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Spring/Summer 2001

Branding as Business Strategy: Roger Martin David Dunne on Branding Canada Is Brand Leveraging Going Too Far? Join Author Malcolm Gladwell at Rotman Life-Long Learning

The Alumni Magazine of the Rotman School of Management


From the Dean The Increasing Complexity of Bank Brands


By Professor Laurence Booth

Branding as Business Strategy

By Dean Roger Martin

The Power of Partnerships


By John Mason


Upcoming Events

31 11
People Are Talking About... The Consolidation Paradigm

Campaign Update: Great Minds for Great Business News Briefs

Compiled by Karen Christensen

32 By Karen Christensen
and Ken McGuffin

16 By Professor David Dunne

Branding Canada

38 By Karen Christensen

Alumni on the Move

Pushing the Limits: When Brand Leveraging Goes Too Far


By Professor Sridar Moorthy

41 20
Branding Question Period

Class Notes

With alumni, faculty and friends


Rotman Life-Long Learning 2001

Rotman Management is the magazine for alumni and friends of the Joseph L. Rotman School of Management, University of Toronto Spring/Summer 2001 PUBLISHER: Kate Eccles, Assistant Dean, Advancement, and Chief Marketing Officer EDITOR: Karen A. Christensen CONTRIBUTORS: Steve Arenburg, Laurence Booth, David Dunne, Roger Martin, John Mason, Ken McGuffin, Sridhar Moorthy DESIGN: De-Ann DeGraaf/James Ireland Design Inc. COVER: Kevin Kelly PHOTOGRAPHY: Jim Allen, Laura Arsi, Edward Gajdel, Kevin Kelly, Ken McGuffin, Peter Thompson ILLUSTRATION: Greg Stevenson/i2i Art PRINTING: Harmony Printing Limited Copyright 2001 All rights reserved. To submit a change of address, please write, call, e-mail or fax your new address to: Rotman Management, Joseph L. Rotman School of Management, 105 St. George Street, Toronto, ON, M5S 3E6, TELEPHONE: 416.978.0240, FAX: 416.978.1373, E-mail: Visit the Rotman Schools Web site at



From the Dean


to compete

by Dean Roger Martin


todays increasingly competitive marketplace, the ability to brand your company, product, or service is a critical determinant of the ability to compete. Many people think of a brand as a logo putting a picture on a product or service as a finishing touch before taking it to market. But as we discover in this issue of Rotman Management, a brand is much more than that.
the annual student-run MBA Business Conference tackled this issue. Highlights of The Consolidation Paradigm: The Path to Global Competitiveness? appear on page 11. Is it possible or necessary to brand a country? And if so what is Canadas brand? David Dunne gives his opinion in Branding Canada: It Will Take More Than a Maple Leaf, on page 16. Leveraging a brand means using the initial brand platform to move into other opportunities. In some cases, companies attempt to leverage their brand by moving into unrelated product areas. Is this a good idea? Manny Rotman Chair in Marketing Sridhar Moorthy gives his perspective on page 18. Banks arent what they used to be. On page 26, Professor Laurence Booth looks at how their expansion into non-traditional activities puts modern pressures on their wellestablished brands. As is our custom, weve opened up the branding question to Rotman alumni, donors, students and friends. Their thoughts can be found throughout this issue and in Branding Question Period on page 20.And on pages 38 to 40, we profile three Rotman brand warriers in Alumni on the Move. Of course we couldnt create a branding issue without examining our own brand. On page 8, Karen Christensen looks at the Rotman brand and what it is coming to mean in todays business education marketplace. For Rotman alumni, we hope it symbolizes an integrative approach to business thinking, access to a life-long community for your support, education and competitive advantage, and a community that can serve you throughout your career by providing the latest business dialogue, research, and thinking to help you advance. In short, we want your Rotman degree to be warrantied for life. We are building the Rotman brand with passion and commitment, but ultimately you our alumni, donors, friends and students are the best symbol of what the brand really means.We are proud to share your story. RM

A brand is a metaphorical story that connects with a fundamental human need to make sense of things at a higher level.Your brand manifests your companys culture, business strategy, and history translating that to your community in a powerful symbolic form. In this issue, the Rotman community puts branding under the microscope, in an attempt to answer the question: What, in the year 2001, is a brand, and how does it relate to competitive advantage? As Assistant Dean Kate Eccles and I sat down recently to discuss branding, the importance of building authentic organizations came up again and again as a central element in successful branding.The result of our conversation is summarized in Branding as Business Strategy (opposite.) Is todays rash of mergers and alliances the appropriate strategy for firms to remain globally competitive? One thing is certain it brings branding issues to the fore as corporate cultures and visions mesh and sometimes clash in record numbers. In January,







ts not your fathers Oldsmobile. Most of us remember this campaign a series of clever and compelling General Motors ads designed to address a worrying trend: The buyer profile of one of GMs key divisions was aging. As sales kept drifting downward, GM relaunched the Oldsmobile brand in 1988 with a ubiquitous ad campaign designed to capture a new generation. Many of us recall the high production values of these ads, which ran in various iterations for over a decade. Celebrity father-child pairs like


as business strategy
Branding is part art, part science. It is intangible, visceral, emotional, personal, cultural, and very hard to build. In this article, Dean Roger Martin and Assistant Dean Kate Eccles argue that branding isnt about advertising and PR, its about how your firm is fundamentally going to compete.

William Shatner and his daughter, traversing the generation gap through a shared commitment to the Oldsmobile brand. Why, then, after years of brand bodywork, did General Motors make the decision last December to phase out the Oldsmobile the oldest automotive brand in America? Well, it turned out it was your fathers Oldsmobile after all. The Oldsmobile ads may have amused sample consumers in focus groups, but they did nothing to



provide real customers with a compelling reason to buy the cars. In a last-ditch effort to resurrect the brand, Oldsmobile hired a new ad director a couple of months before the announcement. Why, even with this changing of the guard, couldnt they produce ads that were compelling to customers? The truth is:The Oldsmobile demise wasnt due to ineffective advertising. It was because you cant stand for something that you arent. THE GOLDEN THREAD In an age of accelerating product proliferation, enormous customer choice, and growing clutter and clamor in the marketplace, a great brand is a necessity, not a luxury. People tend to think branding is a straightforward final step of a strategy: Figure out what you are going to do and then brand it.As though you could brand your firm as an afterthought, hire an ad agency to brand your product, or change ad directors to resurrect a dying brand. The truth is that a brand is a synoptic, integrative view of the firm, and is completely central to business strategy. As much as anything, a brand stands for an attitude, a way of competing. Indeed, one could go as far as to call it culture. In the final analysis, you cant get a brand.You have to be a brand. Many people equate branding with logos, but that would be too narrow a definition. A logo is a symbol, but a brand is a story. Brands are about passion, commitment, and meaning, not about what the label looks like on the supermarket shelf. Your brand is a golden thread that runs through everything your firm is about, connecting your strategy, your history, your corporate culture, directly to the heart of your consumer. Branding is partly about storytelling and meaning, but its also about authenticity. Its about the ability to really connect to the heart of the consumer, and about your willingness to keep promises to your employees, your customers, and the communities in which your company operates.

Some would try to promote a brand that is inconsistent with what consumers actually experience.They think that if only they can get someone to draw the right pictures, to make the right commercials, to have the right PR firm, consumers will say the right things in focus groups and buy their products. But the truth is, a brand becomes what consumers see, not what the firm wants it to be. The phase out of GMs Oldsmobile division illustrates how difficult it can be to resurrect a brand even one with a century of history once it has fallen out of favour and no longer delivers authentically to the consumer. To build brand equity, a company needs to do two things distinguish its product from others in the market, and align what it says about its brand in advertising and marketing with what it actually delivers both of which Oldsmobile failed to do.

BUILDING AN AUTHENTIC ORGANIZATION A brand isnt just what the customer experiences. Its everything that a companys vendors, employees, and board members touch. Companies need to rethink who defines their brand.The power of marketing and advertising directors is declining. As service becomes an important part of the brand experience, employees in customer service and distribution become just as important to the brand as the marketing and communications departments. For Sleep Country Canada, the brand is as much about the booty-clad deliverymen as the ubiquitous radio advertisements.The separation of marketing, research, advertising and customer service into silos no longer makes sense. Your brand is a manifestation of your culture the hearts of your people and what they stand for as individuals.The heart of what your firm is prepared to promise. The only way to have a really strong brand, therefore, is to have an authentic organization. The Four Seasons a great Canadian company with 50 hotels in 22 countries understands this well.These hotels do not compete

Branding Case Study: Algorithmics Inc.

With billions of dollars loaned, traded, and transacted globally every day, millions of dollars are potentially at risk at any given moment in time. Having pioneered a way to proactively measure and manage risk by determining the total exposure of a financial institution across all of its global activities, Algorithmics software is now at the heart of risk management for more than 120 leading banks, asset managers and corporations in 26 countries. Since its inception 12 years ago, Algorithmics has evolved from an idea, to a name, to a team of dedicated people, to an identity, to products, and finally, to a state of brand magic, according to its President and CEO, Ron Dembo. Dembo spoke about his companys brand at the Rotman Entrepreneurial Design Workshop held last November. When a brand transcends into something that people recognize, identify with, need, and ultimately choose as a result of its identity, branding magic has been made. I believe the Algorithmics brand has reached that place. When I started this company, I could have taken the approach that we would be just another tech company, rushing product to market and paying little heed to aesthetic sensibility, brand development, culture and art. Instead, Dembo decided to build a company that would lead the industry both in research and development, and in thought leadership. To do so, he had to build an aesthetic, a culture, a community all those things which define a brand, that supercede a business as usual approach. Making striking design a priority has had an incredible impact on the Algorithmics brand, says Dembo. Weve relied heavily on strong, yet simplistic design, metaphor, and a primary colour palate. As a result, the companys corporate identity, advertisements, and collateral materials appeal to universal sensibilities. Consistently





with the best hotels in the world on the basis of better facilities, better real estate, or the magnificent physical structures of the worlds oldest grand luxury hotels. Their competitive strategy and what the brand has come to symbolize is impeccable and unforgettable customer service. Yet, Chairman and CEO Isadore Sharp doesnt have a customer service department. Why? Because everybody who works at a Four Seasons hotel is automatically in the customer service business. On the recent opening of their newest property in New York City, the company reviewed 30,000 applications, and interviewed 3,000 people, in order to fill 400 positions.They take the selection of those who will be the brand seriously. The Four Seasons recruiters arent looking for people who have necessarily worked in

hotels before theyre looking for those who are going to love serving their customers, who are respectful and empathetic those who understand what the Four Seasons banner stands for and who want to become part of that tribe. In exchange, this authentic brand provides great opportunities for those who fit the brand

profile. Four Seasons employees, unlike many in their competitors hotels, receive more training, have unprecedented opportunities to be promoted within their organization, and have a lower turnover rate by far than the industry average. Four Seasons understands
continued on page 9

The Role of Identity in Branding

As you stroll through the grocery aisles, plucking items from the shelves and filling up your cart, telling one brand from another is relatively easy. Its unlikely you would accidentally reach for a box of Kelloggs Cornflakes when youre looking for Kraft Peanut Butter. When it comes to consumer products, we remember logos, slogans, and the colors and packaging associated with them. But for more complex entities, such as large organizations or educational institutions, branding can be much more complicated. Two of the key things that define an organizations brand are its identity and the way in which people identify with it. Rotman alumnus Blake Ashforth (BCom 80, PhD 86), currently teaching at the University of Arizona, is a leading researcher in the area of Organizational Identity (OI). He calls OI the soul of an organization. Defining an organizations identity requires identifying the qualities that make it distinctive from its competitors. To survive and thrive, every entity, whether it be an organization, group, or institution, must formulate an answer to the question, Who am I? Another key concept in defining an organizations brand is identification, which is peoples perception of oneness with or belongingness to the organization. We all want to think were part of something bigger than ourselves. Organizations that manifest that sensibility create the emotional context people need to locate themselves in a larger experience. People who strongly identify with an organization incorporate some of what they believe to be distinctive and enduring about it into their own self-concept. Research shows that employee involvement is a key component in building reputation for a company, creating an attractive image for it, and promoting identification with it. Ashforth and his colleagues have found that strong identification is linked to the likelihood that members will externally promote the organization and contribute to it financially. Identification is also said to directly affect employee decision-making and understanding.
Jelena Zikic, PhD Candidate in Organizational Behavior, Rotman School of Management

is also critical. In the case of Algorithmics and most other successful brands, says Dembo, the people in the company and the corporate culture are also a critical component of brand building. A huge part of our success has been as a result of the company we Ron Dembo, President and CEO of Algorithmics Inc. keep. Our people are critical to our unique and distinct brand. With 500 employees speaking 22 languages in 16 offices worldwide, Algorithmics is truly a excellent design has become one of the hallmarks of our brand and, I believe, speaks to the superiority of the solutions we offer. But it takes more than strong design to create a successful brand. Equally important is that weve managed to create products that people want, and have priced them at a level perceived as value for money. Choosing appropriate promotional vehicles and ensuring the right sales channels global village. We recognize and celebrate this unique and extraordinary cultural diversification and I know that our customers do as well. Customers are made to feel as though Algorithmics staff are not only speaking their language in a literal sense, but that they also feel their cultural, political, and social needs are being understood and addressed. Thats a big part of who we are, says Dembo.



The Radical Rotman Brand

How did the Rotman School manage to become the most often-quoted business school in the country, despite a minimal advertising budget and a one-person media department? The answer: radical marketing. The term radical marketing was coined by Sam Hill of Booz-Allen & Hamilton to describe the unorthodox publicity approach often adopted by successful entrepreneurs who must establish their brands under significant resource constraints. Radical marketers relate differently to their customers than traditional marketers do. They aspire to be in tune emotionally with their customer base, which allows them to glean superior marketing insight without spending millions of dollars on market research and focus groups. They are more focused on the big picture growth and expansion than short-term profits. Examples of radical marketers include: Harley-Davidson; Madonna; The Grateful Dead; Oprah Winfreys Harpo Productions, and Virgin Atlantic. With the arrival of Dean Roger Martin in September of 1998, U of Ts School of Management was ready to embark on a period of unprecedented growth and renewal, pursuing an ambitious goal to rank among the top ten business schools in the world within seven to ten years. Far behind the top business schools in both scale and resources, Rotman could not expect to compete by merely replicating successful models of the leading schools. We adopted a school-wide strategy to pursue uniqueness, not replication distinctiveness, not predictability, says Martin. To win, the School has to act simultaneously across a range of key dimensions to create a system of intersecting and mutually reinforcing advantages that will lock in our competitive position and make it difficult for others to replicate our distinctiveness. One element of that system is radical marketing. Radical marketers are driven by a dream that borders on obsession, says Kate Eccles, Assistant Dean, Advancement and Chief Marketing Officer. They are frequently hindered by limited financial

Radical Marketing 101:

The CEOs image is consistent with the brand. Advertising is used only in very minimal, targeted ways. If used at all, its a content blast with a specific message and purpose, not a continuous stream of general image advertising. Marketing focuses on creating strong visceral ties with specific target audiences, creating a sense of a club or a community of consumers. Publicity is the top mass market external relations tool, used strategically to position the brand, with the CEO as the central media player. Market research is minimal: Close consumer ties provide needed information and feedback is continual and built into day-to-day operations. Staff and constituents are energized and act for the brand as passionate missionaries. Marketing mix is unorthodox, but the organization is absolutely obsessive about brand integrity.





