Joseph Segel
Encyclopedia
Joseph Segel is the founder of over 20 American companies, most notably QVC
, an American television network, and the Franklin Mint
, a producer of mail-order collectible
s. He has been honored with a Lifetime Achievement Award from the Electronic Retailing Association and an honorary doctorate from Drexel University
.
He was awarded the Philip H. Ward, Jr. Medal from The Franklin Institute in 1977. In 2005, the Harvard Business School published their selection of The Greatest Business Leaders of the Twentieth Century. Then, in 2007, the Wharton School of the University of Pennsylvania published their selection of The Most Influential Wharton Alumni and Faculty in the Wharton School's 125-year history. Segel is one of only 10 people who is on both of these prestigious lists.
of the University of Pennsylvania
in Philadelphia. In 1951 he received a Bachelor of Science degree in Economics. As a graduate student, he taught introductory marketing classes while running the "Advertising Specialty Institute (ASI)", his first significant business. A first in the industry, it published a centralized directory of promotional materials and their suppliers, the Advertising Specialty Register.
In 1964, Segel took note of two concurrent events – the passing of General Douglas MacArthur and people lining up at banks to buy up the last U.S. silver dollars. In response, he founded the National Commemorative Society, which introduced a monthly series of limited edition, sterling silver commemorative coin-like medals honoring events and heroes in American history, starting with a medal commemorating General Douglas MacArthur. Later that year, dissatisfied with the quality of the coin-medals produced by a subcontractor, he recruited Gilroy Roberts
, then Chief Engraver of the U.S. Mint, to join him in starting the General Numismatics Corporation. GNC became the Franklin Mint
in 1965, shortly after going public. The Franklin Mint quickly expanded to produce not only coin-like medals and casino tokens, but other collectibles, including car models, luxury board-game editions, and porcelain dolls.
Segel retired as chairman of Franklin Mint Corporation in 1973.
in 1983. NSTL was subsequently acquired by McGraw-Hill and is now privately owned.
appointed him as a member of the U.S. Delegation to that year’s United Nations General Assembly
, where he served under Henry Kissinger
. He also organized a national campaign of the Advertising Council
to improve public understanding of the United Nations
, chaired a national conference on the United Nations for the American Society of Newspapers Editors and testified in support of the United Nations before the U.S. Senate Foreign Relations Committee.
("Quality Value Convenience") after watching a videotape of the Home Shopping Network
. Immediately, he identified many potential improvements, from the items offered for sale to their presentation. To lend credibility to the new company, QVC made a two year deal to sell Sears
products. Fifty-eight cable systems in twenty states signed on for the 7:30pm to 12:00 midnight broadcast. He raised over $20 million in capital and launched on November 24, with an audience of 7.6 million TV homes for the November 24 launch. He reached this wide audience by offering cable companies stocks for as little as 20¢ a share. Publicly offered at $10, QVC stock closed its first trading day at $20 per share.
Segel demanded that the presenters sell by informing, not pressuring the viewers about the product. This meant that presenters would have to study each product, explain the many benefits of the product, and know the products sales history in order to make the sell more informative and entertaining. He forbid the hard sell
and, unlike the Home Shopping Network, established that customers could purchase at any time, with no last minute price cuts, and no high pressure tactics. From 1986-1989 the Plymouth based Cable Value Network was the dominant player in the industry with HSN second and QVC a distant third. Through the backing of cable operators, QVC launched a hostile takeover of CVN and wound up buying it out, only to take CVN off the air and replace it with QVC programming. QVC emerged as HSN's only serious competitor, out of hundreds of copycats. even though it was on the verge of collapse in the early 1990's until Barry Diller came on board. Today QVC employs a total of over 10,000 people, and does around $7 billion in business annually, making it the second largest American television network, surpassed in size only by CBS.
Joseph Segel retired from QVC in 1993 upon Dillers hire.
QVC
QVC is a multinational corporation specializing in televised home shopping. Founded in 1986 by Joseph Segel in West Goshen Township, Pennsylvania, United States, QVC broadcasts in five countries as QVC US, QVC UK, QVC Germany, QVC Japan and – QVC Italy to 200 million households...
, an American television network, and the Franklin Mint
Franklin Mint
The Franklin Mint is a private corporation founded by Joseph Segel in 1964. The private mint operated from Wawa, Pennsylvania but that operation has now closed...
