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SPRING 2009
Sienabusiness
REPORT
A MAGAZINE FOR SIENA COLLEGE SCHOOL OF BUSINESS ALUMNI AND FRIENDS
Into Africa:
SIENAcollege
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A Marketing Student Meets Her Clients— Half a World Away
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A MESSAGE FROM THE DEAN
What Leadership Really Means
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James Nolan ’75, Ph.D. Dean of the School of Business
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hen I hear news of yet another troubled bank, I wonder what might have happened if a Siena graduate had been in charge. It’s not that our graduates possess unique expertise in asset-backed securities or credit default swaps. What they do possess is Siena’s two great gifts to them: a mature framework of values—focusing on service—and an exceptional breadth of perspective. I cannot overemphasize the importance of these two gifts. As I see it, our nation’s financial executives lost their way because they had little knowledge outside of finance and no connection with the “real world.” Contrast this with the experience of Siena students: by helping the less fortunate in myriad ways, by working with our communities’ most active citizens, they have connected with a broad diversity of people and felt the call to serve. This orientation equips them to make better decisions for the common good. In the School of Business, we encourage this at every turn. Through internships, our students observe the interaction of responsible leaders in the business world. In class after class, they confront the delicate interplay between business and beliefs. In our faculty, they see role models who devote their time to service leadership through participation in boards of directors and volunteer work. By the end of four years, Siena students have repeatedly faced the dilemma of dealing with specific business situations without giving up their values. When they step off the Siena campus and into the business world, they lead not only with sound business expertise, but with a level head and an open heart. See if you can spot the dedication to our different style of leadership as you read through this issue. Listen to the voices of three Siena juniors describing their experience at a U.S. Naval Academy leadership conference. Note Professor Seifert’s work to cultivate leadership in healthcare, a giving profession if there ever was one. Consider what Lizzy VanHorn has done—and how she has grown—by using her business acumen in remote Kenyan villages. At Siena, service leadership is as central to our life as the friars who model it on campus every day. Our students have absorbed the lesson, and they carry it with them as they go through life. That, more than anything else, is the reason I hold out great hope for the years ahead.
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Siena Business Report Spring 2009 Published by Siena College 515 Loudon Road Loudonville, NY 12211-1462
Sienabusiness
REPORT
Office of Strategic Communications and Integrated Marketing Delcy Fox, Director
Editor Allison Maloney ’06 Assistant Director of Communications Contributing Writers John Backman Allison Maloney ’06 Photographers Sergio Sericolo Lizzy VanHorn ’09
Design and Production Panarama Design
SIENA COLLEGE SCHOOL OF BUSINESS MAGAZINE SPRING 2009
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The Naval Academy Files
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Faculty Publications
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A New Booster for Leadership Health
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Into Africa
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Faculty Awards and Recognition
10 Accounting for Change 10 Faculty Presentations 12 Program Updates
DEAN’S ADVISORY COUNCIL Kenneth Blass ’83 President, Blass Communications Erin M. Crotty President, The Crotty Group, LLC Terence Curran Associate, The Hudson Group, LLC Paul Goetz ’85 Managing Director, UHY, LLP Matthew Gras ’95 Assistant Vice President, Senior Financial Advisor, Merrill Lynch David Hancox ’75 Director of State and NYC Audits, NYS Comptroller’s Office Michael Hickey ’76 President, Albany Financial Planners, Inc. Charles J. Kavanaugh ’70 Consultant Shaun P. Mahoney President and Chief Executive Officer, Nextridge, Inc. William Martin ’78 President and Founder, The Initiatives Group, LLC Joe Millington ’77 Managing Director, Gilbert Tweed Associates Jay Moore ’87 Vice President Commercial Learning, NBC Universal Thomas Selfridge CEO, Albany Valve and Fitting Company Kevin Thompson ’87 Vice President and Corporate Controller, Marietta Corporation Judy Tomlinson Vice President, Rose and Kiernan Vincent Valenza Attorney and Counselor at Law, McNamee, Lochner, Titus & Williams, P.C. Lee M. Weiser, CPF President, Frame of Mind Ann Wendth Director of External Relations, The Albany Academies Mark Woroby ’81 Executive Director, Wildwood Foundation
ON THE COVER MARGARET GARNSEY, associate professor of accounting, had her article, “Automatic Classification of
Senior Lizzy VanHorn’s marketing recommendations for a local foundation earned her Financial Accounting Concepts,” published in the Journal of Emerging Technologies in Accounting. ANDREA a life-changing trip to Kenya. Story on page 8.