resources, but are inspired by a belief in their product. At the Rotman School, we operate with significantly less resources than our top-ten competitors, all of whom have significantly more marketing staff than we do, and huge budgets for outsourcing advertising, PR, communications and special events. As a small community, we have to think differently we have to be radical if we are to achieve ambitious goals. The first step in executing the marketing plan was to develop the three Rotman vision points: Global Competitiveness, Integrative Thinking, and the Value of One. As well, the School needed a visual and graphic identity. Enter Bruce Mau Design, which created the now-familiar Rotman wordmark and devised a complete graphic standards manual. Mau developed the strong, dynamic look and colour palette which is now used for all Rotman publications, Web sites, advertisements and signage. It was vital that the Deans vision be positioned within a strong and coherent brand, and that the Schools goals and objectives be clearly communicated to internal and external constituencies, says Eccles. By having a clear competitive strategy and story, represented by consistent visual symbolism, we have attempted to create a billboarding effect for the Rotman brand across all public activities, media and communications strategies. The brand is helping us draw an ever-expanding circle of top business people to the School, and is helping to enhance our recruitment and fundraising activities, says Martin. People are really starting to understand what we stand for. Eccles adds: The Rotman brand doesnt live in the marketing-communications department, but is represented by everyone in the Rotman community

continued from page 7

that its brand is about the customer experience. They also know that the golden thread is delicate and easily broken by not having the right people at the customer interface, their brand would become meaningless. The best brands are polarizing they sacrifice alignment to the hearts of some, to speak deeply to the hearts of others. Porsche, for example, maintains an authentic connection to a narrow band of car buyers those who want only the best. Porsches brand promise is that their firm

is populated by engineer car fanatics who drive the cars with speed and rapture, and care intensely about quality. The notion is that the raison detre for the Porsche family and the engineers who work with it is the desire to build cars that are good enough for themselves the idea that the firms own employees are its most demanding customers. Virtually anything is brandable and offers an opportunity to create a frame of mind that is unique. A product line like Oldsmobile is something that is produced to function and exist in reality. A brand has meaning beyond functionality and exists in peoples

When Your Name Becomes a Brand

Choosing to put your name on an institution is a deeply personal and difficult choice. You are putting your name in the hands of others (the people youre partnering with.) Seeing my name in the newspapers, on TV, and on the Rotman building itself reinforces the desire for the realization of my personal dream: to see the U of T create an internationally-recognized, quality school to train young people for our country. In the beginning, my wife Sandy and I gave money to help create the dream, but whats happened is that the tables have turned the Rotman School of Management has provided us with pride and satisfaction in the Schools reputation for excellence. Sandy and I have developed a sense of affinity and connection with everyone associated with the School students, alumni, faculty and staff members, and we look forward to every single interaction that occurs, not only at the School, but on the streets of North America and Europe.The School has become a gracious custodian of our name and we are immensely proud of our association with it, and in particular with Dean Roger Martin and his wife Nancy, both of whom share our dream and desire to make it come true. Joseph L. Rotman (MCom 60)

alumni, students, faculty, staff, donors and friends. Everyone has been a part of this effort and we
really are beginning to get this tribal sense that together, we comprise a community that is doing something really great. One of the challenges we face moving forward is to continue to be obsessive about our brand integrity, ensuring that we think very strategically about what products the Rotman brand will offer, ensuring the brand is not diluted by potentially lucrative, but off-strategy offerings.

Karen Christensen



What is most critical is putting the brand at the heart of the organization. This is how an organization differentiates itself from competitors and builds customer and employee loyalty.

minds. Branding is not advertising. Great brands reach out with a kind of powerful connecting experience that transcends the product. Great brands are personal.They become an integral part of peoples lives by forging emotional connections. Coke is nostalgia. Coke tells stories. Nike, Disney, IBM, Levis, McDonalds, Sony, Xerox, Kleenex these are the power brands. Each has created a distinctive product, consistent delivery, alignment between communications and delivery, plus, perhaps most importantly, personality and presence. They

create an emotional bond that grows out of their personality. Successful diversified brands must also find and constantly reinforce the unifying factor that defines them.Virgin moved from airlines into financial services and cola drinks a highly diversified product line. But whats important about Virgin isnt which products they produce.The golden thread is the idea of Virgin as a fun and exciting company, which is somewhat of a rebel against the system. Companies should be careful about how far

they attempt to stretch their brands.They need to do their homework, to talk to customers about which product categories are a good fit with their brand and which ones just dont compute. By moving into categories such as hardware and home furnishings, many believe Amazon has gone too far and that its brand will soon mean nothing more than big. THE HEART OF THE ORGANIZATION A brand is forever being refined by the entity that brought it to life. It reflects the culture that thrives in an organization and is reflected by its employees.What is most critical is putting the brand at the heart of the organization.This is how an organization differentiates itself from competitors and builds customer and employee loyalty. In short, its how a firm competes and differentiates itself in the marketplace. RM

Joining a Family of Brands

The Rotman Schools brand doesnt exist in isolation it also fits within the ongoing parent brand of the University of Toronto. The U of T brand colours and associated Great Minds for a Great Future campaign were developed over the last four years by a team of U of T communicators headed by Director of Public Relations Sue Bloch-Nevitte, including Assistant Dean Kate Eccles and designer James Ireland of Torontos James Ireland Design Inc. As we evolved the Rotman brand, we wanted to capitalize on one of our most important brand assets our position within Canadas leading research university, says Eccles. James Ireland continues to work closely with the Rotman School, having inherited Rotman Management last spring and as the design sponsor for this years Canadian Woman Entrepreneur of the Year Awards. The graphic logo created by Bruce Mau fits very well within the symbolism and messaging of the overall U of T brand. If I can get every designer working for the University to think dark blue and matching typefaces, we will be on the right track. Most importantly, design has to be a collaborative venture, says Ireland.

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People are talking about. . .




compiled by Karen Christensen

ith the unprecedented rate of change in the business world today, are mergers and alliances an appropriate strategy for firms to remain globally competitive? Leaders from some of the worlds top corporations examined this question at the annual student-organized MBA Business Conference on January 26th at the Rotman School. Following are some highlights of The Consolidation Paradigm:A Path to Global Competitiveness? For a complete list of speakers,see page 15.

Whats behind the urge to merge? Economies of scale, greater reach, new capabilities. But the path to consolidation is often a boulevard of broken dreams. Once they merge, 60 per cent of companies underperform, while 80 per cent never actually deliver the goods as promised. So why risk it? Because the overwhelming perception is grow or die, and the tendency is to consolidate in order to grow. Sometimes, consolidation efforts fail because a company kisses a toad, hoping to turn it into a prince but a toad is always a toad. Poor execution is also a killer culture clashes, loss of customer focus (Air Canada comes to mind.) Building a unified culture is not easy, and many deals fail as a result. New models created by the Internet are driving consolidation activity. Some of the brightest possibilities for conquest of size and scale lie in E-enablement, which is about making the Web the central nervous system of your company. Cisco and Nortel have shown how companies can succeed by bringing the Internet to the centre of their business.

Building a unified culture is not easy, and many deals fail as a result.

Doing so allows a huge company to act and look like a corner store giving the same personalized attention to customers. This is a new capability. The new model sees the convergence of Connectivity, Commerce, and Content (C3). The new shapers will use C3 to their advantage: BCE, AOL/Time Warner, Seagrams/Vivendi. Its all about bringing C3 together to serve your customer.The Internet allows a company to be what it needs to be to succeed in the New Economy: agile, responsive and lean. Michael Sabia, President, BCE and Vice-Chairman, Corporate, Bell Canada




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The key is to surprise people, to exceed their expectations.

Relationship capital is whats driving consolidation. Companies must figure out how to leverage the latest technology to build relationships with their customers. Customer loyalty is the single greatest concern for CEOs today, because it brings big returns. But it is expensive.The 80/20 rule holds true: companies must provide the best possible (and most expensive) customer service to the 20 per cent of clients who give them the most business. The key is to surprise people, to exceed their expectations. For instance, on a Web site, the

top customers might have access to options not visible to other customers things like a Talk to someone button.This is the way things are going on the Web. Companies must learn how to create, maintain and grow client relationships.They must learn to leverage technology to provide better service to more people at a lower cost. They must figure out what makes their customers tick.At Personus, we recognize that all of our employees have relationships with customers, so all of their ideas matter. The further you are from the customer, the more out of touch you are.When building relationship capital is the key, you must empower all of your employees to make decisions. Bobby John (BASc 97), Executive Vice President and Founder, Personus

If a company wants to grow, it has two choices: build or buy. That is, grow organically by building the business, or acquire another business. In evaluating potential acquisitions, the most important thing to examine during the due diligence process is the companys culture. Everything else can be in line the financial and legal aspects can be drum-tight, but if the cultures dont mix the merger is doomed to failure. One of the shining examples of how to acquire successfully is Cisco, which has made

more than 50 acquisitions in the past seven years alone. In their quest to provide end-toend service, their acquisitions have been chosen strategically, integrating technology and people seamlessly. When consolidation occurs, if the cultures dont mesh, the people will leave. This is the key challenge for technology companies, because their value is based on people. Although you can never know for sure what will mesh, you can definitely tell what wont. Careful site audits must be performed, because what is acceptable at one company might not be at another for instance, open concept environments, dogs walking around the office. The minute the closing takes place on the deal, the integration of cultures begins. And it must be done swiftly, hooking up the techAlthough you can nologies and people of the two companies as quickly never know for sure what as possible. Andrew Muroff, will mesh, you can President, SoftQuad

At Liberty, we wanted to make sure we didnt lose what made us successful as the result of our growth. And it all came down to people. Retaining your people and investing in them is absolutely critical. However, you have to recognize that things change and evolve, so you have to learn from each experience.You have to develop the processes and tools to repeat past successes so that your future endeavors are more predictable in terms of the output. Larry Baldachin (EMBA 94), President, Liberty Technology Services Ltd.; Rotman e-Executive In Residence

definitely tell what wont.

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Leadership is at the very core of successful consolidation. Thats why there is often a change in leadership at the top after a merger or acquisition, because you need people that can implement the change of culture - or do whatever has to be done to make the business succeed. Teri Brown (EMBA 88), National Director, Growth & Development,Watson Wyatt

It became clear that CIBC World Markets had grown as much as it could in Canada
integration of our merchant banking expertise, and a concerted push into the U.S. Today CIBC World Markets is a full-service North American investment bank with a tradition of success in Canada and a fast-growing track record in the U.S. For example, in the second half of 2000, we placed third overall in number of equity financings in the U.S. quite an accomplishment for a platform that is about two years old. David Kassie,Vice-Chairman, CIBC, and Chief Executive Officer, CIBC World Markets

Back in 1994, it became clear that CIBC World Markets had grown as much as it could in Canada, a country that represents less than three per cent of the worlds capital markets. So we came up with a new strategy, with some challenging goals: The integration of corporate and investment banking, the growth and

There are currently 67 mutual fund companies offering more than 3,000 funds in Canada.This is far too many. There are few new clients the number of people who own funds will not grow. I believe that in the future well see four or five mutual fund companies dominate the market. Global, shared dominance is the ultimate goal for our organization. Unless a mutual fund company can find a special niche, it must grow or be acquired. You have to either be a great manufacturer of mutual funds or a great distributor, but you cant be good at both.You must differentiate yourself from your competitors. At AIM, its how we treat people in our business relationships that counts. We get

Unless a mutual fund company can find a special niche, it must grow or be acquired.

involved in coopetition we talk to our competitors about how we can make the pie bigger for all of us and grow the industry. Ken McCord, Senior Vice President, Investment Strategy & Communication, AIM Funds Management Inc.


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When making an acquisition,

Three types of options can be embedded in strategic acquisitions: 1. Growth options which might allow a company to undertake activity a later date that would contribute to growth. Nortels acquisition of Bay Networks demonstrates the value of growth options.Another example is Seagrams entry into media space. 2. Flexibility options whereby a company acquires an asset that can be used in different ways. This provides flexibility downstream for the company to diversify or realize value out of that asset in different ways. These options usually increase in value in an uncertain marketplace. An example of flexibility options is the acquisition of life insurance companies by banks. They dont know for sure what the regulators are going to allow over time. But by buying life insurance companies, theyve acquired an option to leverage data base

its important to consider whether it is a one-time bet, or the first in a series of bets that are going to be key to your companys strategy.

mining and/or integrated retail marketing later on if allowed. 3. Divestiture options the most basic type of options, these are embedded in most acquisitions. An example is the way in which Nortel is selling off pieces of many of its acquired businesses (mostly manufacturing). When making an acquisition, its important to consider whether it is a one-time bet, or the first in a series of several bets that are going to be key to your companys strategy. Incorporating option

values into acquisition decisions is a good way to understand the potential to create value through those future options.Youre still left with the problem of how you exercise those options to create value. If all you do is pay for the potential, but you dont manage your acquisitions as a portfolio of options, then you increase your chances for failure. Kenneth W. Smith, Senior Vice President, Cap Gemini Ernst & Young.

Our success is a direct result of the strategic partnerships weve developed.

The success of Research in Motion in the two-way data market is a direct result of the strategic partnerships weve developed. Products like our handheld, wireless e-mail device, Blackberry, have allowed us to become an enabler for our partners, which include IBM/Lotus, Compaq, and AOL. Our strategy is to enable the wireless component of their offerings, not to contend with their core businesses.The benefit to us is the instant credibility of association with these companies as well as the ability to leverage their considerable resources and channels. Dennis Kavelman, Chief Financial Officer, Research in Motion Ltd.

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SPEAKERS: Larry Baldachin (EMBA94) is President and founder of Liberty Technology Services Ltd. Last fall, he was elected to the Board of Directors of the Rotman Alumni Association and was recently appointed e-Executive in Residence at the Rotman School. For details, see page 35. Teri Brown (EMBA88) is National Director, Growth & Development at Watson Wyatt. Jim Coutts (EMBA99) is President of Coutts & Co. Inc. Last Fall, he was elected to the Board of Directors of the Rotman Alumni Association. Bobby John (BASc97) is Executive Vice President and co-founder of Personus, which offers strategic planning, user experience design, application development, and logistics management. Marianne Harris is Managing Director of Investment Banking and Head of the Financial Institutions Group Canada, Merrill Lynch. David Kassie is Vice-Chairman, CIBC, and Chief Executive Officer, CIBC World Markets. He is also Chairman of CIBC Capital Partners. Dennis Kavelman is Chief Financial Officer at Research in Motion, a world leader in the mobile communications market whose products include the the BlackBerry wireless e-mail solution. Ken McCord is Senior Vice President, Investment Strategy & Communication, AIM Funds Management Inc. Andrew Muroff is President of SoftQuad, an internationally-recognized developer of XML enabling technologies and commerce solutions for e-business. Jim Coutts (MBA 99) moderated a panel discussion about the challenges of doing business in todays increasingly global environment. Participating on the panel were Class of 2001 MBA candidates Belinda Dusbaba, Manny Singh, Scott Rutherford, DeniseYu, Helen Pogrin, and Norm Jackson (not in photo), all of whom have accepted jobs outside of Canada. Michael Sabia (BCom76) is President of BCE and Vice-Chairman, Corporate of Bell Canada. Kenneth W. Smith is Senior Vice President, Cap Gemini Ernst & Young. He heads up the Strategy Practice in Canada.

The market has been very hard on companies that dont meet their targets after an acquisition.

