“Money is a terrible master but an excellent servant”

In this article, Fatimata KANE (ESSEC Business School, Master in Strategy & Management of International Business, 2022-2023) comments on a quote by Phineas Taylor Barnum about money management.

“Money is a terrible master but an excellent servant.”

Analysis of the quote

This quote by Phineas Taylor Barnum reflects the idea that while money can be a powerful tool to achieve our goals and desires, it can also become a source of stress and anxiety when we become too attached to it. The key is to use money as a servant to achieve our objectives, rather than allowing it to become our master and controlling our lives.

About the author

Phineas Taylor Barnum, also called P.T. Barnum, was an American showman and entrepreneur who lived in the 19th century. He is best known for founding the Barnum & Bailey Circus, which became known as “The Greatest Show on Earth.” Barnum was also a politician, author, and philanthropist, and he is famous for his promotional skills and his ability to attract audiences to his shows through various forms of advertising and publicity stunts. However, some of his displays, such as the exhibition of people with physical abnormalities or disabilities, have been criticized for being exploitative.

Financial concepts related to the quote

Financial Independence

The concept of financial independence is related to using money as a servant rather than a master. It involves achieving a level of financial stability and freedom where you have enough resources to support your desired lifestyle without being overly dependent on a job or other external factors.

Budgeting

Budgeting is a financial concept that involves creating a plan for how you will spend your money. When we use money as a servant, we create a budget that aligns with our values and goals, and we use our resources to support those priorities.

Opportunity Cost

Opportunity cost is the concept that every decision has a cost, and we must weigh the potential benefits against the potential drawbacks. When we use money as a servant, we make conscious decisions about how we spend our money, considering the opportunity cost of each option.

My opinion about this quote

I strongly agree with P.T. Barnum’s quote that “Money is a terrible master but an excellent servant”. While money is an important resource that can help us achieve our goals and live our desired lifestyle, it should never become our primary focus or source of stress. Instead, we should view money as a tool that can support our values and priorities, rather than allowing it to control our lives. By using money as a servant, we can achieve financial stability and independence, create a budget that aligns with our values, and make conscious decisions about how we use our resources to achieve our goals.

Why should I be interested in this post?

Financial literacy and money management philosophy are directly touched upon by this quote, which is why it could be of much interest to you, as a business school student.

Useful resources

Learn more about P.T. Barnum (in French)

About the author

The article was written in April 2023 by Fatimata KANE (ESSEC Business School, Master in Strategy & Management of International Business, 2022-2023).

My internship experience as a marketing intern at Amazon

In this article, Fatimata KANE (ESSEC Business School, Master in Strategy & Management of International Business, 2022-2023) shares her professional experience as a marketing intern at Amazon.

About the company

Amazon is a multinational technology company that was founded in 1994 by Jeff Bezos. Originally started as an online bookstore, the company has since expanded to become the world’s largest online retailer, selling a vast array of products and services across various categories, including electronics, fashion, home goods, groceries, and digital content.

Logo of Amazon.

Source: the company.

In addition to its e-commerce platform, Amazon has also expanded into other areas such as cloud computing (Amazon Web Services), digital streaming (Amazon Prime Video), smart home devices (Amazon Echo), and artificial intelligence (Amazon Alexa). The company is headquartered in Seattle, Washington, and operates in over 200 countries worldwide.

Amazon is known for its customer-centric approach and has a reputation for offering fast and convenient delivery options, competitive pricing, and a wide selection of products. The company’s mission statement is to “be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”

Amazon France

Amazon France is the French subsidiary of Amazon, which is the world’s largest online retailer. The company’s French website, Amazon.fr, was launched in 2000 and offers customers in France a wide selection of products across various categories, including electronics, books, fashion, home goods, and more.

As of 2021, Amazon France has over 22,000 employees and operates several distribution centers and warehouses throughout the country to ensure fast and reliable delivery to customers. The company also offers various delivery options, including same-day delivery and Amazon Prime, which provides free shipping and access to additional services such as streaming video and music.

I worked as a General Marketing Specialist Intern at Amazon France, in the retail business unit.

My internship

As a general marketing specialist intern at Amazon.fr, my role was to support the retail team in executing various marketing campaigns and initiatives to drive traffic, sales, and customer engagement on the website.

My missions

For example, I could assist in creating and publishing content on Amazon.fr’s social media accounts to promote products and engage with customers. This could include writing copy, designing graphics, and scheduling posts. I also created email campaigns to promote new products, sales, and other marketing initiatives. This could involve designing email templates, writing copy, and analyzing performance metrics.

I could also assist in managing Amazon.fr’s search engine marketing (SEM) campaigns to increase visibility and drive traffic to the website. This could involve keyword research, ad copy creation, and performance monitoring. Besides marketing content creation, I also oversaw auditing the marketing performances, and designed marketing plans for brands.

Required skills and knowledge

Working in this role required creativity, eagerness to learn, good communication skills, and high prioritization capacity.

What I learned

My internship experience with Amazon provided me with exceptional learning opportunities.

First, Amazon has a strong customer-centric approach, and this is reflected in all aspects of its marketing strategy. As an intern, I learned the importance of understanding customer needs and preferences and creating marketing campaigns that resonate with them.

Moreover, Amazon relies heavily on data analysis to inform its marketing decisions, and I had the opportunity to work with various analytics tools to measure the performance of marketing campaigns. This helped me develop a better understanding of the importance of data-driven decision-making.

Furthermore, in a large organization like Amazon, collaboration is essential. As an intern, I had the opportunity to work with different teams and departments to execute marketing campaigns. This taught me the importance of effective communication and teamwork.

Plus, Digital marketing is constantly evolving, and Amazon is at the forefront of innovation in the industry. As an intern, I had access to various training resources and had the opportunity to attend industry events and webinars to stay up-to-date with the latest trends and best practices.

Lastly, Amazon has a reputation for providing a seamless customer experience, and this requires a high level of attention to detail in all aspects of marketing. I thus learned the importance of quality assurance and attention to detail in all aspects of marketing campaigns, from copywriting to design.

Overall, my experience as a general marketing specialist intern at Amazon.fr was invaluable in helping me develop a better understanding of digital marketing and how it can be used to drive business growth and customer satisfaction.

Financial concepts related my internship

Although not focused on finance, my internship in marketing still allowed me to be in touch with several financial concepts such as:

Return on Investment (ROI)

As a marketing intern, I learned the importance of measuring the ROI of marketing campaigns. This involves calculating the revenue generated by a campaign compared to the cost of the campaign. This concept is related to financial analysis, where businesses must analyze the return on investment for any project or initiative.

Cost of Goods Sold (COGS)

COGS is a financial concept that represents the direct costs associated with producing and selling a product or service. As an intern, I learned how Amazon calculates the COGS for each product and how this impacts pricing and profitability.

Gross Margin

Gross margin is a financial concept that represents the difference between revenue and COGS. As an intern, I learned how Amazon manages its gross margin by optimizing pricing strategies, managing inventory levels, and reducing costs.

Why should I be interested in this post?

I greatly appreciated my experience at Amazon and would recommend the company to any curious and eager-to-learn individual who is interested in marketing and retail.

Useful resources

Amazon France

About the author

The article was written in April 2023 by Fatimata KANE (ESSEC Business School, Master in Strategy & Management of International Business, 2022-2023).