SMITH-HUNTER, associate professor of marketing and management, had papers accepted for conferences.
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The Naval Academy Files Siena student leaders travel to Annapolis to discover the truth about leadership
n a frigid Sunday morning in late January, four Siena juniors set out on a journey that changed their whole view of leadership.
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THE DESTINATION: the United States Naval Academy in Annapolis, Maryland. THE PURPOSE: to attend the Navy’s 25th Annual Leadership Conference with students from 40 of the country’s most prestigious colleges. THE TOPIC: generational leadership.
THE PERSONNEL:
DAY 1:
Courtney Lynch ’10. Has chaired the Up ’til Dawn fundraiser for the American Lebanese Syrian Associated Charities/St. Jude Children’s Research Hospital, mentored peers and managed crises as a Siena residence assistant and organized a record-smashing blood drive for the American Red Cross, among many good works.
Myths Debunked, Eyes Opened
Kelly Patricia ’10. Led the effort to present the Siena chapter’s contributions to top corporate executives as an officer in Students in Free Enterprise (SIFE). Planned Music Mayhem for Siena Fest on short notice. Trained new employees and scheduled 200 children weekly as camp counselor and unit head for YMCA. Kristen Petherbridge ’10. President of Accounting Students Association chapter, past president of Future Business Leaders of America chapter. Launched her own staffing company this past summer. Lieutenant Colonel Andy Morgado. Professor of military science and leadership at Siena. Faculty escort for the conference.
By her own admission, Lynch was new to the notion of a generation gap. “At ALSAC/St. Jude, the women I work with are all Millennials (people born after 1980), so I never really acknowledged the gap and the way it can impact an organization.” The speakers on Day 1 swept away that idea in short order, discussing the forces that shape today’s workplace, the “divides” between generations, steps to bridge the divides and how Millennials intend to lead in the years to come. The interplay between military and civilian leaders caught Patricia’s attention. “I thoroughly enjoyed watching the panel discussions,” she noted, “with the corporate executives, politicians and military leaders responding to each other’s opinions out of their own background. They expanded our knowledge and their own at the same time.” For Petherbridge, the impact was personal. “I like to take on a lot of commitments, and I never want to fail,” she explained. “So a highlight for me was when the governor of Maryland (Martin O’Malley) talked about failure. He said that to be a great leader, you need to know it’s OK to fail. I needed to hear that.”
FACULTY PUBLICATIONS CHERYL BUFF, CHUCK SEIFERT and R.K. Van Ness published “Exploring individual culture and internet commerce success factors” in DIAS Technology Review, The International Journal for Business and IT. They also published, along with K. Melinsky, “Work ethic: Do new employees mean new work values?” in Journal of Managerial Issues (forthcoming).
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DAY 2: More Than a Uniform The Siena students were raving about the caliber of speakers, and with good reason. The roster included not only the governor, but the commandant of midshipmen for the Naval Academy, the COO of the world’s third largest defense company, and the deputy program director from the U.S. Office of Personnel Management, to name three. The highlight of the day, for more than one student, was Vice Admiral Ann Rondeau, deputy commander of the U.S. Transportation Command. “She taught us that you should lead by asking questions,” Petherbridge recounted. “By asking, you gain knowledge and the opportunity to make other people better as well.” Patricia connected with the vice admiral’s stories and her gender struggles. “She had to prove herself in a field that was overwhelmingly male when she joined. Her presence gave off the allure of a true leader.” The students’ exposure to military personnel was particularly important to Lieutenant Colonel Morgado. “It helped bridge some misconceptions
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and foster greater understanding,” he said. Petherbridge agreed: “It was amazing, seeing and hearing how the kids at the Naval Academy live. For instance, they’re not allowed to have TVs, no food in their rooms, things that we civilians take for granted.”