With the Daimler/Chrysler consolidation, the cultural fit was very difficult. They overestimated their targets and the market has punished them severely. Especially in the last year, the market has been very hard on companies that dont meet their targets after an acquisition. Because of this, you see a lot of senior management teams pulling back. In an auction environment, companies focus on how much they can pay, whether they can win, what they can tell the market about what synergies they will achieve. Its usually done in a relatively short time frame, and is very competitive.When it comes to actual integration execution, the day after a deal is made

and the teams are merged, they start implementing it. This is when all the potential problems of consolidation the cultural aspects, the soft aspects come to the fore. Marianne Harris, Managing Director of Investment Banking and Head of the Financial Institutions Group Canada, Merrill Lynch



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it will take more than a maple leaf
Rotman Marketing Professor David Dunne says investing in our brand will give Canada a competitive advantage in the new world order.

ou know the old joke: in Heaven, the food is French, the police are British, the lovers are Italian, the engineers are German and the whole place is run by the Swiss. In Hell, the food is British, the police are German, the lovers are Swiss, the engineers are French and the whole place is run by Italians. Like it or not, we have images of countries, sometimes favourable, sometimes not. These images, or country brands, can give countries an advantage or a disadvantage in international trade, and branding countries has become a hot concept.Yet the process of branding is much more comprehensive than most people appreciate. Country branding is hot for good reason. There is ample evidence that the country a product comes from can be a strong influence on consumers. One only needs to think of Italian suits, French champagne, German cars or Japanese cameras to appreciate the association of quality with specific countries for specific types of goods. Study after study shows that country of origin can influence attitudes to products in general from that country, to product classes, and to specific brands. Country of origin can even be a stronger influence on consumers than detailed information about the product. Similarly, investors can be influenced by country brands.Whether a country even makes

it onto investors radar screens will be influenced by their intuitive beliefs about its investment climate. Its reputation for innovativeness, the quality of its workforce and its quality of life, along with economic factors like growth and taxes, will all influence whether money is invested or plants located there. Another way of putting this is: if investors dont have a better reason to invest in Canada, we will be forced to give them tax breaks, at great cost to the economy. So having a positive international image is essential if we want to be anything other than a bargain-basement location. Unfortunately, Canadas reputation abroad leaves something to be desired. Last year, the Canada Asia Foundation conducted a survey of Asians opinions of several countries.To Asians, Canada is a land of beautiful lakes and courteous, friendly people, but it does not produce highquality products or have advanced technology. In the minds of the Asian business community, at least, Canada is a great place to retire, but not such a great place to do business. Ouch. The same goes for Canadas image in the U.S. Many readers will be familiar with Rick Mercers weekly Talking to Americans spoof

on CBCs This Hour Has 22 Minutes, in which he plays up Americans ignorance of all things Canadian.The parody is uncomfortably close to reality. According to a study conducted for the Department of Foreign Affairs in April 2000, Americans have little interest in Canada. It is primarily seen as a pristine wilderness, populated by nice, laidback people perhaps too nice and laid back to be successful in business. These results have created concern in government circles, and branding has come to the attention of Rideau Hall. In the recent Speech from the Throne, Governor General Adrienne Clarkson articulated the governments intention to launch a branding strategy to raise awareness of the advantages of


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investing in Canada. International Trade Minister Pierre Pettigrew recently said that we must imprint the maple leaf on the consciousness of the world as a symbol of leadership in the new economy. Industry Minister John Manley was also quoted as saying that Canadas international image is hurting its chances of attracting high-tech investment, at least from the U.S. Yet all this talk of branding is not a panacea for Canadas ills. Done properly, branding requires a long-term perspective and strategic thinking. Communicating Canadas advantages, by imprinting the maple leaf everywhere or by other means, is only a small part of the process. Building a brand is an all-encompassing effort that tries to ensure that every target investor or customer has the right kind of experience of Canada. In other words, you have to walk the talk. Several countries have climbed on the branding bandwagon, some at great cost. In the U.K., branding Britain has been the subject of public discussion for a number of years. Research over the years has shown that Britains image abroad could be compared to that of a gentlemens club: Aging, elitist and a bastion of conservative and traditional values, in the words of one researcher. Britain was no longer relevant to the values of the present generation. While the British governments branding efforts are laudable, they are unlikely to make much difference. To begin with, attitudes to countries can be very firmly entrenched because they have been formed and reinforced over centuries.This is not helped by many years of advertising associating Britain with royalty, beefeaters and quaint pubs. To expect a new name, logo and advertising to reverse this is to credit marketers with almost magical powers. More importantly, people believe Britain is stodgy because this fits with their experience or that of people they know. If travellers to the U.K. actually find it aging and elitist, or if they encounter British companies who appear to fit this description, their prejudices will be reinforced.To make a real difference to attitudes, the British government needs to do more than

say that Britain is modern and upbeat: it needs to demonstrate it. Advertising agency Ogilvy and Mather has a term for this:The 360-degree brand.The idea is that every experience the consumer has of your brand, positive or negative, builds up to some overall evaluation of the brand. So a company needs to control (as much as possible) every point of contact between its brand and the consumer. Starbucks, for example, has carried its brand values of creating uplifting moments for people every day into every activity it undertakes as a company, from the roasting and blending of coffee beans to the selection of retail locations, to the choice of music played in the stores. This is a tough challenge for countries, and an especially tough one for a country as diverse as Canada. Nevertheless, it has been done.The success of Irelands economy in recent years is not, as many assume, due to its tax incentives, but to its long-term strategy of improving its investment climate. With a highly educated, English-speaking workforce, cooperation between government and unions, and a desirable location close to the continent, Irelands brand image has flipped from impoverished and backward to the Celtic tiger, the most dynamic economy in Europe. For a Canadian branding strategy to work, the focus needs to be on creating a new reality rather than marketing Canada better. Since just about every country wants to be seen as innovative,

Canada, to be successful, will need a concerted effort not only to improve, but to be recognized as better than its competitors. Specifically, Canada should keep the following guidelines in mind as it pursues its branding strategy: Understand Target Customers: Like all successful brands, we need to start with an understanding of who our target market is, and what they need and value.Attitudes to Canada vary considerably around the world, and different regional strategies may be required to change them. Articulate a Value Proposition: Be clear on what we want to represent, how it fits with target customers needs, and how it makes us better than competitors. This requires agreement between different levels of government and industry sectors a major challenge, but a worthwhile one. Focus on Quality, not Marketing: Develop products, and investment programs, that meet target customers needs. Use advertising and promotion to bring them to their attention. Be Consistent: Stay with the program: dont make radical changes over time, and make sure all communications deliver the same fundamental message. Canada must invest in its brand if it wants to remain a player in international trade and investment.To do so, we need a comprehensive strategy and a clear, long-term vision not just an advertising campaign. RM

Is Canada a brand yet?

Obviously not. The secret of any successful brand is that it instantly projects a simple but accurate image. Take the latest TV series announced by Vancouvers Lions Gate Films: Who Wants to Date A Hooter Girl? Not much doubt about the brand on that dubious brain-wave. Canada? Try to define it. Sir Wilfrid Laurier, our greatest prime minister, had a shot at it in 1911. I am a Canadian, he proclaimed. Canada has been the inspiration of my life. I have had before me a pillar of fire by night and a pillar of cloud by day, a policy of true Canadianism, of moderation and conciliation. Huh? Maybe the novelist Robertson Davies got it right when he wrote: You dont love Canada; you are part of Canada, and thats that. In fact, even if Canada is not a brand, it does brand you, because you know youre not anything else, and you fight like hell to preserve your ill-defined identity.

Peter C. Newman (BA 50, MCom 54), Senior Contributing Editor, Macleans



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when brand leveraging goes too far
Brand leveraging is big news, says Manny Rotman Chair in Marketing Sridhar Moorthy. But companies must tread lightly into uncharted territory, or they risk wiping out years of hard-earned brand equity.

uestion: What do sweatpants and hiking boots have in common with multivitamins and plane tickets? The answer: nothing but Roots, the successful Canadian activewear retailer, is betting youll buy theirs anyway. To the surprise of many of its customers, Roots recently announced plans to expand from its familiar product lines into Roots Multivitamins and Roots Air. And they arent the only ones moving into uncharted territory: isnt just the planets biggest bookstore anymore it now also sells music CDs, health and beauty aids, hardware, electronics, and toys online. What could possibly make a successful company take such a gamble? Do such brand extensions make sense? And if so, are there limits to how far a brand can be stretched? When extending a brand name into a new product category, a firm is banking on several things. First, that it will get some awareness for its new products on the cheap, avoiding

one of the most costly steps in establishing a new product (getting its name out there). A second potential draw of brand extension is that the new products perceived quality is signaled by the established brands equity, which reduces the consumers risk of trying the new product.What some companies overlook is that consumers wont try the new product unless there is a basis for a signal from the old product to the new one. In the case of, the new products are really just an extension of existing services. Why should, the electronics vendor, perform like, the bookseller? Presumably, because retailing is retailing. Whether youre selling books or electronics, the basic processes are the same, and if youve mastered one type of retailing, youve mastered the other at least this is Amazons viewpoint. Recent research suggests another basis for the signaling effect: the possibility of the new product damaging the brand by not living up to

the inherited standards, hurting other products bearing the same brand name, and forsaking the opportunity to leverage the brands equity in future extensions. In other words, brand equity can be transferred from one product to another if there is a possibility of collateral damage from poorly executed transfers: Effectively, the possibility of collateral damage is a bond posted by the brand to assure consumers that the firm is not extending the brand willy nilly that adequate care has been exercised by the firm to make sure that the new product upholds the brands reputation. One example of collateral damage from a failed brand extension is the case of the Audi 5000. In 1986, it was alleged that the car had sudden acceleration problems. Not only did Audi 5000s sales suffer for several years, but the entire Audi product line suffered as well despite the fact that it was later proven that the sudden acceleration was actually caused by driver error.

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Ultimately, a brand extended over many products becomes unwieldy, incoherent, and a shaky house of cards.

An example in which no collateral damage resulted from a failed brand extension is the case of Crystal Pepsi, introduced in 1992 as a clear cola version of the well-known soft drink. Although the new product didnt last long, its failure doesnt seem to have hurt any of the established Pepsi products. These two examples suggest an important lesson: Failure of a brand in one product

category will hurt the brand in another product category only if 1. there is some common technology or managerial practice underlying the two product categories, linking quality in one with quality in the other, and 2. there is some uncertainty about the brands performance in the other product category. In the Audi case, consumers could reasonably expect that a common technology pervades all Audi cars. And consumers can never be entirely sure about car safety. In the case of Pepsi, however, the second condition was not met: consumers could easily verify that the old Pepsi products still performed according to expectations. In the case of Roots, both the multivitamin and the airline will no doubt benefit from the free name recognition they are inheriting. But why should a consumer expect Roots Air or Roots Multivitamins to perform as well as Roots shoes or Roots jackets? Managing an airline (or multivitamins) business is significantly different from managing an apparel business. There are few if any technological linkages involved. In fact, the companies making Roots Multivitamins and Roots Air are only licensing the Roots name. If Roots Air or Roots Multivitamins perform poorly say, the airline doesnt live up to its service commitments will this damage the other products bearing the Roots name? I believe this scenario is closer to the Crystal Pepsi scenario than the Audi 5000 scenario. Established Roots products are not going to suffer from the possible failure of Roots Air or Roots Multivitamins. By the same token, they are not going to lend much brand equity to the airline or the multivitamin either.

In the case of, however, there is a real possibility of collateral damage from the failure of any of its myriad retail businesses. And paradoxically, that is what makes the brand extension work in the first place. Are there any reasons not to extend a brand? Consider the following examples. In North America in the mid-1980s, Honda Motor Company introduced Acura as a new brand name in the car category, even though it already had a successful brand in Honda. Similarly, Toyota introduced Lexus, instead of extending the well-known Toyota brand name. What might be the reasons behind Honda and Toyota incurring the tremendous expenditures that they did to establish new brands? In this case the answer is positioning differences between the old brand and what the new cars were to stand for. For brand extensions to work, a common positioning strategy should underlie all products and services bearing the same brand name. Otherwise, one manifestation of the brand will be working at crosspurposes with another, weakening the entire brand. Even though Honda was a quality brand name, it stood for functional transportation. Ditto for Toyota. These new cars, however, were to be positioned as luxury automobiles. And in order to accomplish that these car companies had to start with a clean slate. How far can a brand be extended? If we were only concerned about getting awareness on the cheap, there would be no limit. But the possibility of collateral damage from weak extensions and the difficulty of maintaining consistent positioning over a large number of disparate products puts a practical limit to how far one can go. Ultimately, a brand extended over many products becomes unwieldy, incoherent, and a shaky house of cards. RM



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question period
Karen Christensen poses key questions to select Rotman alumni, faculty, students and friends.


Some people feel that the focus has shifted from the unique selling proposition (USP) to the

unique communication proposition whereby the message creates the benefit of the product in the mind of the consumer. Is there too much emphasis on the idea behind the product these days? McLuhan used to say that The only people who actually read the ads are those who have just bought the product. The whole process of advertising and branding is and always has been guided (as has the whole economy) by emotions. Reading the ad after rather than before buying the product is the act of recognition, making sense of the object because it is seen again in a different light. Reading the ad is the act of closure with the object.The relevance of what is said in the ad is quite beside the point, since there is never enough room in the copy to do anything else but give an idea about it. Is the message the medium in advertising ? Absolutely. Advertising is generally quite innocent of any content or substance. Its job is not to inform but to create desire.

There is as much danger of inflationary disproportion between the real thing and its representation in the ad as there is in an economy that rarely stops to consider issues of productivity when giving value to process and investing in it. As for quality, we get that through the reality checks of competition. Quality sells quality not advertising. Prof. Derrick De Kerckhove, Director,The McLuhan Program in Culture and Technology, University of Toronto

The whole process of advertising and branding is, and always has been, guided by emotions.
Prof. Derrick De Kerckhove

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The market for feelings will eclipse the market for strictly tangible items.
Peter C. Newman

In the future, emotional and even spiritual values will be attached to products and services.The market for feelings will eclipse the market for strictly tangible items. Nike, for example, sells nearly three-quarters of its running shoes to non-joggers, because they evoke dreams of eternal youth, fame and triumph. During the 21st Century, the demand for such fairy tales will expand faster than any other market segment. Peter C. Newman (BA 50, MCom 54), Senior Contributing Editor, Macleans As a result of technological advances and economies of scale, most products have become highly competitive both in quality and price. One way to address this new paradigm is through branding strategies designed to create strong consumer associations with a particular brand. However, I would argue that the USP remains a strong differentiator, especially when it creates a significant perception of difference between a product and its competitors.The next step is to leverage the USP through its brand identity, which includes product scope and attributes, quality/value, uses/users, brand personality, customer/brand relationships, visual image and metaphors, and brand heritage. In the long-term, a strong USP cannot provide a stand-alone answer. For instance, We make products that make babies feel good is a strong value proposition advocated by the Johnson & Johnson baby care line. It involves not only the functional benefits of their products, but also significant emotional

content.And yet, as much as this proposition is strong and appealing, it cannot stand alone. It is little more than good bait to attract new audiences or a reinforcing message for existing ones. However, this USP is reinforced by the brands heritage and by the power of the iconic Johnson & Johnson logo, a symbol of trust, safety and quality, which has remained consistent for over a hundred years. Diana Flaminzeanu, EMBA 17, student in Branding in the New Economy; Director, Program Development, Health Care Executive Education, Rotman School

properly evaluate quality for a product. In these situations, a clear and powerful value proposition helps to bridge the gap and formalize the expectation. Nonetheless, once the quality cues are understood and experienced, actual quality is expected and will not be superseded simply by a strong communication of the value proposition. Quality will always be one of the primary elements for building brand equity. Esther Bucci, EMBA 17, student in Branding in the New Economy; District Sales Manager, General Motors of Canada

I do not believe that USPs or UCPs have usurped the importance of quality products. More than ever, quality is the minimum price of entry into most, if not all, competitive markets. Consumers may not explicitly request quality, but they certainly expect it. In many examples of great brands, the value proposition is in large part responsible for the brands success. Although the value proposition largely communicates intangible attributes responding to targeted consumer needs, it also references and represents the actual product or the service being communicated. For example, an integrated message in the value proposition of a Pontiac vehicle is to build excitement, and the products in the Pontiac lineup reflect these attributes through their styling and performance. Quality is a given. Drivers want excitement and performance, but they still expect the utmost quality as well. Perceived quality may in fact differ from actual quality for a variety of reasons: a previous history of poor quality; achieving quality on attributes that are not important to the consumer; or consumers not knowing how to


How is branding different on the Web?