, a producer of mail-order collectible
Collectible
A collectable or collectible is any object regarded as being of value or interest to a collector . There are numerous types of collectables and terms to denote those types. An antique is a collectable that is old...
s. He has been honored with a Lifetime Achievement Award from the Electronic Retailing Association and an honorary doctorate from Drexel University
Drexel University
Drexel University is a private research university with the main campus located in Philadelphia, Pennsylvania, USA. It was founded in 1891 by Anthony J. Drexel, a noted financier and philanthropist. Drexel offers 70 full-time undergraduate programs and accelerated degrees...
.
He was awarded the Philip H. Ward, Jr. Medal from The Franklin Institute in 1977. In 2005, the Harvard Business School published their selection of The Greatest Business Leaders of the Twentieth Century. Then, in 2007, the Wharton School of the University of Pennsylvania published their selection of The Most Influential Wharton Alumni and Faculty in the Wharton School's 125-year history. Segel is one of only 10 people who is on both of these prestigious lists.
Early life
At the age of 13, he started a successful printing business. At 16, he entered the Wharton SchoolWharton School of the University of Pennsylvania
The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States...
of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
in Philadelphia. In 1951 he received a Bachelor of Science degree in Economics. As a graduate student, he taught introductory marketing classes while running the "Advertising Specialty Institute (ASI)", his first significant business. A first in the industry, it published a centralized directory of promotional materials and their suppliers, the Advertising Specialty Register.
In 1964, Segel took note of two concurrent events – the passing of General Douglas MacArthur and people lining up at banks to buy up the last U.S. silver dollars. In response, he founded the National Commemorative Society, which introduced a monthly series of limited edition, sterling silver commemorative coin-like medals honoring events and heroes in American history, starting with a medal commemorating General Douglas MacArthur. Later that year, dissatisfied with the quality of the coin-medals produced by a subcontractor, he recruited Gilroy Roberts
Gilroy Roberts
Gilroy Roberts was a sculptor, gemstone carver, and the ninth Chief Engraver of the United States Mint between 1948 and 1964. He designed the obverse of the United States Kennedy half dollar, which was first issued in 1964. After he retired from the U.S...
, then Chief Engraver of the U.S. Mint, to join him in starting the General Numismatics Corporation. GNC became the Franklin Mint
Franklin Mint
The Franklin Mint is a private corporation founded by Joseph Segel in 1964. The private mint operated from Wawa, Pennsylvania but that operation has now closed...
in 1965, shortly after going public. The Franklin Mint quickly expanded to produce not only coin-like medals and casino tokens, but other collectibles, including car models, luxury board-game editions, and porcelain dolls.
Segel retired as chairman of Franklin Mint Corporation in 1973.
National Software Testing Laboratories
Segel founded the National Software Testing LaboratoriesNational Software Testing Laboratories
National Software Testing Laboratories, or NSTL, is an American company, established in 1983, which testscomputer hardware and software. The company provides certification , quality assurance, and benchmarking services. NSTL is the only authorized testing organization for the Qualcomm TRUE BREW...
in 1983. NSTL was subsequently acquired by McGraw-Hill and is now privately owned.
Public service
In 1971, Segel was elected chairman of the Board of Governors of the United Nations Association of the USA. Two years later, President Gerald FordGerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
appointed him as a member of the U.S. Delegation to that year’s United Nations General Assembly
United Nations General Assembly
For two articles dealing with membership in the General Assembly, see:* General Assembly members* General Assembly observersThe United Nations General Assembly is one of the five principal organs of the United Nations and the only one in which all member nations have equal representation...
, where he served under Henry Kissinger
Henry Kissinger
Heinz Alfred "Henry" Kissinger is a German-born American academic, political scientist, diplomat, and businessman. He is a recipient of the Nobel Peace Prize. He served as National Security Advisor and later concurrently as Secretary of State in the administrations of Presidents Richard Nixon and...
. He also organized a national campaign of the Advertising Council
Ad Council
The Advertising Council, commonly known as the Ad Council, is an American non-profit organization that distributes public service announcements on behalf of various sponsors, including non-profit organizations and agencies of the United States government....
to improve public understanding of the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
, chaired a national conference on the United Nations for the American Society of Newspapers Editors and testified in support of the United Nations before the U.S. Senate Foreign Relations Committee.