DAY 3: Three Questions to Ask a Leader There was broad acclaim from the Siena students for another speaker: Colonel Arthur J. Athens, the director of the James B. Stockdale Center for Ethical Leadership. “He taught us three questions to ask a leader,” Petherbridge recalled. “Do you know the job, or are you striving hard to learn it? Do you make the hard but right decision even if it would cost you personally? Do you care as much about your people as yourself? If they have the right answers, then they’re the leaders you want to follow.” “He gave the students what they were most hungry for: practical tools to apply all the leadership theory discussed,” Morgado said of Athens. “His three probing
questions cut right to the essence of leadership and gave students a self-assessment tool.”
THE AFTERMATH: Leadership Embodied The Siena students didn’t wait long to start applying the lessons learned. “I’ve been to many leadership conferences,” Lynch said, “but this was different because it was so practical. I have already implemented some of the ideas in my position as a resident advisor at Siena.” The overall impact may last a while longer. “It’s clear from the conference that the age difference is a growing problem among employees,” Patricia mused. “In the long term, I will work as a leader to bridge the gap between different generations, so the difference will not become a focal point but an asset.” In the end, good Siena leaders learned to become great Siena leaders. “The conference was full of people with overwhelming minds who really wanted to facilitate change,” Lynch recalled. “The atmosphere was catching; you could not go to something like that and not come out a better person.”
From left to right: Kelly Patricia, Barrett Turner (USNA ’09, Sponsor), Kristen Petherbridge, Courtney Lynch. Not pictured: Caroline Cleveland ’09, ROTC member and senior in the School of Science.
CHUCK SEIFERT and G. Yukl published “Effects of repeated multisource feedback on the influence behavior and effectiveness of managers: A field experiment” in Leadership Quarterly (forthcoming). ADAM NGUYEN, CHERYL BUFF and R.M. Heeler published “Consumer perceptions of bundles” in Journal of Product and Brand Management (forthcoming).
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A New Booster for Leadership Health Siena’s latest joint venture may become a national model for training hospital leaders
n a field as complex as today’s healthcare, capable hospital leadership simply is not enough. Indeed, it has to be extraordinary.
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Saratoga Hospital, in Saratoga Springs, New York, saw the need and did something about it, collaborating with Siena to create the Saratoga Hospital/Siena College Healthcare Leadership Institute. The result just might be an emerging model for a large swath of U.S. healthcare.
A Model to Grow Leaders By
Several imperatives—succession planning, better leader-employee communication and community growth—inspired Susan Malinowski to consider the institute idea in the first place. “Bottom line, if we want to achieve our strategic goals for the next 10 years, we have to have highly skilled, highly developed leaders to get us there,” said Malinowski, the hospital’s director of education. “It made sense for us to educate them in-house, but cost constraints and the need for a broader perspective required us to look for a partner.” Enter Siena. Charles Seifert, professor of marketing and management, impressed Malinowski with his vision and enthusiasm for the project, and the two sat down last summer to build a curriculum. The key to the whole project was the
right combination of the practical and the academic, the wedding of the latest issues in healthcare and the latest trends in leadership. Out of this brainstorming came an institute whose three tracks will empower leaders at every level of the hospital. The Emerging Leadership track schools front-line supervisors and middle managers in the basics; Operational Leadership hones the skills of mid- to upper management in mentoring and employee development; and Strategic Leadership sharpens the visioning ability and entrepreneurial mindset of senior executives amid discussion of tomorrow’s healthcare trends. Careful assessment of one’s own leadership style is a key component of each track. Siena professors team-teach the sessions with the hospital’s senior leaders and board members, thus incorporating academic theory
FACULTY PUBLICATIONS ALEX WALTHERS ’09 and CHERYL BUFF published “Attitudes towards counterfeiting and counterfeit products: Have they changed?” in Journal of International Business and Economics. BUFF and DMITRY BURSHTEYN published “Private label brands, manufacturer brands, and the quest for stimulus generalization: An EEG analysis of frontal cortex response”
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Charles Seifert, professor of marketing and management leads a spring session of the Saratoga Hospital/ Siena College Healthcare Leadership Institute.