Advertising, promotion, public relations and most other aspects of corporate communications are archaic concepts. They exploited unidirectional, one-to-many and one-size-fits-all media to communicate messages to faceless, powerless customers. In the digital economy, the business web is eclipsing the vertically-integrated corporation as the basic tool to create customer value and shareholder wealth. Companies are using the Internet to mesh their energies with suppliers, distributors, and customers. Products are now mass customized, service intensive and infused with the knowledge and the individual tastes of customers. Customers are using the Internet to co-create products and services. Products are becoming experiences. The old industrial approaches to product definition and marketing die. The business web upends control. Customers have access to near-perfect information



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(Customers) now control the marketing mix, choosing the medium and the message.
Don Tapscott

mass communications declines, replaced by the power of the interactive media and therefore the consumer, brand loyalties for informed and value-conscious purchasers are based increasingly on value. Don Tapscott, Chair of Digital 4Sight and co-author of Digital Capital: Harnessing the Power of Business Webs about products and power shifts towards them. Customers, no longer external entities, participate in a firms b-web through multidirectional, one-to-one and highly tailored communications media.They now control the marketing mix, choosing the medium and the message. Rather than receiving broadcast images, they do the casting. Rather than getting messages from earnest PR professionals, they create public opinion online with one another. The brand is changing from an image or word in the mind to a two-way relationship where real value becomes much more important.You cant make garbage smell like roses in this new environment. Internet-enabled relationships are now assets. This relationship capital accumulates and provides a new foundation for marketing and sales revenue. A firms ability to engage customers, suppliers, and other partners in mutually beneficial value exchanges determines its relationship capital.While the virtue of deep relationships was always self-evident in theory, in reality it wasnt practical. But now the ubiquitous, cheap and interactive Net, coupled with enormous low-cost databases, enables producers to develop a meaningful direct relationship with each customer. Sellers and buyers have ongoing dialogue.As the power of

ment to create a world-famous customer experience every time these remain the foundation of every successful business. The most recognized brands online today were built around a strong and established business model and an experience that actually changed the customers lifestyle. Nigel Stokes (MBA 85), Chairman, President and CEO, DataMirror Corporation

On the Web, brand loyalty is rooted in providing customers with an outstanding experience and lifestyle change which they cannot get anywhere else. Building an online brand involves a complex set of experiences and interactions between companies and their customers. In order to fulfill todays online demands, companies must successfully extend their customer experience and brand across the Web. Those that manage to effectively transfer both their business model and their brand strategy to the Web will benefit the most. A brand and its accompanying experience and lifestyle are developed gradually over time. The recent surge of dot-com companies attempted to accelerate the time-frame in which a brand is developed, seeking to build loyalty in a matter of months rather than years. In all but a few notable cases, they failed.The first-mover advantage for dot-com brands has turned out to be similar to the first-mover advantage in a game of chess: Being the first mover on the Web is important, but it hardly determines the outcome of the whole game. The principles of building a powerful brand have not changed. Time, market research, adaptability, quality service and the commit-


Is it possible to create a sustainable identity in an environment where companies must

continually reinvent and revitalize the messages behind their brands? Sustainable corporate brands are rare because we live at a time when change is measured in nanoseconds. Shift happens.The smart companies will attempt to create a sustainable quality of the environment within which their brands keep being modernized.Thats about the best they can expect. Customer and client loyalty must be earned. Daily. Peter C. Newman (BA 50, MCom 54), Senior Contributing Editor, Macleans Companies like Federal Express, Harley-Davidson and Disney can and do create sustainable identities.They all have many competitors offering quality products, yet are able to command a premium in the marketplace year after year. In the midst of change, the best companies identify and consistently perform the key activities that lead to



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business and branding success. They understand the unique value propositions they offer, and develop business systems to support and reinforce those value propositions. Gary Ryan, EMBA 17, student in Branding in the New Economy; Director, Rehab and Paramedical Services, Southlake Regional Health Centre (Newmarket)

integrated marketing communications approach, which effectively creates the story behind the name, heightens consumer involvement and builds equity for the brand. Lila Janakievski, MBA Candidate 2001;Vice President, Rotman Marketing Club


Many companies think they have a brand when what they actually have is name recogni-


When firms form alliances and brand consolidation occurs, what makes for a good part-

tion. When does a name become a

situation for the people who work there. Many employees have difficulty with change and will adopt an us vs. them, before vs. now view of things. Since the employees of the firm must convey the value of the consolidated brand to the customer, it is crucial that they believe in the value of the alliance.As politics and stress factors emerge during partnering, there must be a forum for addressing employee concerns quickly - before they grow into insoluble differences. Jane Tattersall, President,Tattersall Sound Inc.;Winner, 2000 Canadian Woman Entrepreneur of the Year Award for Impact on Local Economy

A brand has a distinct culture associated with it an experience for the customer or owner.The brand tells a story about the product, whereas a name is just a title, for phonetic, visual and cognitive appeal that facilitates recognition. A name becomes a brand when it has a unique image associated with it that sets it apart from its competitors. When that image comes to life, the brand has equity. How much depends on how strong, consistent and memorable that brand identity is. Brand creation can be achieved through an

Good partnerships in anything require a number of things to succeed: mutual appreciation for the others strengths; recognition and acknowledgment of weaknesses; willingness on both sides to really make the commitment; and, as the inevitable conflicts emerge, an ability to remember the initial reasons for the decision to partner. All of this applies to firms forming alliances and the consolidation of brands. Ideally, companies would have similar values, brands would have similar perceptions in the market.The classic 1 plus 1 equals 3 should be present, and it should be easy for the consumer to see a natural connection between the firms or products that benefits the customer, not just the firms.The intention for alliances is always to improve the situation for both firms. But brand consolidation can be difficult for those who are not directly controlling the actions. An improved situation for the firm will not necessarily be perceived as an improved


What are some of the specific things a company can do to improve its online experience

and thereby enhance its brand? Improving the online experience means providing relevant content and convenience for users, whether they are searching for information or shopping online. In Canada, the likelihood of developing brand loyalty on the Web increases if the offering is customized for Canadian consumers. Too often, especially on Canadian versions of U.S. sites, the content appears to be specific to Canada, but as soon as you start to drill down, what you find is U.S. content. Relevant Canadian content will go a long way to building ongoing relationships. A good site lets first-time visitors identify themselves and begins to build a relationship with a helping hand: Extra navigational assistance along the way, clear policies and service guarantees, and perhaps special promotional offers. Since many consumers continue to harbor security and privacy concerns, online retailers need to counter these through explicit guarantees, free credit card insurance, or by providing a toll-free number that consumers can use to call in their credit card information. Though not directly part of the actual online purchase experience, fulfillment is a key part of the overall experience.To address the continued dissatisfaction of Canadian consumers with fulfillment, retailers need to provide fast,

As politics and stress factors emerge during partnering, there must be a forum for addressing employee concerns quickly before they grow into insoluble differences.
Jane Tattersall



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In Canada, the likelihood of developing brand loyalty on the Web increases if the offering is customized for Canadian consumers.
Jill Black

real people, and the opportunity to receive email updates. But the lack of e-commerce profit in todays markets is forcing companies to re-evaluate their Web strategies. Companies are finding it increasingly difficult and costly, to keep driving customers to their site.This challenge promises to become ever greater as wireless mediums permit companies and consumers increased Internet access. Not all companies will have sufficient brand strength to generate repeat visits. David Kenny and John Marshall, writing in the December, 2000 issue of Harvard Business Review, recommend that those companies adopt contextual marketing to build contextual customer relationships, by delivering their message to customers at their point of need rather than focusing on a destination Web site. Getting to the right customer, with the right message, at the right time may well define the next wave of Internet strategies. Gail Garland (EMBA 93) Partner, Meadwell & Associates and Director, Rotman Alumni Association Board

What can companies do to keep their brand vital over the long haul?

reliable, and predictable service.They need to offer various options for timing, delivery cost and location, and be able to communicate the status of a consumers order at each stage of the process. Online retailers need to offer a clear and flexible return process - for example, by providing something as straightforward as an address label and return pouch with each delivery. Customer satisfaction alone wont guarantee profitability, but satisfied customers are more loyal, buy more, and recommend sites they like to others.They help attract more valuable customers, creating a continuing virtuous circle. Our research shows that consumers are purchasing more online than ever before, and intend to purchase even more in the future. Successful brands will recognize the power of consumer satisfaction and focus on the delivery of a robust end-to-end experience for both new and experienced shoppers. Jill Black (MBA 80),Vice President, Support Team Leader, E-Commerce Practice,The Boston Consulting Group and Director, Rotman Alumni Association Board

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Customers will only return to a site if it offers a valuable, timely product, and if it is easy to navigate and informative. The best sites build customer retention by providing links to other relevant sites, calendars of events, online discussions, access to

To have longevity, a brand must be customer-centric. You have to understand your customer; make sure what you provide meets a real need; ensure that the brand stands for something that is relevant to the customer; and plan to deliver on that. It must be an end-toend process. Its not just about acquiring the customer, or marketing the product its about the total experience the customer has. Thats what really defines your brand.You must also make sure that the brand lives within the team that services your customer: The agents that answer the phone; the marketing person whos trying to acquire customers; the sales agent who contacts people to sign them up for the service. Brand consistency throughout the end-to-end service is a huge challenge - and one companies must attack with rigor.The key is to get your brand essence down to something that is powerful both internally and externally, and that allows people to rally around it, so that when its stated, its clearly understood. For example, at FedEx the brands essence is very simple: next day delivery. It is clear to the customer, and to the employee and they know what they have to do to make it happen. Pat Tremaine (EMBA 97), Vice President, Bell Sympatico (see profile of Pat on page 40)







In her book No Logo, Naomi

Klein says that the success of branding is about the failure of

social institutions. We are looking to brands for poetry and spirituality, because were not getting those things from our communities or each other. Is this an overstatement? Absolutely. But it is also a beautiful thought and a genuine outcry from someone who demands an ethical understanding of business practices. Our social institutions are not so much failing as searching for their bearings. Much of the traditional association between ethical behavior and religious faith has lost credibility without a definite ground for replacing it. In the sudden expansion of the material by the virtual, institutions lose ground and identity. Brands take over as the signposts of meaning.At one time, the cross was a brand. But there are too many different people in the global family to impose the cross the way the Christian world did in the past. Globalization is supported by brands and branding the same way that the whole mass economy was created and supported by TV. Globalization is generally misunderstood by everybody - except by Thomas L. Friedman (author of The Lexus and the Olive Tree) - as an issue of the economy.The economy is unquestionably relevant to globalization, but it is only the emergent dynamic of the exchanges between different cultures and people who have lost the protection of distance and the necessary time interval to make sense of their new context and their new dimension (that of the planet itself.) Globalization is first and foremost an issue of psychology.The village isnt any more global today than it was in McLuhans time, but we are. Each one of us is global, something that the

protestors dont understand any better than the protested. The success of branding is not owed to its commercial value, but to the fact that it provides a common global content for very different people across the planet to make sense of their newfound togetherness.You can wear the same clothes and see the same movies, so yes, its true, you share the same space. Instead of cursing brands, Naomi Klein would do well to bless them, because they provide a cognitive interval to the collective consciousness of everybody at once under the relentless pressure of electronic implosion. We need globalism in the same way that we have needed civism in the past.Without some common references, we would simply continue to kill each other as we have done historically. Our brands are virtual, like our minds. They are just as necessary globally as the words we use locally.They help us to make sense at a time when religious and political institutions are indeed questioned - and for good reasons. Brands are shortcuts to reality, but they are not the reality itself.As for the poetry and spirituality of brands, thats a lovely idea.They replace prayer. Prof. Derrick De Kerckhove, Director,The McLuhan Program in Culture and Technology, University of Toronto

strong presence as a business first, providing a value-added experience and a positive change to the customers lifestyle. Companies can then convey the strength of that brand and experience across all the media at their disposal, including the Web and wireless devices. This kind of adaptable, multi-channel branding strategy, together with a commitment to excellence in customer service and support, will help your business ensure long-term stability and success. Nigel Stokes (MBA 85), Chairman, President and CEO, DataMirror Corporation

Wireless smart devices will be the next media in which to extend your brand.
Nigel Stokes


What are the some of the branding challenges of the future?

Looking ahead, we believe wireless smart devices will be a new medium of commerce and thus the next media in which to extend your brand. Its not a matter of if but how soon. Companies will be faced with trying to win customer loyalty in an even more aggressive mobile commerce model. Ultimately, it is critical to establish a



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complexity of bank brands
CIT Chair in Structured Finance Professor Laurence Booth explains that by entering into non-traditional areas, banks are not only complicating their identities, they may be risking their brands.

wenty years ago, our financial system was much less complicated than it is today. Its four pillars co-existed peacefully and independently: Banks looked after our shortterm financing needs such as chequing accounts and short-term loans; trust companies looked after long term needs such as real estate financing; insurance companies managed the risks we were exposed to death, bad health and disability; and brokerage firms looked after our wealth management needs, such as equity investments, acting as our agents in the capital markets. The system was easy to understand and to regulate, because each of the four pillars was independent and had its own regulator. Defining what is a bank? was relatively easy to do. Banks were regulated according to schedules A and B of the Bank Act in terms of reserve requirements, capital adequacy, ownership restrictions, and deposit insurance. The same regulations applied to all banks. The financial system was organized in this way to promote the professionalism of the individuals operating in it and to promote competition across the functional areas. It also helped reduce conflicts of interest and the potential for fraud.The policy

objective was to increase public confidence in the financial system and the reputations of the major players. That is, to help the banks build their brands. In the 1980s, investment dealers all but disappeared as independent companies.The Royal Bank bought Dominion Securities. ScotiaBank bought McLeod, Young, Weir and Co. CIBC bought Wood Gundy, and the Bank of Montreal bought Nesbitt Thomson.A few years later, the trust companies, for all intents and purposes, disappeared.The last holdout Canada Trust was finally bought by Toronto Dominion. Before that, National Trust and Royal Trust had also fallen to the banks. Not content to offer only two of the financial systems four pillars, the Royal Bank tried to buy London Life, before being outbid. The rest of the insurance sector was off limits, since the companies were largely owned by their policy holders. However, since they have now mostly demutualised, it is only a matter of time before they become bank-owned as well. Change was and is inevitable.Faced with technology that allows products to be duplicated by different types of companies, policy makers

in Ottawa and Queens Park have allowed for todays dramatic consolidation of the Canadian financial system. They have opted to sanction mergers across different sectors of the financial system (conglomerate), rather than mergers within sectors (horizontal). And the severe challenges to bank brands, built up so methodically over the years, are beginning to show. We all know what branding means when we talk about tangible goods. If you make Brand X beer, all you have to do is associate it with attractive people having a good time, and a significant number of consumers will choose your brand at the Brewers Retail.This is despite the fact that, in taste test after taste test, most consumers are not able pick out their favourite beer from amongst its competitors. Similarly, we see stunning visuals of drivers off-roading in their four-by-fours in the pristine wilderness, despite the fact that most four-by-fours never go off road, and seem to be used mostly to pick up cases of Brand X at the beer store! However, financial services are not tangible goods, they are intangibles. And theyre not the only ones. The electricity provided by Hydro, or the cable provided by Rogers, can both be


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Policy makers in Ottawa and Queens Park have allowed for todays dramatic consolidation of the Canadian financial system.
publicity, RT Capital paid a $3 million penalty to the Ontario Securities Commission, and beefed up its procedures for supervising fund managers. But the story doesnt end there. In early March, Royal Bank announced it would sell RT Capital Management Inc. RT Chairman Michael Wilson, a former federal finance minister, said last summers debacle was not the reason for the sale, claiming the company is not equipped to give pension plans the service they need now that they can invest up to 30 per cent of their assets abroad. We have got to build up a foreign investment capacity quickly because clients are telling us that is what they want. Clients are looking for something we dont have in this organization, he told the Toronto Star. Banks continue to put their brand names on fundamentally non-bank operations. Wood Gundy has become CIBC World Markets, and McLeod, Young, Weir Co. has become Scotia Capital.All are having to deal with the ensuing conflicts that emerge in visions and values. Anyone familiar with the chartered banks knows that the culture of traditional banking is relationship-based. Although it may come as a surprise to some, the banks are genuinely interested in maintaining long-term relationships with their clients. Investment banking, in contrast, is deal-driven. Salaries are largely based on commissions, and to generate commissions you have to cut deals. Putting these two diverse factions together and unifying their vision with one brand is no easy task. Little wonder that there has been tension of late at the middle and senior levels in the banks. The extension of a banks brand to cover a range of financial services has powerful implications. For consumers, it means that the unbiased professionalism that they have come to expect from bankers has been extended into non-bank areas.When a bank financial advisor draws up a financial plan and recommends taking out a home mortgage and investing in the equity market (as mine did) an unsophisticated client might assume that this is an example of the banks professionalism, rather than an obvious conflict of interest.When the markets are strong, these problems may not surface. However, as the markets slow and people look for scapegoats for poor performance, the banks are in a vulnerable position: Brand extension can quickly lead to brand weakness. What the banks need to do is strengthen their brands, which in terms of financial markets, is synonomous with a reputation for honesty, integrity, fair dealing, and putting their clients interests first. Financial service firms need to be, and generally are, more ethical than most firms, since they live by their reputations, but it is time for the banks to put common policies into place across all their functional areas. Reputations and bank brands are like chains: they are only as strong as their weakest links. RM Professor Laurence Booth holds the CIT Chair in Structured Finance at the Rotman School. He drinks cheap beer, drives a six-year-old Ford, and has never been off-road in his life.- ed.