QVC
In 1986, Segel decided to start QVCQVC
QVC is a multinational corporation specializing in televised home shopping. Founded in 1986 by Joseph Segel in West Goshen Township, Pennsylvania, United States, QVC broadcasts in five countries as QVC US, QVC UK, QVC Germany, QVC Japan and – QVC Italy to 200 million households...
("Quality Value Convenience") after watching a videotape of the Home Shopping Network
Home Shopping Network
Home Shopping Network or HSN began in 1977 as a 24-hour/7 day a week home shopping television network televised via cable, satellite, and some terrestrial channels in the Philippines. HSN can also be shopped online at hsn.com...
. Immediately, he identified many potential improvements, from the items offered for sale to their presentation. To lend credibility to the new company, QVC made a two year deal to sell Sears
Sears, Roebuck and Company
Sears, officially named Sears, Roebuck and Co., is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century...
products. Fifty-eight cable systems in twenty states signed on for the 7:30pm to 12:00 midnight broadcast. He raised over $20 million in capital and launched on November 24, with an audience of 7.6 million TV homes for the November 24 launch. He reached this wide audience by offering cable companies stocks for as little as 20¢ a share. Publicly offered at $10, QVC stock closed its first trading day at $20 per share.
Segel demanded that the presenters sell by informing, not pressuring the viewers about the product. This meant that presenters would have to study each product, explain the many benefits of the product, and know the products sales history in order to make the sell more informative and entertaining. He forbid the hard sell
Hard sell
In advertising, a hard sell is an advertisement or campaign that uses a more direct, forceful, and overt sales message. This approach works in opposition to a soft sell....
and, unlike the Home Shopping Network, established that customers could purchase at any time, with no last minute price cuts, and no high pressure tactics. From 1986-1989 the Plymouth based Cable Value Network was the dominant player in the industry with HSN second and QVC a distant third. Through the backing of cable operators, QVC launched a hostile takeover of CVN and wound up buying it out, only to take CVN off the air and replace it with QVC programming. QVC emerged as HSN's only serious competitor, out of hundreds of copycats. even though it was on the verge of collapse in the early 1990's until Barry Diller came on board. Today QVC employs a total of over 10,000 people, and does around $7 billion in business annually, making it the second largest American television network, surpassed in size only by CBS.
Joseph Segel retired from QVC in 1993 upon Dillers hire.
Businesses started
- 1947 - Eastern Advertising Co., Inc. -- advertising specialties.
- 1949 - Desk-Sign Manufacturing Co., Inc. -- personalized desk signs.
- 1950 - Magicard Co., Inc. -- promotional mailing pieces.
- 1950 - Advertising Specialty InstituteAdvertising Specialty InstituteThe is the largest for profit organization serving the advertising specialty industry . Members of ASI include both manufacturers and suppliers of promotional merchandise as well as promotional product distributors...
-- promotional products trade information center. - 1953 - Colorcrafters, Inc. -- pioneer in full-color printing.
- 1954 - Selective Gift Institute, Inc. -- business gift selection service.
- 1960 - National Business Services, Inc. -- consolidation of last 3 businesses.
- 1961 - Gem Publishing Co., Inc. – books featuring humorous sayings.
- 1962 - Jordan-Edwards Co., Inc. -- pocket appointment and record books.
- 1964 - National Commemorative Society, Inc. -- producer of commemorative medals.
- 1964 - The Franklin Mint (initially called General Numismatics Corporation).
- 1965 - Britannia Commemorative Society, Inc. -- producer of commemorative medals.
- 1970 - Le Mirador, S.A. -- Swiss resort hotel, spa and conference center.
- 1975 - Presidential Airways, Inc. -- private jet and helicopter charter service.
- 1977 - RateSearch Corporation—computerized air freight rate analysis service.
- 1981 - PermaColor Corporation—systems to preserve color photos.
- 1983 - Software Digest, Inc. -- PC software rating reports.
- 1983 - National Software Testing Laboratories, Inc. -- PC software testing.
- 1986 - QVC Network, Inc. – televised home shopping.
- 1997 - International Skincare Research, Inc. – Le Mirador skincare products for QVC.
- 1997 - SmokeStoppers, Inc. – smoking cessation programs
- 2008 - GoBYO.com - online restaurant database focusing on BYOB-friendly restaurants.
External links
- Budd Margolis, Home Shopping History: HSN & QVC
- Biography of Joseph M. Segel