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and evidence-based healthcare practice in each course. As if that weren’t good enough, the institute offers this with minimal loss of work time. Each track takes a year to complete (plus time for a capstone experience), with just one day of off-site training per quarter. Students complete readings and exercises on their own to prepare for the training sessions. The institute concept gives new meaning to the term win-win. Graduates of the program get bonus points on performance appraisals and an advantage in promotion opportunities. The Siena faculty enhance their professional development and their ties to local business. And the benefits to the hospital are incalculable. “Ultimately, the institute will give us a deep bench of highly evolved, effective leaders who can transform the healthcare
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landscape as dictated by everchanging trends,” Malinowski said. “They will lead us to provide the best care for our patients, achieve the highest satisfaction scores, boost our recruitment and retention and gain industry recognition for a cutting-edge institute.”
Taking It on the Road If Seifert and Malinowski have their way, recognition will be only a first step toward the wider world. Research into the program’s effectiveness, a key part of the initiative, will lead to exposure in national conferences and peer-reviewed journals—and then, if all goes well, an even loftier achievement. “Going forward, we hope to offer a similar program to regional and national healthcare organizations,” said Seifert. “Beyond that, Siena can build
alliances with businesses in other industries. As Saratoga Hospital has recognized, leadership development is a critical component of organizational effectiveness.” For now, Malinowski couldn’t be more pleased with the institute, which launched its Emerging and Operational tracks at the end of 2008. “In fact, the institute was instrumental to Saratoga Hospital recently being recognized as one of the Top 125 training organizations in the country by Training Magazine,” she said. “Dr. Seifert’s creativity and expertise, coupled with Siena’s AACSB accreditation, make them ideal partners in this venture. Together, we will nurture and equip our healthcare leaders to be fully engaged in the challenge of leadership.” In a world that never has enough good leaders, that is a win-win.
in Review of Business Research. RAJ DEVASAGAYAM published “Successful integration of Franciscan values in business curriculum: A case study” in The AFCU Journal: A Franciscan Perspective on Higher Education.
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Into Africa Marketing student’s independent study may change how villagers sell their products
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ANDREA SMITH-HUNTER was asked to give the keynote address at the annual “Inspiring Women Entrepreneurs” conference sponsored by the Cayman Islands Investment Bureau in March 2009. The conference seeks to celebrate the advancements of women in business and give them a platform to share valuable experiences and best practices. GIL BROOKINS was named to the Town of Colonie Small Business Advisory Council.
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STUDENT PROFILE
Not every independent study ends with a trip to Africa. When it does, it can change your life.
During her trip to the Loisaba wilderness in Kenya, Siena's Lizzy VanHorn encountered not only a broad spectrum of African animal life, but also the people whose lives she helped to improve through her marketing project.
“I am not the same person I was before I got involved with Loisaba,” said Lizzy VanHorn ’09. “It changed my future path entirely. Now I plan to go to law school and get involved with those in need.” “Loisaba” here refers not to the private game sanctuary in Kenya, but to the foundation that makes it a better place. The Loisaba Community Conservation Foundation seeks to improve the quality of life for indigenous tribes while preserving a wilderness habitat for an incredible diversity of wildlife. VanHorn’s recommendations—for the foundation’s Website and its marketing overall—could make a substantial difference in fulfilling both goals.
E-Commerce for Kenyan Tribes The Siena marketing major had never heard of Loisaba before meeting Professor Cheryl Buff, who had her Consumer Behavior students collaborate with a nongovernmental organization to help the women of Loisaba produce promotional materials for their beaded products. Later, when the foundation’s trustees needed recom-
mendations on their Website and marketing plan, they turned again to Buff, and she turned to VanHorn. The results were remarkable. VanHorn developed a new tagline: “Never let the sun set on those in need.” In place of the site’s original brown tones, she suggested brighter colors—the vibrant tribal color (red) or the colors of Kenya (black, green and yellow). Her analysis called for splitting the site in two, with one of the new sites devoted to e-commerce. The trustees were delighted— enough to send VanHorn to Loisaba this past February, all expenses paid, so she could come back to Siena and raise awareness about the mission.