seen as intangible services too.The difference is that when you flip a switch and the light doesnt go on, or your TV doesnt work, you know theres a problem.Whereas when a conflict of interest occurs in the markets and your agent advances his own interests instead of yours, you will likely never know. With financial services, most of the time performance is non-verifiable. The nature of the financial system as a market for mostly non-verifiable promises is of course why it is so heavily regulated, and why regulators have been so loath to change the method of regulation. As the definition of what is a bank gets broader, bank brands become more and more susceptible to damage. Last summer, RT Capital Management Inc. (previously Royal Trust), the vehicle for pension and institutional asset management services at Royal Bank of Canada, was involved in a scandal whereby senior traders bought a few shares in thinly traded stocks at the end of the month so that the last closing price was at the higher ask price. The high closing price effectively revalued their end-of-month portfolio value, increasing their performance and possibly their commissions. As the mother brand, Royal Bank was forced to issue a public apology, citing in part that Over the past 130 years, Royal Bank has built its business based on integrity, trust, and always placing the interests of our clients first. After a barrage of negative



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of partnerships
John Mason shows how the Rotman School is adding value to its Executive Programs by co-branding with recognized leaders in a wide variety of fields, leveraging the reputations of both partner organizations.

he dozen police officers gathered at the Rotman School were unaccustomed to meeting at a university.Yet thanks to the work of these members of the Ontario Association of Chiefs of Police (OACP), a select group of law enforcement professionals will become very familiar with the Rotman School. This spring, about 20 hand-picked members of the command teams from major police forces across Ontario will trade their desk jobs for classrooms and begin the Police Leadership Program, one of the latest Executive Programs designed and delivered by the Rotman School. The Police Leadership Program is part of a series of executive-level learning opportunities that the Rotman School has recently developed in partnership with a variety of industry associations and organizations. Rotmans partners range from Harvard University, to the Human Resources Professionals Association of Ontario (HRPAO), to the Ontario Aerospace Council. All share a common value with the Rotman School a recognition of the importance of life-long learning for high-achieving professionals. Our plan is to grow our Executive Program portfolio by seeking like-minded organizations that want to work with a world-recognized

business school at Canadas top university, explains Michael Hartmann, Managing Director of Rotmans Executive Programs. The department now operates more than 15 programs, including the Executive and Global Executive MBA degree programs, Understanding the New World of Health Care, advanced programs in human resources and

strategic change, and a growing number of customized and professional programs for industry groups and individual corporate clients. What differentiates us in the executive education marketplace is that we establish programs in partnership with organizations that are recognized leaders in their fields, says Hartmann. That makes us very selective and

At the Understanding the New World of Health Care Program in 2000 were, from left, program director Dr. Miles Shore, Harvard Medical School; guest instructor Dr. David Naylor, U of T Faculty of Medicine; and program directors Dr. Martin McKneally, Department of Surgery and U of T Joint Centre for Bioethics; and Rotman Professor Joseph D Cruz.

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Signing the Police Leadership Program (PLP) agreement on December 11 at the Rotman School are, seated from left, Jim Fisher, Associate Dean, Executive Programs, Rotman School and Bill Malpass, Executive Director, Ontario Association of Chiefs of Police (OACP). Standing from left, Professor Joseph DCruz, Academic Director, PLP; Chief Bruce Davis, President, OACP; and Deputy Chief Ron Bain, Chair of Training Sub-Committee, OACP.

ensures a high-quality learning experience for our program participants. By co-branding our programs, we are leveraging the high reputations of both the Rotman School and the partner organizations, he adds. This builds stronger overall awareness of both brands. Among the Rotman Schools first co-branded programs was the Advanced Program in Human Resources Management, created jointly with the Human Resources Professionals Association of Ontario (HRPAO) more than a decade ago. Rotman Professor Dan Ondrack, the programs academic director and a past HRPAO vice president, designed the fourmodule curriculum with two main objectives: To ensure HRPAO members could earn the academic qualifications for their HR certification, and to make the learning relevant to experienced HR professionals. By working with the Rotman School, the HRPAO knows that program participants are benefiting from the latest applied knowledge in our profession and that our members are achieving consistently-high standards in their professional development, says Dan Stapleton, CEO of the HRPAO. Having the program designed to minimize disruptions to participants careers is another major advantage to our members. Understanding The New World of Health Care is a leadership course for senior clinicians and top administrators. Harvard

University designed and delivered the original program in the U.S. When Harvard decided to offer a Canadian version of its popular program, organizers chose the Rotman School as its partner. We also wanted to ensure the program benefited from the full range of expertise available through the University of Toronto and invited the Department of Health Administration and the Joint Centre for Bioethics to join as program partners, says Joseph DCruz, academic director of the health care program and professor of strategic management at Rotman. The combination of Harvard and the U of T has attracted some of Canadas top medical professionals to the program. Participants in the Global Executive MBA (GEMBA), the second-year option within the Executive MBA program, also benefit from partnerships Rotman has forged with academic institutions beyond North America. In Europe, USW in Germany and LIMAK in Austria are Rotman partners that play host to the GEMBA international study module that takes place each spring. In addition, qualified students from USW and LIMAK, along with those from Business School So Paulo (BSP), Rotmans associate partner in Brazils largest city, join Canadian students in the GEMBA class to create a truly global learning experience. Co-branding internationally puts the U of T and Rotman names in front of an entirely new audience, Hartmann says. Executives are

proud to attend a program delivered with the stamp of the Rotman School and the University, he says. It adds legitimacy to their development because we have a world reputation for academic rigour. Hartmann expects the Rotman brand will continue to share the stage, and the classroom, with leading organizations. Co-branding is a way to foster effective, long-term relationships.That helps our faculty develop a deeper understanding of business practices, which leads to new research and insights into future management issues, says Hartmann. It also attracts todays high-achievers to our programs, either for a formal degree, or a recognized professional certificate. Deputy Police Chief Ron Bain of the Peel Regional Police chaired the OACP training committee. His committee developed the leadership program with the Rotman School. Bain, a 28-year police force veteran who had to go abroad to get his police management training, notes that the Rotman program marks the first time police officers have been able to take such courses in Canada. We knew that we could do something in Ontario that is modelled on the U.K. course and the FBI School in the states, Bain recently told The Globe and Mail. By working with the Rotman School, the OACP was able to gain the expertise required to design a program for its members that integrates business, interpersonal and leadership skills. RM



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Executive Programs

Upcoming Events
Rotman Life-Long Learning 2001 June 1, 2001 8:30 am3:00 pm, Fleck Atrium THEME: Integrative Thinking II: Uncovering the Hidden Pieces LECTURERS: See the line-up on the back cover and the inside back cover COST: Complimentary for all Rotman School alumni CONTACT: Register on-line at QUESTIONS: E-mail or Tel: (416) 978-0240 Understanding the New World of Health Care A Course for Health Care Leaders on Managing Canadas Health Care Systems June 10 to 15, 2001, Executive Education Centre COST: $4500 plus GST INSTRUCTORS AND TOPICS: See the line-up at CONTACT: Tel: (416) 978-4441, Fax: (416) 971-2866, E-mail:

Make change happen

Acquire the skills and expertise you need to win in todays fast-paced business world.
The Rotman School of Management at the University of Toronto is a leader in executive learning for HR professionals. Our intense and comprehensive learning programs build and sharpen the abilities that HR professionals need to succeed. We are now accepting applications for the following Executive Programs: Advanced Program in Human Resources Management Canadas most comprehensive executive certificate program in senior HR management. A partner program with the HRPAO. Advanced Program in Managing Strategic Change For executives and HR professionals who plan, manage and lead organizational change initiatives. The Rotman School also provides customized corporate programs and the prestigious Executive MBA. For full details and application information on any of these programs, contact: The Rotman School of Management, Executive Programs University of Toronto, 105 St. George St., Toronto, ON, M5S 3E6 Tel: (416) 978 4441 E-mail: Fax: (416) 971 2866 Web Site:

Friends of Rotman Golf Day 2001 August 23, 2001, Noon-8:00 pm, Cedar Brae Golf and Country Club, 6431 Steeles Avenue East, Scarborough COST: Find out online at CONTACT: Register on-line at QUESTIONS: E-mail or Tel: (416) 978-0240

Rotman E-Biz Forum September 24, 2001, 5:00 to 7:00 pm, Fleck Atrium SPEAKER: Lawrence Pentland, President, Dell Canada and Vice President and General Manager, Americas International, Dell Computer Corporation TOPIC: TBA COST: $95 per person CONTACT: Register on-line at QUESTIONS: E-mail or Tel: (416) 978-0240 A limited number of complimentary tickets are available for current Rotman MBA, MMPA and PhD students

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Campaign Update
Great Minds for Great Business

Competitiveness and prosperity chair established

he critical need for Canadian companies to see beyond their own borders in order to compete globally is a key component in the creation of a new endowed chair in competitiveness and prosperity at the Rotman School. Made possible by a gift from Douglas and Ruth Grant, the Chair in Competitiveness and Prosperity will reside within the Centre for Global Competitiveness, one of the lead research centres at the Rotman School. The annual income generated by this gift will be supplemented by funds from the Canada Research Chairs (CRC) Program, enabling the support of a senior scholar. Robert J. Birgeneau, president of the University of Toronto, says that the chair marks a new era in funding at the university. This donation from the Grants and funding through the Government of Canadas inspired CRC program is proof-positive of how the private and public sectors can together play a leading role in retaining the countrys best academic brains. The work of the chairholder will also have a far-reaching impact, contributing to the overall competitiveness of the Canadian economy and helping to enhance our international standing amongst our trading partners.

The Chair will focus on the development and dissemination of innovative strategies to enhance the competitiveness of both regions and nations. The chairholder will be an international scholar in competitiveness issues and will study transitions and trends in the nature of competition and the process of globalization.The Chair will also be dedicated to creating and disseminating research on competitiveness policy in Canadas public and private sectors. There is a strong sense throughout the nation that Canada is at a crossroads, says Roger Martin, dean of the Rotman School. While the lack of a federal deficit, low interest rates and low inflation are positive indicators, Canadas standard of living has declined dramatically over the last nine years. The Canadian dollar, which stood at 87 cents in 1991, fell to 65 cents by mid-1998 and has remained at the 65 to 69 cent range ever since. Martin says in international terms, this represents a cut in pay in excess of 20 per cent for all Canadians. Just as corporations cannot be expected to win without a defined strategy, Canada will

Douglas and Ruth Grant are pictured with Dean Roger Martin at a recognition event celebrating their generous gift.

not win in the global economy unless we pursue innovation and upgrade our productivity, he explains. This gift will play an important role in improving Canadas chance for longterm prosperity. The University of Toronto was allocated 271 Canada Research Chairs in 2000 the most of any institution in Canada which will be established strategically across a range of research fields over the next four years, clustered in areas of academic priority.The clusters will cross over disciplines, faculties and granting council jurisdictions and be organized around a common research agenda or build on current research strengths. RM



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News Briefs

By Karen Christensen and Ken McGuffin

Innovation Takes Centre Stage at Rotman E-Biz Forums

Canadas big banks have to stop taking advantage of peoples lack of knowledge and treat their customers better, says Chairman and CEO of E-Trade Technologies Inc. Doug Steiner, who spoke at the Rotman E-Biz Forum on November 27th. If they dont, they will lose out to some of the new entrants in the investing game, which include Presidents Choice Financial, E*Trade, Charles Schwab and Wal-Mart. In a presentation called, You Too Can Own a Financial Institution: How Tech-

nology is Wrecking the Club, Steiner talked about how to win in financial services. Banks have to stop competing with each other, and start satisfying their customers, he says. Thirty-six per cent of Canadian investors now invest on their own. People are taking the control away from the big banks using the tools of technology. His advice to Bank CEOs? Stop relying on customer stupidity to build an effective business. Steiner says it wont be long before someone creates a sort of Napster for investing, where people can trade funds in the same way they currently trade MP3

music files. If the banks dont want to become dinosaurs, says Steiner, they better wake up, and fast.The October event was sponsored by the Toronto Stock Exchange. The January 29th Rotman E-Biz Forum, sponsored by MDC Corporation Inc. and Davis & Henderson, featured Jeff Rushton (MBA 89), President, Americas, at Netigy Corporation. Rushtons presentation was called, Are You E-Ready? The Enabling Infrastructure Required to Make E-Business Real Business.

What a difference a year makes, Rushton began. Just over a year ago, we were poised for the traditional economy to be crushed by the New Economy, for dot-coms to become the new Sears, General Electric, and Wal-Mart.This technology-driven field of dreams was not to be, says Rushton, as

Pictured (clockwise, from top right), are Rotman E-Biz Forum presenter Doug Steiner; presenter Jim Balsillie; and above from left to right, sponsor Sanford McFarlane, Chairman and CEO, Davis & Henderson Ltd., Dean Roger Martin, presenter Jeff Rushton, and sponsor Miles Nadal, Chairman, President and CEO of MDC Corporation.

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IIB Conducts Training in Russia

In cooperation with the World Bank Institute and the Institute of Urban Economics of Moscow, the International Tax Program (ITP) of Rotmans Institute for International Business has undertaken to develop a training program on intergovernmental and local finance for Russia. Financed by the Canadian International Development Agency (CIDA), the aim of this program is to provide training for both analysts and officials involved in intergovernmental fiscal relations in Russia. Although the course will ulti-

witnessed by the huge drop in dotcom stocks over the past while.The good news, he says, is that business fundamentals are now driving the new digital economy. True transformation can and is happening, as enabling infrastructure, converged networks and digital information is changing customer and supplier interactions, and the very nature of the products and services we consume . Despite current stock market volatility, market opportunities are still very much alive in e-commerce, he says. Effectively seizing them will require real-time execution and agility, best-of-breed outsourcing, and converged customer service customer service that is consistently available, not only after a sale has occurred. Whats next for e-commerce? According to Rushton, We will soon witness the true convergence of voice, video, and data, which will create entirely new possibilities - and industries. Customer demands are going to go through the roof. Other trends to look out for are mass customization through digital information and major reductions in transaction costs. Rushtons favorite quote about the New Economy comes courtesy of Intel Chairman Andy Grove: Only the paranoid survive. This is true, says Rushton, because all e-business advantages are truly only temporary.

