is a group that focuses on funding projects that promote environmentally conscious businesses including wind farms, greenhouses, and desalination facilities. The part that our class found most interesting was the combination of business morals and profit creation. In America, it seems as though almost all companies are focused only on creating profit for their shareholders. BlueWhite will only consider projects that are environmentally conscious and they want to improve Greek infrastructure. While this company might struggle in the American culture of fiduciary responsibility it is certainly very attractive to a small niche of investors and is an excellent opportunity to diversify a portfolio and add a company in the booming Greek energy industry.
Team #3

May 21: Delphi

At 8:30 this morning we boarded our 50-person bus to begin our journey to Delphi to visit the sight of The Oracle in the Temple of Apollo. We also saw the Temple of Athena, the ancient stadium, and the theatre, which is the most well preserved sight in Greece. We traveled up the mountainside of Delphi on paths made from a mixture of marble and bedrock. Even though it was a steep ascent, it was well worth it. The sight was absolutely breathtaking. No one expected such a beautiful landscape. Everyone thinks of Greece as a resort-like beach setting but there is so much more. Following the outdoor excursion, we then visited the Delphi Museum. We were honored to be accompanied by an old school friend of Professor Kolovou’s, Ada. She is a professionally trained archeologist who made a great tour guide. It was very interesting to pick her brain about the history of ancient Greece and the classical mythology associated with the site. One of the most prized pieces of the museum is the most well-preserved bronze statue of The Charioteer. We were also able to see the remaining pieces from the pediment of the Temple of Apollo, among many other ancient figures and artifacts. By this time, everyone was ready for lunch so we took the bus back into the ski resort town of Arachova, just a few miles from Delphi. Lunch was AWESOME! Professor Kolovou preordered food for the table, allowing us to sample a variety of Greek cuisine. Favorites among the group included the spinach pies, tzatziki, fried local cheese, Greek salad, cabbage meatballs, and halva for dessert. By that point, it is safe to say each student felt as if they could roll out of the town and back into Athens. So we boarded the bus for the final time to unwind from yet another busy day. Professor Kolovou has continued to provide us with a well-rounded cultural and historical experience.

Team #2

May 20: Hellenic Coca-Cola & Culture

Today we visited our second multinational of the trip, Coca-Cola Hellenic. We started the day touring their production plant. Before entering the production floor, we were presented with the company's history and the difference between the Coca-Cola Corporation we know in the United States and Coca-Cola Hellenic. The current relationship between Coca-Cola as a whole and Coca-Cola Hellenic is similar to the relationship between Coca-Cola Bottling Company and Coca-Cola prior to their merger. Coca-Cola Hellenic is a franchise that purchases the name and the "secret" concentrates to produce Coca-Cola before distributing them to around 28 countries and 77 facilities. After the presentations and some free Coke products, we were allowed to enter the production room cloaked in visitor lab coats and souvenir red hats. Some of the fun facts we learned on our tour are:
1. One unit of concentrate makes 2,000 liters of soda.
2. The machines can fill and seal 75,000 cans per hour.
3. The entire plant must be disinfected when switching products.
4. Plastic bottles are made starting with a test-tube shaped piece of plastic blown out using intense air pressure inside a metal mold.
We were all fascinated to hear and see exactly how the manufacturing portion of the supply chain for Coca-Cola Hellenic worked, especially since many of us haven't had a chance to tour a production plant like that before. Our hosts were extremely generous and gave us several souvenirs from the production floor along with all-you-can-eat sandwiches, chips, and coke. We all definitely left full, happy, and impressed. We then made our way to the corporate headquarters of Coca-Cola Hellenic, a site merely half an hour away from the bottling plant. As we arrived, we found our hosts very welcoming, although they were quick to poke fun at our previous blog picture featuring their competition, Pepsi. Once again, Coca-Cola products were quick to be offered, and this Greek hospitality was greatly appreciated. Our knowledge of Coca-Cola Hellenic financials and the overall European market was greatly augmented by the first speaker we had the pleasure of interacting with. He delved into the profitability of their various products, and explained how popularity of products differed across Europe. Our second presentation brought to light the corporate structure and Human Resources side of the corporation. Our main contact, a member of the Human Resources team, spoke to us about the company in general, and her personal experiences with Coca-Cola Hellenic. As our host was born and raised in New York, we could truly relate to her. We learned of her experiences in adjusting to Greek business life, which made for quite an informative conversation. On our way back from Coca-Cola we passed the facility for the opening ceremonies of the 2004 Olympics, along with several of the other Olympic venues. We weren't able to go into the stadium, but it was amazing to see how large all of the structures were. We also passed by the original Olympic stadium closer to our hotel, which was a sharp contrast from 2004's modern arenas. While they were impressive, we were surprised to learn that Greece spent over $6 billion on Olympic facilities, which is over $3 billion more than any other Olympic location. However, after reading our blog, Konstandinos Kartalis, the member of parliament whom we met yesterday, sent an email with a clarification. He said, "According to several studies, Athens spent less than Atlanta, Sydney or Beijing (20 billion euros) for the Olympic Games. In addition London is expected to spend 15 billion euros for OG 2012. The amount of 6 billion euros is indeed considerable, but it resulted in a major boost in the development of the country, it provided major infrastructure works which improved the shape of the city and the quality of life of its citizens, etc. In any case, 6 billion euros represent less than 0.6% of the cumulative GDP of the country for the period 2000-2004." After our usual rest, we were treated to a talk by one of Tatiana’s longtime friends about the European Union and its role in preserving the culture of Greece. We were all very interested to learn about some of the projects funded by 1.3 billion euros from the EU, including the Acropolis Museum we visited, the walkway in front of the Parthenon we walk on every day, and several other cultural sites around Greece. The EU continues to fund cultural projects, but because of the economic crisis the country is experiencing, the Greek government has had trouble financing its portion of these projects. Tomorrow we will visit Delphi, an important cultural site to Greece and a site that has received some of the aforementioned cultural improvement funds from the EU and the country itself. Team #1