Eyes Opened, Lives Changed During the trip, VanHorn plunged into a side of Africa that many tourists never encounter. She not only saw a riot of animals—from the common antelope to the exceedingly rare cheetah—but spent two days at the indigenous primary school and visited a nearby village. “What was crazy about this trip was seeing how little they have,” she recalled. “The buildings look like they are falling down, some of the
children do not have shoes, and the school had to send a few students home because there was not enough food to feed them all that day. However, I also saw all that the foundation has done to help this situation: they have built new classrooms, dormitories, a library, a cafeteria, given the school so many supplies and the list goes on and on.” It was the indigenous people, though, who truly astonished her. “They were so unselfish and loving,” she said. “They loved that we were there to learn about their culture. I found out that their way of life isn’t what I thought it was— and their values are similar to mine.” VanHorn credits Siena with providing both the faculty who dedicate themselves to such efforts and the opportunities they generate. “It is only through professors like Dr. Buff that I have been able to experience any of this,” she said. “With hands-on curricula like independent studies, students can really figure out what they want to do in life.” Lizzy VanHorn is living proof of that. Someday her work may change many lives. For now, it has changed at least one.
FACULTY FACULTY PUBLICATIONS AWARDS AND RECOGNITION CHERYL BUFF was honored with the Hormel Meritorious Teaching Award at the Marketing Management Association Conference in March 2009. This award is given to marketing faculty members who exhibit evidence of teaching excellence. DOUG LONSTROMM is now host of a golf program on Time Warner Cable local channel 3 called “Tee Time.”
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NEW M . S. PROGRAM
Why should Siena accounting students have to find an entirely different college for a one-year master’s program to get their CPA? They shouldn’t—hence the new M.S. in Accounting. “With this program, Siena students can remain with the faculty they know and respect, rather than having to assimilate to the culture of an unfamiliar school,” said Eugene Farley, the program director. “They can also continue to interact with many of the profession’s recognized leaders. In essence, we’re extending the department’s long tradition of excellence to the master’s level.”
Skills for a Lifetime
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The change comes in the wake of a new state regulation, effective August 1, which requires all CPA candidates to complete five years of full-time education. (Former rules required four years.) The new M.S. in Accounting not only enables them to meet that requirement, but provides a substantial upgrade in skills along the way. Some of those skills will pay off for a lifetime. “The master’s students
will have the opportunity to improve their presentation and communication abilities, as well as their comfort level in working as part of a team,” Farley explained. “That should give them a major competitive advantage in the modern globalized workplace. Moreover, they will gain the skills necessary to help them move from auditors to controllers and treasurers later in their careers.” On campus, students will take extra classes in tax, computer-assisted auditing, accounting information systems and a range of quantitative tools. In doing so, they continue to study with the school’s distinguished accounting faculty.
Lessons from the Real World What happens off campus, however, will deliver just as much benefit. As part of their accounting study, students may devote up to six credit hours to internship experiences. “The uniqueness of our program is in the variety of internships they
can explore,” Farley said. “Students can become fully immersed in an organization, seeing it from several perspectives, or work in several organizations and get a broader view of the profession.” Siena places its interns in national and local CPA firms as well as in New York’s Office of the State Comptroller, the New York State Department of Taxation and Finance and other major state agencies. “The contacts that our students make during these internships put them a solid career track,” Farley said. So does the accounting department’s vaunted alumni network. Since 1941, fully 20 percent of all Siena graduates have earned their degree in accounting. Many of these alumni serve as partners or managing partners in most Capital Region CPA firms; others hold executive-level positions in New York State government. For details on the new program, visit www.siena.edu/msaccounting.