The February Rotman E-Biz Forum, also sponsored by MDC Corporation and Davis & Henderson, featured Jim Balsillie , Chairman and Co-CEO of Research in Motion Limited, based in Waterloo, Ontario. Founded in 1984, RIM made a decision in 1992 to place all its bets on the convergence of mobility and digital data despite the fact that most people thought it was irrelevant at the time. Now recognized globally for its Blackberry Wireless Handhelds, which are Always on, Always Connected, RIM has emerged as a world leader in the mobile communications market, with technology that is about two years ahead of its competition.The Blackberry wireless wallets are an example of technology that rewrites value propositions, says Balsillie. In addition to providing two-way messaging, they will soon allow for digital identification, and with all the banks headed towards wireless, they will also become portable ATMs. Although the wireless wallet will yield a multitude of new applications and service opportunities, its really more about service than technology. Balsillie explains: RIM wirelessly enables the strategies of others.We are not a portal, not an ISP, not a carrier we support other companies software and hardware.These other

mately be delivered in Russia in some 30 oblasts (regions) throughout the country, much of the original course material will be developed by Canadian experts working in close collaboration with both the World Bank Institute, which has substantial experience in delivering training in these areas around the world, and with the Institute of Urban Economics, a leading institution in this field which was originally established with the support of the Urban Institute of Washington, D.C. The Canadian effort will be directed by Richard Bird, co-director of the International Tax Program, with the support of other faculty from Toronto and elsewhere, including Enid Slack of the U of Ts Department of Geography, Francois Vaillancourt of the Universit de Montreal, Ken McKenzie of the University of Calgary, and Harry Kitchen of Trent University.

companies include IBM, Oracle, Microsoft, and Sun Microsystems, to name a few. Our goal is to entrench and extend what these companies are already doing. Balsillie also believes e-mail is becoming the epicenter of control. Everything is moving towards two-way data, and Java will be at the heart of e-commerce and the mobile Internet. Wireless devices, standards, and applications must integrate and evolve with the Internet. The rate of change is only going to accelerate.

Rotman Students Win 2nd Spirit Award

For the second consecutive year, Rotman students have won the United Way of Greater Torontos Spirit Award for Best Student Campaign at a Post-Secondary Institution . Led by

Class of 2001 candidates Barclay Hancock and Michelle Stinson, students raised more than $11,000 during the Fall 2000 campaign. Last years student campaign the first ever for the Rotman School raised $6,000. The Spirit Award honours people who have demonstrated outstanding commitment and enthusiasm to our fundraising campaign.They are key to our success. Without them, there would be no way, says former United Way President Anne Golden. Kathleen Saddington of Executive Programs and Ann Armstrong, lecturer in Organizational Behaviour, spearheaded the campaign for the Rotman community as a whole (including students, faculty and staff) raising more than $54,000.We were thrilled to surpass our initial target of $40,000,
continued on page 34



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Professors Oded Berman and Alexandra MacKay receive their Awards for Excellence in Research and Teaching from Dean Roger Martin.

says Armstrong. Thanks to everyone in the Rotman community who made a difference, either by donating funds or participating in one of our events. Fundraisers included a CN Tower Climb, a coffee & book sale, and a bingo game featuring prizes donated by Harold Ho, a PartTime MBA student who works with Benchmark Hospitality Services, and the Community Services Club.Many staff members stepped up to the plate to help run these events. We couldnt have done it

without them, says Armstrong. Among those who pitched in were Lee Benson , Sheldon Chow, Jim Fisher, Amphon Keo-Khamdhi, Gerri LaForme, Nadine Kharabian, and Gaby Kampouris. For the first time this year, donations could be made online, thanks to the Rotman Schools participation in the United Way @ Work pilot project. Rotman was one of only 10 test workplaces in Toronto. So many people helped make this campaign a success. I am

proud of their efforts, which are an important aspect of what the Rotman School stands for, says Dean Roger Martin.

Celebrating Excellence in Research and Teaching

A prestigious professor of operations management and an assistant professor of finance are the winners of Rotmans Roger Martin and Nancy Lang Awards for Excellence in Research and Teaching.

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Full-page, colour ad - inside covers ........$ 1,330.00 Full-page, colour ad ...........................$ 1,000.00 Full-page, black & white......................$ 700.00 Half-page, colour ad...........................$ 800.00 Half-page, black & white .....................$ 560.00 Book your space now for our special Fall 2001 Competitiveness issue! Contact Karen Christensen at 416.946.5919 or via e-mail:

Oded Berman, professor of operations management, received this years Award for Excellence in Research. During his career, Prof. Berman has published more than 110 refereed articles and has contributed to several books in his field. He is an associate editor of the journals Management Science, Operations Research and Transportation Science, and a member of the editorial board of Computers and Operations Research and the Journal of Service Research . His main research interests include operations management in the service industry, logistics and software reliability. He has also served as Associate Dean, Programs at the Rotman School. Prof. Berman received his PhD in 1978 from MIT and has been at the University of Toronto since 1990. Assistant Professor of Finance Alexandra MacKay received the Award for Excellence in Teaching. Prof. MacKay has taught at both the undergraduate and graduate levels, including courses in financial engineering in the Rotman MBA program. She has consistently won praise from both colleagues and students for her leadership in the classroom. Her research interests include fixed



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Financial Times says Rotman Still Top Ten in Finance

The Financial Times 2001 ranking of international business schools was released on January 22nd . This year, 100 schools from around the world were included in the ranking. Nine Canadian business schools were included, which is good news for the Canadian B-School industry. The Rotman School ranked 46th this year. For the first time, the School was included in the top half of the survey. In numerical terms, Rotman is five positions lower than last year, but the position relative to Rotmans global competitors continues to rise.An additional 25 schools were added to this years survey. Of note, only a few points separate a large number of schools, including Rotman, below the leading 15 schools. For the second consecutive year, the Rotman School, was ranked as one of the top ten business schools for finance in the world, based an recommendations by alumni. The complete survey results can be found at The ranking shows that we are on track but we will need to continue to push ahead on our ambitious five-year plan. It will take time for these changes to be reflected. Much of the FTs ranking is based on information dating back as far as five years ago, long before we began to move aggressively forward, says Dean Roger Martin. Therefore the ranking is not an up-to-date snapshot of the true progress and momentum that we have achieved in the past three years.We know that the marketplace is responding positively to our changes.

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income markets, term structure estimation, embedded options, pension funds, and accounting for derivatives. Recent work by Prof. MacKay has been published by (or is under review at) several major finance academic journals, including the Canadian Investment Review, the European Finance Review, and the Journal of Banking and Finance. Prof. MacKay holds a PhD from York University. She joined the University of Toronto in 1996. These awards were established in 1999 by a generous donation from Dean Roger Martin and his wife, Nancy Lang . Their purpose is to recognize and encourage faculty research and teaching activities.

Capital Markets Adapt to New Economy

Like regular companies, stock exchanges will have to find competitive niches in order to survive in the New Economy, says Paul

Halpern,Toronto Stock Exchange Chair in Capital Markets and Professor of Finance. Halpern was the co-lead speaker at the U of T Capital Markets Institutes Framing Conference in November. He shared the podium with Jeff MacIntosh, Associate Director of the Capital Markets Institute and Professor of Law, who discussed Perspectives on Venture Capital and Securities Regulation. Halpern told guests that stock exchanges are facing many of the same challenges as regular companies when it comes to consolidation and branding. Competition has increased both domestically and internationally, he says, and the unthinkable has occurred in the organized stock exchange area: Consolidation, either through hostile takeovers, mergers and acquisitions, or joint ventures and strategic alliances. Like everyone else, stock exchanges must determine what their competitive advantages are in attract-

ing listings and trading. What we will see is exchanges competing on listing fees, quality of services, level of regulation, integrity of the market, and technology.With the existence of economies of scale, especially in technology, an increase in size through alliances is essential. Also speaking at the conference were Doug Steiner, Chairman and CEO of E*Trade Canada, who discussed Exchanges, Alliances and Technology:What is Necessary for Canadian Economic Growth?; David Samuel, Managing Director of Mosaic Venture Partners, who asked, How Can Capital Markets Work Better for Small Cap/High Technology Companies?; Jack Mintz, President and CEO, C.D. Howe Institute and Rotmans Arthur Anderson Professor of Taxation, who spoke on Taxation and the Impact on Capital Markets and Their Performance; and Randall Powley, Chief Economist with

the Ontario Securities Commission, who discussed Liquidity in Capital Markets. Session chairs included Dean Roger Martin; Ron Daniels, Dean of the U of Ts Faculty of Law; Eric Kirzner , Rotman professor of finance; and Mark Weisdorf, vice president, private market investments, CPP Investment Board. Many of the conference presentations are available on the Capital Markets Institute Web site, at, under the News and Events section. The next CMI seminar on Mutual Fund Governance is scheduled for March 2001.

e-Business e-Executive Joins Rotman

The founder of one of Canadas leading e-business consulting and integrative services companies has been appointed Rotmans e-Executive in residence. Larry Baldachin (EMBA 94), president and founder of Liberty Technology Services Ltd., is the first person to hold this newly-created position. Larry will bring to the Rotman School cutting-edge strategic
continued on page 36



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Learning to Lead and Implement Change

Decision-makers who lead and implement organizational change initiatives will be attending the seventh offering of the Advanced Program in Managing Strategic Change (APMSC) beginning October 21st at the Rotman School. Since the programs launch in 1997, 150 senior managers and executives, from the private and public sectors, have completed the fourmodule curriculum. The only executive-level certificate program of its kind in Canada, the program is designed to teach participants how to put the latest strategic change concepts into action in their workplaces. Organizations ranging from Kraft Canada, to Royal Bank, to the United Way of Greater Toronto, have used the APMSC experience to launch new products, improve business processes, and accelerate response times. The program changed the way we manage change, says Ed Martin, a recent program graduate, who works in Winnipeg for Standard Aero, one of the worlds largest gas turbine repair companies servicing the aerospace industry. Before, wed launch a change initiative, without thinking through the entire process. I now understand that creating a sense of urgency before the project begins is very important, he says. Program instructors, who include Rotman faculty and experienced consultants, also act as mentors to help participants manage their individual change initiatives. The learning becomes very real when participants apply the course material to their own jobs, says Anne Kemp, one of the APMSC directors. For information about this program, please contact the Rotman Schools Executive Programs office at 416-978-4441 or visit Liberty Technology Services Ltd., Baldachin is the driving force behind the strategic direction and corporate development of the company. He will continue to steer the dramatic growth of Liberty following the recent acquisition of Liberty by Norigen Communications. Under Baldachins leadership, Liberty grew from Compugen Professional Services Ltd. becoming an independent company in January of 1999. His strong understanding of the technology market and experience in operations and management information systems have been key components in Libertys success to date. Prior to founding Liberty, Baldachin was the chief operating officer (COO) at Compugen Systems Ltd., where he oversaw all national operations including sales, marketing, human resources, technical services and professional services. He was promoted to COO of Compugen in 1998 after successfully holding a number of positions at the company, including vice president of sales and marketing.

Larry Baldachin (cont'd)

knowledge of the New Economy at a time when we are striving to re-invent business education, says Dean Roger Martin. I am also delighted that an alumnus on the leading edge of the New Economy was able to step into this position. Throughout his career, Larry

has shown the type of innovative leadership that is so essential to Canadas future prosperity. In his new role, Baldachin, who also serves as a director on the Rotman School Alumni Board, will help enhance the Rotman Schools e-commerce strategy, providing advice both inside and

outside the classroom. In addition to helping Rotman to develop its e-commerce curriculum, Baldachin will assist the School in enhancing the online community and network for students, faculty, and alumni through the Schools various Web projects. As president and founder of

Hong Kong Alumni Welcome President Birgeneau

President Robert Birgeneau was welcomed to his new post by the Hong Kong Alumni Association at a reception hosted by Patrick Fung YukBun (MBA 73) in Hong Kong in October. Birgeneau presented Patrick and Evelyn Yee-Fun Man (PhD 97 OISE/UT) with Arbor Awards, conferred a month earlier in Toronto to recognize outstanding personal service by U of T alumni volunteers. Pictured, from left, are Jon Dellandrea, U of Ts vice president and chief development officer; Patrick Fung Yuk-Bun; Evelyn YeeFun Man; and President Birgeneau.

Encouraging Women in Management

An initiative by female MBA students to encourage more women to enroll in the program attracted over 120 potential and current students, faculty and alumni to the Rotman School on March 14th. The Rotman Women in Management Association hopes the informal reception helped potential female students discover the value of pursuing an MBA. Event organizers Eliza McDougall (MBA/LLB01) and

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Catherine Ward (MBA01) said the evening provided an informal atmosphere in which women could meet with female students, graduates, and faculty of the Rotman MBA program. It was an opportunity for women who may have never considered enrolling in an MBA program to ask questions about the degree itself and the career opportunities it can lead to, says McDougall. The open house was the first

of two events during March sponsored by the Women in Management Association. On March 23rd, the sixth annual Women in Management Conference was held featuring Lorna Borenstein, General Manager, eBay Canada as the keynote speaker, with introductory remarks by Susan Black , Vice President, Canada, Catalyst Inc.The Rotman Women in Management Association can be reached at RM

Redesigned Part-Time Program Set To Start

The first class to reap the benefits of Rotmans redesigned PartTime MBA Program, which allows busy working professionals to acquire an MBA in an unprecedented three years, is set to begin in May. To date, 52 students are enrolled, and with an average GMAT score of 644, this Part-Time MBA class reflects Rotmans elite cohort of great minds. The class averages seven years of work experience and encompasses a broad range of industry experience, including packaged goods, finance, IT, and consulting. This influx of a select group of individuals who are actively engaged in the business world contributes significantly to Rotmans already rich and vibrant learning community, says Program Director Harvey Kolodny. The redesigned portion of the program focuses on the second year of study, which will begin with a required core of five courses, plus a Capstone field project, which students will complete as a cohort. In the last part of the second year, students will choose from one of three new career streams: Corporate Finance/Investment Banking; E-Business/Marketing; and Entrepreneurship/ New Ventures. The beauty of this program is that ambitious working professionals seeking a world-class academic experience can enjoy all the benefits of the Rotman community, while continuing to work full time, says Kolodny. A reception was held in January to welcome the new part-time class to Rotman. In addition to meeting their future classmates, students mingled with staff and faculty, and took part in orientation exercises. Like its full-time counterpart, the Part-Time MBA program will emphasize integrative thinking the ability to look beyond traditional business disciplines and approach problems in a holistic manner.The program will also continue to emphasize team-based learning and the strong class cohesiveness that is the hallmark of Rotman MBA programs. The Part-Time MBA is a unique opportunity to learn as you work, and work as you learn, says Kolodny. If you know of someone who would be interested in learning more about the program, please have them call 416-946-7443, or send an e-mail to deadline for applications to the program beginning in May of 2002 is January 14, 2002.

Dr. William Waters (left) addresses guests at the second annual William Waters EMBA Alumni Dinner, held February 22nd at the Rotman School. More than 150 graduates from as far back as EMBA 1 (1985) attended this years dinner, named in Dr. Waters honour as a result of his valued contribution to the Executive MBA program and his influence on the lives of countless alumni. Dr. Waters (BA 60, MBA 62) was the first academic director of the program and taught business at U of T for 35 years. He is also a major benefactor to the University and the Rotman School. Pictured above at the dinner are Tanya van Biesen (EMBA 16), EMBA Program Manager Anna Hoy, and Boon Tan (EMBA 16).



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Alumni on the move

By Karen Christensen

arty Rothstein (MBA 64) knows branding. A decorated veteran of the advertising business and a pioneer of industry consolidation, he spent many years in the trenches, helping build MacLaren Advertising (now known as MacLaren McCann) into one of the worlds leading advertising conglomerates. What makes for a successful brand? According to Marty, great brands have the ability to satisfy the consumer beyond just the functional attributes of the product.And of course, in most cases, they are unique and superior products. After 30 years in the advertising trenches, Marty has moved on to a new venture with an entrepreneurial flair. His new company, Centrsource, is capitalizing on Great brands have the the experience economy, new technology, and the age of interactive multimedia to ability to satisfy the consumer create a revolutionary new portal that evolves beyond just the functional traditional media advertising into a targeted, one-on-one direct marketing tool. Marty is attributes of the product executive vice president and chief operating officer of Centrsource. His partner Bob Westrope invented the idea. Heres how it works. Say youre reading The Globe and Mail, and you Thats the way it is now. see an advertisement for Volvo. In the corner of the ad, you spot a What if Volvo doesnt show up for the test drive youve booked for Centrsource logo and a locator number.You now have a choice to make: Thursday at 8:00 pm? You contact us, and we advocate on your behalf, You can go to the Volvo dealer in person; call the 1-800 number and not Volvos. If they dont perform, they definitely wont last on our site. potentially get stuck in endless audio menus; go to the Volvo Web site Until now, gauging the effectiveness of advertising has really been hit and risk getting lost after 20 or 30 clicks. Or, you can go to Centrsource, and miss, according to Marty. This is why Centrsource is so powerful, either on your PC, laptop, or handheld device, explains Marty. and why I was attracted to it, he says. When you click on that logo, Upon arriving at the site, you will be asked for the ads locator num- youve basically told everyone in the mix that the advertising worked. ber, and a menu will appear, allowing you to select from the following At the moment, Marty is looking for financing. Weve been in options: More information; Have a qualified sales rep call me on business a year and have spent $4 million preparing our systems, to the Thursday night;Print out the special-offer coupon offered in the ad; point that we can now demonstrate the product. Were currently Book me for a test drive later this week; or Purchase the advertised working on securing the next phase of our funding, and hope to launch car in silver. Your transaction is complete, and youve only been on the in the fall of 2001. Centrsource site for about 45 seconds. In addition to his business endeavors, Marty spent 11 years as Marty has no illusions that every customer will choose to do business volunteer president of the Heart and Stroke Foundation of Ontario. this way. Our business model is based on one or two per cent of When hes not devising inventive new ways to reach consumers, he consumers choosing this option. But, as any direct marketer knows, that enjoys traveling and going to the movies. My wife and I are off to the is still very substantial. Carolinas in April, and will also be spending a week in Florida with my Thanks to technology, the power is no longer in the hands of the grandkids. One of his favorite hobbies is photography. When I travel, advertiser, or the channel of distribution, says Marty. At Centrsource, I try to capture the mood, history, and uniqueness of each place I visit we work for the consumer, he says, even though they dont pay us. in photographs. RM

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By Karen Christensen

ts 10:00 pm in Hong Kong (9:00 am Toronto time), but Daisy Hos day isnt over yet.This busy working mother has been kind enough to slot in some time to chat long-distance with Rotman Management about her current activities and the challenges of maintaining a unified brand for her diversified company. As deputy managing director and CFO at Shun Tak Group Holdings, a leading Hong Kong-based conglomerate, Daisy (MBA 90) is familiar with the challenges of managing a diversified brand. Shun Tak operates four core businesses shipping, real estate, hospitality, and investments. Daisy joined the company in January of 1994 and was named executive director in October of that year. In June of 1999, she became the Groups deputy managing director, and was appointed chief financial officer the following October. Besides participating in strategic planning and development for The Shun Tak brand is known all four of the companys core businesses, Daisy is also responsifor its strong customer orientation, ble for overall financial policyefficient service, and dependability. Shun Tak has managed to successfully leverage making activities and property its brand across its diversified businesses, and the investment. In addition to her company continues to take on new challenges.We MBA, she holds a Bachelors are currently building our first major residential complex which will Degree in Marketing from the University of Southern California. include 2,200 units in six towers. In the past, we have only worked on one Established in 1972, Shun Tak built its reputation in the shipping building at a time, so this is a major step for us. Shun Tak is partnering with industry, which remains its flagship business. Our company has been three other companies on the project, one of which is one of Hong Kongs the market leader for almost 30 years in providing fast, reliable 24-hour most respected builders. They are perceived as being the best in China, passenger ferry service between Hong Kong and Macau, says Daisy. and we have a shared vision with them.That helps reassure people. Our unique value proposition is that our core expertise is in shipping. One of Daisys proudest achievements was raising $1.9 billion for Daisy says the hallmarks of the Shun Tak brand are a strong customer a Shun Tak Group loan in 1999. Raising such an amount was no easy orientation, frequent, efficient service, and dependability. task at the time, given the dire economic conditions in Southeast Asia. Back in the 1980s, in response to the growth of the Southern China Most of the banks were very illiquid due to a dramatic increase in and Hong Kong economies, Shun Tak initiated a long-term program of defaults.They were very concerned about lending money, which made diversification. First, we moved into tourism-related industries, she it a major challenge. says, such as hotels and restaurants, and then into real estate. When shes not working, Daisy enjoys spending as much time as The companys 1999 merger with China Travel its only competitor on the Hong Kong-Macau ferry route was a very positive move, says possible with her two young daughters six-year-old Beatrice and Daisy. Neither of us could achieve economy of scale on our own. Both three-year-old Gillian. Despite her hectic schedule, she manages to find companies were hurting. After the merger, there were concerns that time to retain her Rotman School connections. Daisy is past-president because we had become a monopoly on the Hong Kong-Macau route, of the U of Ts Hong Kong Alumni Association and still actively particiwe would not feel compelled to provide the same high-level service. pates in local alumni initiatives. In addition, she chairs the Hong Kong Instead, the consolidated company made a concerted effort to provide Foundation Scholarship selection committee, which has raised $7 milbetter service than ever before. And our customers noticed. Over the lion in scholarship funds. I think its important to stay connected with recent Chinese New Year, we broke records. The combined service the School.The University has a lot to offer - even for alumni who live operates under a modern new brand name TurboJET. on the other side of the world! RM



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By Karen Christensen

Vice President of Bell Sympatico, Pat Tremaine (EMBA 97) is a key custodian of one of Canadas biggest and best-known brands. But were not talking about the bureaucratic, predictable Ma Bell of yore.Todays Bell is agile and very much a player in the New Economy. Once known simply as the telephone company, todays Bell covers much wider territory, most of it of the high-tech variety. Its current incarnations include Bell Mobility (wireless telephones), Bell Actimedia (e-commerce solutions), Bell Expressvu (satellite TV), Bell Nexxia (broadband solutions), and Bell Zinc (a businessto-business portal). In a business climate dominated by consolidation, Bell is at the center of the action. One of With all of the consolidation its most ambitious initiatives is Bell Globemedia, which owns Canadas National Newspaper, The happening recently, weve entered Globe and Mail , and CTV, Canadas leading private broadcaster, and operates a total of 18 a new frontier in branding. Internet portals. With this convergence, well have even more to offer our customers in terms of content, says Pat. stands for is the trusted ability to provide these product and service The developments keep coming at breakneck speed. We recently offerings for our customers whether they be residential or business. Making the transition from the telephone company to a leadingannounced plans to develop a new technology that will integrate highedge telecommunications giant hasnt been easy. Our brands image speed Internet access (Digital Subscriber Line, or DSL) with satellite is evolving to be more relevant, with resonance for todays technologitelevision and enhanced digital storage, says Pat. The services will be cally-savvy customer.We are developing so may products and services delivered via an Internet gateway connected through Bells DSL service today that are not at all Ma Bell. and an enhanced television set top box. By integrating these capabilities, With all of the consolidation happening recently, weve entered a Bell ExpressVu customers will be able to access the Internet from their new frontier in branding, says Pat. Our acquisition of The Globe and television; send and receive e-mail; chat online; use instant messaging; Mail and CTV is all about trying to pull things together in a way that obtain interactive information on the broadcast programs that they make sense for consumers. But because each of these is a powerful are watching; as well as play games, download content and create brand unto itself, these activities can lead to huge branding dilemmas. customized programming. What comes out the other end will be very interesting. Its a dynamic Bell Sympatico is Canadas leading internet service provider (ISP) and exciting place to be right now. and largest portal, providing customers with both connectivity and conPat takes great pride in the accomplishments of her Sympatico team. tent. Pat manages the connectivity piece of the Internet for Bell, includWeve been able to do phenomenal things in the past year.Weve gone ing the marketing, the operations, the end-to-end business unit. All from 51,000 high-speed customers to 264,000.When you realize that tolled, she oversees about 2,500 employees. When you combine our this team didnt exist a year ago thats pretty amazing. dial-up product with our high-speed product, were servicing almost In her spare time, Pat golfs (but not well), is an amateur photogra800,000 subscribers.Were selling two things: connectivity and service. pher, and reads a lot usually something escapist in nature.A few years Is there a golden thread that weaves all the Bell brands together? back, she entered an amateur photography contest judged by the The history and reliability of Bell are something all our brands get to photographers at Look magazine, and to her great surprise, placed third. leverage. Having the established and trustworthy Bell name alongside She also loves taking road trips with her husband. Weve driven to Sympatico is especially important when youre dealing with new South Carolina,Texas,Washington D.C., the Mid-West.We usually go technologies, which can often be uncertain.Another thing all the brands for a week or two, without planning where were going in advance can draw on is the large scope of services Bell offers. Were in the we just take off and see where the road takes us. RM connectivity, commerce and content business, and what the Bell brand


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Class Notes



was involved in financing, mergers and acquisitions, and financial advisory services in the North American and European markets. 1982

Class Champion, MBA Part Time: Darlene Varaleau Darlene Varaleau has launched her own venture, Power Projects Inc., which assists companies in implementing their strategies through effective project leadershipEnrique Lopez is a director with the corporate finance and investment division of PricewaterhouseCoopers in TorontoSuzi Manara is working with Allergan and traveling throughout the U.S., ignoring her MBA pub nights, according to DarleneKwihwa Son has accepted a position at State Street Trust Co. in Japan.

and succeed in foreign markets by providing insurance, financing, and guarantees.

Class Champion, MBA Full Time: Cam Fellman


Class Champion, MBA Full Time: Danny Sui Keung Chau

Class Champion, MBA Full Time: Hank Bulmash


REUNION ALERT: A reunion for the Class of 75 is being planned for August 24, 2001 in Toronto. Contact John McFarlane at or Kim Tan at for details.

Kenneth W. Smith leads the Strategy & Transformation practice of Cap Gemini Ernst & Young. His work focuses on issues of corporate development, including business strategy, mergers, acquisitions, alliances, value-based portfolio development, and change management. In addition to his MBA, he holds a B.Sc. in Mathematics from York University and an M.Sc. and PhD in Mathematics from the U of T.

Dave Soulliere has been named vice president and chief financial officer of The White Barn Candle Company, which was launched in 1999 as the newest brand in the Intimate Brands portfolio. Intimate Brands, Inc. is the leading specialty retailer of intimate apparal, beauty and personal care products through the Victorias Secret and Bath & Body Works brands. Dave previously worked for Frito-Lay in financial management, and prior to that, was senior manager of mergers and acquisitions at Nortel. He, his wife Shelley and their two children will reside in central Ohio.

Sam Lum has moved to Hong Kong to take up a senior position at a subsidiary of Hutchison Whampoa and Credit Suisse First Boston.

Class Champion, MBA Full Time: Christine Wong Class Champion, MBA Part Time: Ann Green Susanne Laperle has been named senior vice president of human resources at Export Development Corporation (EDC). Prior to this, she was vice president of human resources and communications with Dylex Limited. Susanne is based at EDC headquarters in Ottawa. EDC is a self-funding Crown corporation that helps Canadian exporters compete

Class Champion, MBA Part Time: John Harris


Class Champion, MBA Full Time: Burke Malin James Appleyard is vice president of business development at Home Trust. Home Trust Company is the wholly-owned subsidiary of Home Capital Group Inc. (TSE: HCG.B) Home Capital has enjoyed considerable success of late, says James. It has the highest return on equity of any financial institution in Canada, and the price of the stock has doubled over the past 18 months! Prior to joining Home Trust, James worked for Pattern Discovery Software

Carol Nickle has been appointed vice president of client services at INEA Corporation, a leading provider of next-generation, enterprise analytics application software. Previously, Carol spent eight years at CIBC, leading to the position of head of product and market strategies for the Global Private Banking and Trust division. She also spent nine years at Wood Gundy Inc., where she

Class Champion, MBA Part Time: Larry Green


Class Champion, MBA Full Time: Nick Strube

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Systems Ltd., an early-stage internet technology company based in Waterloo, Ontario. He is very active in community service, having spent three years on the board of directors of the Homes for Tomorrow Society, which provides not-for-profit housing in Regent Park in Toronto. He is also involved with the Canadian Merit Scholarship Foundation, which provides university scholarships to top high school graduates from across Canada. James also co-taught a Rotman second year MBA course this winter with fellow alum Philip King, entitled E-Business Strategies. 1998

Class Champion, MBA Part Time: Karin Marwood kmarwood@scorecardsystemscom Boris Illetschko is a consultant with Management Engineers, based in Dusseldorf, Germany. Previously, he worked with PricewaterhouseCoopers in Berlin. In his spare time, Boris enjoys traveling throughout Europe on the weekends. Karin Marwood has been appointed vice president of marketing for a small but growingToronto-based firm called Scorecard Systems Inc.The company provides reporting and analysis solutions for telecommunications companies across North America. For example, it helps wireless phone carriers count the precise number of phones they have sold, which is trickier than it sounds, she says. Clients include AT&T, Clearnet, Bell ExpressVu, and Sprint PCS. Karins responsibilities include promotions, PR, and Web site management.

Class Champion, MBA Full Time: Natasha Samuels Drew Ness is pleased to announce the birth of Thomas Edwin Ness, born February 5th. Thomas joins big sister Emma, whos showering her little brother with affection - so far.Wife Lorraine is doing well.
After four amazing years in Canada, Juan Carlos Torres has decided to move back to Mexico, and has accepted a position as business unit manager for Zest brand soap. Hes enjoying being back home, but says he misses the quality of life he had in Toronto. As you can imagine, Mexico City is chaotic. I look forward to seeing any of my classmates who come through town, and to sharing a few tequilas with them, he says. 1999

international development at FloNetwork Inc. Previously, Mark worked for Ventures West, a $400 million venture capital firm, where he focused on software and communications deals. He also served as interim COO at a seed-stage Israeli biotech company engaged in the development of fusion protein therapeutics, which was sold to Boston Life Sciences, Inc. Mark has also worked in corporate law in Toronto and Tel Aviv at Torys and Yigal Arnon & Co., and is a member of the Ontario Bar. FloNetwork, formerly Media Synergy, is an e-marketing Application Service Provider (ASP) specializing in permissionbased Internet direct marketing and communications services. The company was recently named one of the top 50 fastest-growing technology companies in Canada by Deloitte Touche Tohmatsu.


John Slattery is executive vice president, finance and chief financial officer of Universe2U Inc. Prior to joining the company, John was vice president, finance of a CDN$750 million North American supplier of metal building products. Universe2U ( provides telecommunications access solutions to communities, communications carriers, building owners and corporate and government customers in North America.


Cathy Kerzner (formerly Bamber) has been promoted to assistant vice president of new business for North America at Wyeth-Ayerst Pharmaceuticals. Previously, she was executive director, European operations. Cathy is based in St. Davids, Pennsylvania, where she has lived since 1996.

Class Champion: Murray Kideckel


Class Champion: Mike Mei


Class Champion, MBA Full Time: Mitchell Radowitz


Class Champion, MBA Part Time: Lisa Sansom


Class Champion, MBA Full Time: Lenore Macadam

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Mark Dubowitz has been named general manager, European operations, and director of
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REUNION ALERT: A reunion for the Class of 66 is planned for Tuesday, May 29th at Windows, in the Four Seasons Hotel in Toronto, beginning at 6:30 pm. The event is for classmates and teachers only (not significant others). RSVP to Bob Kidd at If you dont have e-mail, you can fax him at 905-278-7901.The organizers (Bob, Gerry Slan and Marty Wasserman) are looking for a couple of other classmates to help with lastminute logistics - if you can help, please let Bob know.

Class Champion: Merzana Martinakis


Class Champion: Bob White James Courtney is president of Denali InterConneXions NA Inc., a consultancy that provides business development and business planning services for high-tech companies, based in Mississauga.

Prior to joining Denali in 1996, he spent six years - one of them in Los Angeles - with Quarterdeck Corporation, a PC utility software company.

David Davidson is managing director at Beacon Group Advisors Inc. Beacon is a new venture comprised of former Newcrest Capital and Deutsche Bank partners that is dedicated to advisory and research activities related to the resource industries. Prior to starting up Beacon, David was with Newcrest Capital as partner and managing director for three years, before it was acquired by TD Securities last fall.