FACULTY PRESENTATIONS FRED DECASPERIS and DOUG LONNSTROM presented “Differing workplace perceptions of female graduates” at the Annual Conference of the International Academy of Business and Economics. The paper was also published in the Review of Business Research (Oct. 2008). DECASPERIS also presented a case study, “The complexity of strategic decision making in an academic setting” at the annual conference of the Academy of Business Disciplines (Nov. 2008).
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Accounting for Change New master’s degree enables students to meet new requirements without leaving campus
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RAV DEVASAGAYAM co-presented with JASON SCHARF ’09, “Honor thy elders: Does this apply to service encounters?” at the SIMSR-Asia Marketing Conference, Mumbai, India, January 2009. DEVASAGAYAM also presented “The impact of consumer conformity on brand following: Preliminary findings” with PHILIP SIDOTI ’09 at the Marketing Management Association Conference in April 2009.
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HUGH JOHNSON SPEAKS AT SIENA ON CURRENT FINANCIAL CRISIS On November 4, 2008, the School of Business, the Globalization Studies Program, and the Center for the Study of Government and Politics sponsored a presentation by Hugh Johnson, Chair of Johnson Ilington Advisors, who spoke on the timely topic of “Understanding the Current Financial Crisis.” Through a series of electronic presentations followed by a question and answer period, Johnson explained the reasons for the current financial crisis and the consequences for the U.S. and the world.
FACULTY PRESENTATIONS
A NEW STUDENT GROUP, THE “SIENA INVESTMENT AND RESEARCH ASSOCIATION,” has been formed to educate and inform students about investments and the financial markets, offer opportunities to gain knowledge and experience through research, offer an opportunity to network with business leaders and conduct career workshops. The group has already recruited 70 students, and they showcased their first round of presentations on topics ranging from global markets to marketing to business ethics in March 2008. If you are an alumni business leader interested in getting involved, please contact sophomore Diego Blake at
[email protected].
THE 21ST CENTURY LEADERS SOCIETY, THE SCHOOL OF BUSINESS HONOR SOCIETY, participated in the annual Leaders for Literacy Campaign. They collected $3,000 for the Children’s Room of the John Howe Library in Albany, New York. Student officers Alex Walthers, Kaitlyn Robetor, Katelyn Ares, and Kimberly Lindeman, along with faculty advisors Cheryl Buff and Melinda Costello, also coordinated the annual speakers panel. Alumni presenters included Nikki Mayer Cipolla ’03, Thomas Donovan ’75, Victoria Fenley ’04, Joseph Murphy ’00, and Daniel Reisner ’06.
COSTA RICA STUDY TOUR Twelve Siena students traveled to Costa Rica in January 2009 on a 10-night study tour with Deborah Kelly, assistant professor of management. In addition to experiencing the food, language and culture, students learned about the global eco-tourism industry. They went on travel adventures like horsebackriding, canopy zip-lining and a water slide through the forest. They also learned about the history, politics and economy of Costa Rica through lectures and took day trips to the Masaya volcano, the Santiago Crater, the city of Granada, and Nicaragua, where students delivered gifts of books and toys to children in a small, rural community in need. This is the third year that this study tour has been offered.
DEVASAGAYAM, BUFF, Tim Aurand and Kimberly Johnson presented “Building brand community membership within organizations: A viable internal branding alternative” at the Marketing Management Association Conference in April 2009. DEVASAGAYAM and Matthew Gonnering ’99 presented “Building brands through digital asset management: Implications and possibilities” at the Marketing Management Association Conference in April 2009. CHERYL BUFF referred several conference presentations: “Service learning in the consumer behavior classroom: Design, implementation and lessons learned” at the 2008 Academy of Business Conference; “Attitudes towards counterfeiting and counterfeit products: Have they changed” with ALEX WALTHERS ’09 at the International Academy of Business and Economics Conference; “Private label brands, manufacturer brands, and the quest for stimulus generalization: An EEG analysis of frontal cortex response” with DMITRY BURSHTEYN at the International Academy of Business and Economics Conference; and “Consumer perceptions of bundles” with ADAM NGUYEN at Drexel University’s Behavioral Pricing Conference.