Wyatts mergers and acquisitions team. Prior to joining Watson Wyatt,Teri gained experience as a vice president with Canadas premier health and life sciences company and as a Senior Advisor to a leading Canadian financial institution.Watson Wyatt provides consulting services in the areas of employee benefits, human resources technologies, and human capital management.

with Canadian Pacific Limited, first at Marathon Realty, and then at CP Rail Properties Group. Based in Toronto, Edev offers services in commerical development management, project management, transaction counselling, brownfield development, asset acquisitions and dispositions, and development approvals.


Class Champion: Chris Hill REUNION ALERT: The Class of 92 is gearing up to celebrate its tenth anniversary. A reunion committee has been established, and ideas are welcome! Please contact one of the committee members: Chris Hill (, Wilma Jacobs (, Bill Fields (, Scott Dudgeon ( or Margaret Smith ( Chris Mahoney survived last summers fatal tornado in Pine Lake, Alberta. Along with his wife and daughter, he was visiting cousins at a campground when the storm hit. He and his family avoided injury. Mary Tate recently left her position as executive coordinator of the Workforce Information Network (WIN) Project at the Ontario Governments Management Board Secretariat, a position she had held since 1997. The project involved the creation of a government-wide human resource management information system, which has now been implemented in all ministries. The project recently won the Showcase Ontario Diamond Award for technology innovation and organizational transformation. In late March, Mary joined the Ministry of Consumer and Business Services as Assistant Deputy Minister, Strategic Corporate Support Services.

Simon Cooper has been named president and chief operating officer of Ritz-Carlton Hotel Co. Previously, he was president of Marriott Lodging Canada, headquartered in Toronto. Marriott International acquired the Ritz-Carlton chain in 1995.

Chad Hanna is president of The Sunnybrook Foundation, one of three foundations associated with the Sunnybrook & Womens College Health Science Centre, a large teaching hospital in Toronto. For the last three years, Chad has been responsible for raising over $1,000,000 per month to fund a number of Hospital programs, research and teaching priorities. Sunnybrook & Womens plans to embark on a $100,000,000 fundraising campaign in the near future. Over the last 20 years, Chad has played a senior fundraising and marketing role with a number of well known Canadian charities: Covenant House Toronto, Ducks Unlimited Canada and The Muscular Dystrophy Association of Canada.

Class Champion: Peter Murphy


John Gartner is owner and proprietor of Simcoe Manor, a country inn in Niagara-on-theLake, Ontario. We are located on an acre of property, with One Mile Creek meandering through our gardens, says John. Guests are just steps away to the theatre, shopping, golf, and the lake. For more information, visit the inns website at or call 905-468-3854. Ill be pleased to offer a discount to Rotman alumni, says John.

Class Champion: J.P. Sabourin c/o Chris Cahill was appointed president & chief operating officer of Fairmont Hotels & Resorts (formerly Canadian Pacific Hotels) in January 1998. He is executive vice president and trustee of Legacy Hotels Real Estate Investment Trust (Legacy) as well as a member of the board of directors of Delta Hotels. Before his appointment to the position of president & COO, Mr. Cahill held the positions of executive vice president, and vice president of sales, Canadian Pacific Hotels. Mark Cairns has been president of his own real estate advisory firm, Edev Inc., for the past five years. Prior to that, he worked

Class Champion: Mark Foote REUNION ALERT: Class Champion Mark Foote reports that a ten-year reunion is in the works. Contact him via e-mail for details (address above.) Warren Libby has been named president of Syngenta Crop Protection Canada, based in Guelph, Ontario. Previously, he was president of Novartis Crop Protection Canada Inc. Syngenta was formed on January 1, 2001 through the global merger of Novartis Crop Protection, Novartis Seeds, and Zeneca Agro. Syngenta is the worlds leading agribusiness company, operating across all major areas of crop protection and seeds, with more than 20,000 employees worldwide.

Class Champion: Simon Cooper Teri Brown is national director of growth and development for Watson Wyatt Canada. She also consults as a member of Watson


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Class Champion: Gail Garland R. Bruce Douglas is president of York-Simcoe Mailing, an authorized dealer of Neopost Mailing Equipment. This small business was started in January of 1999 as a part-time venture for me and my wife, her sister, and one full-time technician, says Bruce. We sell and service postage meters, mailing machines, and folding-inserting equipment. Prior to starting this venture, Bruce worked for Neopost

Canada for 20 years. Neopost designs, delivers and services high quality mailing & document handling systems. Bruce started out as a junior sales representative and ended up as president of Neoposts Canadian operations. He also sits on the board of directors of Neopost Leasing. Bruce is based in Newmarket.

Her son is now almost seven. He was growing up so fast that I wanted to spend more time with him, she says. She currently lives in Mississauga and works primarily from home, commuting when necessary to Hemsons office in downtown Toronto. 1994

Patti Elliott-Spencer is a senior consultant with Hemson Consulting, which focuses on municipal finance. She has been with the company since 1998. Prior to that, she was a stay-athome mom for a year-and-a-half.

Class Champion: Andrew Stewart


Class Champion: Jim Stewart

Dennis Christiansen is general manager, customer service management at Bell Nexxia. He was promoted into this role in April, 2000. Prior to this, he had a 19-year career within the BCE family of companies, holding positions in sales, marketing, project management, change management, strategic initiatives management, and IT development. He is based in Toronto but has national and international accountabilities. Outside of work, he enjoys sports, music, reading, personal investing, travel and exploring new experiences.


IMPACT 2001/2002
For more information, visit Impacts Web site at or phone 416-978-4343. Alternatively, drop by the Impact office in Room 159 of the Rotman School, adjacent to the Fleck Atrium.


As of April 30, 2001, the latest incarnation of Impact Consulting Group will open its doors to the community. This years team, consisting of MBA 2002 candidates (pictured, from left) Sean Sofin, Jamie Stiff, Randal Slavens, and President Danielle Denomy, is looking forward to a challenging and productive year. The partners each bring unique skills and backgrounds to the Impact team. Their combined experience includes marketing strategy, management consulting, Internet entrepreneurship, legal practice, and logistics management in the healthcare sector. Housed right inside the Rotman School, Impact is well positioned to exploit the valuable set of tools offered in the building. In addition to the stateof-the-art research facilities, the Impact team has year-round access to the expertise offered by the Rotman Schools renowned faculty.These unique resources allow Impact to provide clients with integrated, dynamic, and low-cost solutions.

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Tom McGowan recently formed a new company, Canadian Radiation Oncology Services, which has opened a new evening radiation clinic, operating out of the Sunnybrook Regional Cancer Centre in Toronto.Tom was previously executive vice president of Cancer Care Ontario. Deborah Swail was recently promoted to vice president, human resources for systems and operations at the Bank of Nova Scotia.

dent in February 2000. He is currently a director of Environmental Abatement Council of Ontario (EACO), and is an accredited member of the Association of Architectural Technologists of Ontario (MAATO.) 1998

companys Canadian subsidiary. GlaxoSmithKline is one of the worlds leading research-based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling people to do more, feel better, and live longer.

consulting firm called Navigator, which combines political strategies and opinion research techniques to measure, monitor, and move stakeholder opinion in corporate settings.

Class Champion: Ashok Sharma Ron Fabbro has accepted the position of director, new business development at Zimmerman & Partners Advertising, based in Fort Lauderdale, Florida. Previously, he was a senior advisor with Rapp Collins Worldwide, New York, based in Toronto. Charles Hall is vice president of business development at CaseMed Knowledge Management, based in Brampton. CaseMed is a start-up company specializing in Web-based knowledge management services and related software development. Prior to this, he was vice president of the Silhouette Division of ISG Technologies (now Cedara Software). Charles also spent ten years developing software at MDS Sciex and IBM Canada.

Class Champion: Jon Waisberg Malcolm Eade is general manager at Johnson & Johnson Medical Products (JJMP) in Markham, Ontario. Previously, he was director of sales and marketing for Ethicon Endo Surgery, a JJMP company. Malcolm has completed two Ironman Triathalons. Ferdinand Oliver Porsche is president and CEO of Porsche Design Management GMBH & Co., based in Austria.

Edward Chen is a management consultant in the health care practice of McKinsey & Company in Florham Park, New Jersey. He joined the firm July 2000 after having spent 11 years as a physician with Partners Health Care and Massachusetts General Hospital in Boston, MA. Edward is board certified in anesthesiology and was on the faculty at Harvard Medical School, where he also received his M.D. degree. He is also a violinist, having performed with various music festivals and orchestras in the U.S. and Europe. Craig McLennan has been named vice president, community strategy at Cannect Communications Inc., an integrated communications provider. Prior to joining Cannect, Craig was sales vice president of carrier services at AT&T Canada. Last year, Cannect acquired Delphi Solutions Holdings Inc. of Markham, Ontario. Delphi is one of the largest providers of telecommunications systems and associated services to businesses across Canada.

Class Champion: Jennifer Hill Lee Jones is president of Pinchin Environmental Ltd., an environmental firm which provides consulting services related to health and safety, hazardous materials, and emissions associated with the operation, renovation, or demolition of industrial, commercial, and institutional facilities. Lee joined Pinchin in 1985 and was appointed presi-

Class Champion: Mo Mauri Alan Chan is national sales director for GlaxoSmithKline China, based in Shanghai. He assumed the position when he was transferred back to China from Glaxo Wellcome Canada in October, 2000, after completing a three-year secondment to the

Co-Class Champions: Jennifer McGill Bruce Lawson Bruce Lawson is working on contract with a communications

CLASS OF 2000 QUICK TAKES: Safeer Ahmed and his wife recently had a baby David Chalk has moved to Vancouver to work on Canadian Spring Waters home and office delivery strategy for the Asian market Radu Criveanu is contemplating an offer in New York City Azam Foda recently got a promotion at Hummingbird Robert Gerden is working at Nortel in securityHeida Mani is in charge of Incos e-commerce strategy, and is pregnant with her second childCalvin McDonald is working with Galen Weston on Loblaws ecommerce strategy. He and wife Andrea are expecting a child this springLore McGuire recently bought a new house Karalee Close is working with Boston Consulting Group in TorontoRavi Nookala has been promoted to managing director at Sony Canada Amer Rasul got married in NovemberMarcy SaxeBraithwaite has moved to Vancouver to become vice president of nursing at one of the citys big teaching hospitals Tanya van Biesens search practice at tmp Executive Search is boomingPenny Weeks company, Home Ticket Network, is fully funded and she is now overseeing the technology phase, hoping to launch a pilot this summer. Matthew DeChellis is a project manager at Netegrity in Toronto. He and his wife are

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expecting their first child in May. Netegrity is a global e-commerce infrastructure company that provides solutions for securely managing and personalizing business-to-business, business-toconsumer, and intranet portals.

LSF Suite and SiteAssure Suite, enable some of the worlds most creative companies to maximize the productivity potential of their people, computing resources and processes.Their strategic partners include Compaq, HP, IBM, and Sun Microsystems.

Keep Us Posted!
Send us the latest on your personal and professional achievements via E-mail: or Fax: 416.978.1373.

Be a Class Act: Volunteer as a Class Champion

Class Champions ensure their classes remain active and vibrant long after graduation and bring the Rotman School and its graduates closer together. They help organize reunions, promote events, and keep track of their classmates activities for inclusion in the Class Notes section of Rotman Management. To represent your graduating class, please contact the Rotman Alumni Office at (416) 978-0240, or via E-mail at

Donna de Winter is director of finance and administration with Platform Computing Corporation. Prior to that, she was vice president of finance at Digital Processing Systems, where she completed a takeover of the company, and chief financial officer at Polyphalt, where she assisted in closing a takeover before leaving the company. Located in Markham, Ontario, Platform Computing Corporation is a world leader in distributed resource management (DRM) software. Platforms products,



Class Champion: Nancy Dudgeon

With this innovative redesign of our procurement process, they managed to shave $32 million off our annual expenditures. Ingenious.


Toronto / North York / Mississauga / Ottawa / Montral / Calgary / Vancouver / Edmonton
RHI Management Resources

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Rotman Life-Long Learning 2001 Integrative Thinking II: Uncovering the Hidden Pieces Friday, June 1, 2001
Please complete all information below and fax this page to (416) 978-1373 or register online at by May 25th. We will fax or e-mail you a confirmation.


Your Name


7:30-8:20 am 8:20-8:30 am

Registration & Breakfast Welcome from the Dean

Degree & Year What Industry are you in? Job Title Organization

8:30-9:45 am Session 1

Integrative Thinking: Uncovering the Hidden Pieces by Roger Martin, Dean and Professor of Strategy, Rotman School
9:45-10:00 am Coffee Break

Office Address

10:00-11:15 am Session 2

Culture Matters: Understanding and Utilizing the Hidden Driver of Economic Prosperity by Michael Fairbanks, Founder and Chair of On the Frontier; Global Leader and Innovator in Third World Development; Author, Plowing the Sea: Nurturing the Hidden Sources of Growth in the Hidden World (1997, Harvard Business School Press)
11:15 am-12:30 pm Session 3

City Province/State Business Tel. E-Mail Code Fax

Dietary Restrictions: Where should we send your confirmation? Fax E-Mail Which lecture will you attend during Session 3? A B C D What time will you arrive? What time will you leave? Will you be staying for lunch? Will you be staying for the reception? Dress Code: Business casual Fee: none (attendance restricted solely to Rotman School alumni) Questions? E-mail Jack Thompson at or call him at (416) 978-0240 Location: Fleck Atrium (Ground Floor) Parking: Underground Parking is available.The lot opens at 7:00 am. The entrance is just South of the Rotman School. Registration Methods: Fax this page BY MAY 25th to (416) 978-1373 Web register on-line BY MAY 25th at Mail this form BY MAY 25th to Office of Alumni Relations, Rotman School, 105 St. George Street,Toronto, ON M5S 3E6

your choice of: A. Branding Canada: It Takes More Than a Logo by David Dunne, Adjunct Assistant Professor of Marketing, Rotman School B. Canadian Capital Markets and Economic Wealth: Do We Have to Play in the Big Leagues? by Paul Halpern, Professor of Finance and Toronto Stock Exchange Chair in Capital Markets, Rotman School C. How Governments Can Help Improve Competitiveness by Jack Mintz, President and CEO, C.D. Howe Institute and Arthur Andersen Professor of Taxation, Rotman School D. Entering Foreign Markets: Strategies for Small Firms by Becky Reuber, Associate Professor of Strategic Management, Rotman School
12:30-1:45 pm Lunch 1:45-3:00 pm Session 4

The Tipping Point: How Little Things Can Make a Big Difference by Malcolm Gladwell, best-selling author of The Tipping Point (2000, Little, Brown) and staff writer of The NewYorker magazine
3:00-4:00 pm Cocktails



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Rotman Life-Long Learning

Friday, June 1st

8:15 am to 3:00 pm
Rotman degrees are warrantied for life. Return to campus on June 1st to participate in Rotman Life-Long Learning 2001. This years stellar line-up of complimentary lectures focuses on Integrative Thinking: Uncovering the Hidden Pieces. We are pleased to offer the following presentations: Branding Canada: It Takes More Than a Logo by David Dunne Culture Matters: Understanding and Utilizing the Hidden Driver of Economic Prosperity by Michael Fairbanks

The Tipping Point: How Little Things Can Make a Big Difference by Malcolm Gladwell Canadian Capital Markets and Economic Wealth: Do We Have to Play in the Big Leagues? by Paul Halpern Integrative Thinking: Uncovering the Hidden Pieces by Roger Martin How Governments Can Help Improve Competitiveness by Jack Mintz Entering Foreign Markets: Strategies for Small Firms by Becky Reuber

Read the full story on page 47 and confirm your attendance TODAY! To register online, visit our Web site at or refer to page 47 for alternative registration methods. We look forward to seeing you on June 1st!

105 St. George Street Toronto, Ontario, Canada M5S 3E6

Publication Mailing Agreement Number 1608630

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