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Many executives rely on a process for devising strategy suited to stable, predictable environments even when they know conditions are highly volatile and mutable. Why? Because, the authors contend, they lack a systematic way to match their strategy-making style to the particular circumstances of their industry, business function, or geographic market. These three BCG consultants offer a framework to do just that. It identifies four "strategic styles": classical, adaptive, shaping, and visionary. Which of these is best suited to your situation depends on how far and accurately you can confidently forecast demand, corporate performance, competitive dynamics, and market expectations (predictability) and to what extent you or your competitors can influence those factors (malleability). A classical style, familiar to most managers and business school graduates, is well suited to an industry whose environment is predictable but hard for your company to change. Oil is a good example of this. An adaptive style suits an unpredictable industry, such as fashion, that players can't alter. A shaping style is best when the industry is unpredictable but your company or another has the power to transform it. And a visionary style fits a predictable industry that is nevertheless amenable to change. Too often strategists focus only on how predictable their environment is and not the opportunities they--or others--may have to change it.

The rigor with which a problem is defined is the most important factor in finding a good solution. Many organizations, however, are not proficient at articulating their problems and identifying which ones are crucial to their strategies. They may even be trying to solve the wrong problems--missing opportunities and wasting resources in the process. The key is to ask the right questions. The author describes a process that his firm, InnoCentive, has used to help clients define and articulate business, technical, social, and policy challenges and then present them to an online community of more than 250,000 solvers. The four-step process consists of asking a series of questions and using the answers to create a problem statement that will elicit novel ideas from an array of experts: 1) Establish the need for a solution. What is the basic need? Who will benefit from a solution? 2) Justify the need. Why should your organization attempt to solve this problem? Is it aligned with your strategy? If a solution is found, who will implement it? 3) Contextualize the problem. What have you and others already tried? Are there internal and external constraints to implementing a solution? 4) Write the problem statement. What requirements must a solution meet? What language should you use to describe the problem? How will you evaluate solutions and measure success? EnterpriseWorks/VITA, a nonprofit organization, used this process to find a low-cost, lightweight, and convenient product that expands access to clean drinking water in the developing world.

Most managers know better than to blurt out, "This is no job for a woman." Yet many are surprisingly open about their bias against mothers and other caregivers. This type of discrimination takes the form of comments like "Don't you feel bad leaving your kids at home?"; assumptions about mothers' lack of commitment to work or inability to handle a tougher load; and blatant differences in salary and promotional opportunities. Such behavior can get your company into legal trouble, say the authors, a distinguished professor at the University of California's Hastings College of Law and an associate professor at Harvard Business School. In the United States, the number of family-responsibilities lawsuits jumped almost 400% from 1998 to 2008. In federal court, the success rate of plaintiffs in these cases is high; roughly two-thirds of them prevail--about twice as many as prevail in all employment discrimination cases. And it isn't just mothers who are taking firms to court: Men and people caring for elderly parents are also filing suits and winning them. Executives need to be aware of the costs, which include settlements that can run into the millions, negative publicity, and the loss of valued contributors. To avoid them, they should educate themselves--and their employees--about the law, work to eliminate any stigma associated with flextime in the office, and set clear policies about family-responsibilities discrimination.

To identify what influences the attitudes and behavior of customers, most companies rely on surveys, focus groups, and ethnographic research. The trouble is, surveys and focus groups tap customers' memories, which are unreliable, and the presence of observers can cause customers to alter their behavior. The authors, three academics, believe they have found a new research tool without those flaws: real-time experience tracking. Conducted over mobile phones, RET allows companies to inexpensively collect instant, unbiased feedback from customers 24 hours a day. In RET, participants supply the answers to a four-question survey every time they encounter a brand, be it through a direct interaction, such as a purchase or ad, or an indirect one, such as a conversation with another customer. The process is incredibly simple: They need only text a four-character message. One major benefit is that RET allows firms to track campaigns as they unfold and readjust them toward the most effective tactics. This article describes how a growing number of companies, such as Schweppes, Energizer, and Fox, are using RET to inform their marketing decisions, increase sales, and help customers improve their own experiences.

Contrary to conventional wisdom, banking can be both fair and profitable--in fact, fairness can be a source of competitive advantage. The evidence for this claim comes from a segment of the financial services industry seldom associated with fairness: consumer credit. The reputation of this business--which encompasses credit cards, personal loans, payday advances, and so on--is so questionable that any claims of "fairness" are viewed by customers with extreme skepticism. But TeamBank, a subsidiary of the German Volksbanken Raiffeisenbanken banking group, has successfully developed a brand that transforms the fuzzy concept of fairness into a visible and credible set of product characteristics and operating processes. Overhauling its central offering, easyCredit, involved significant organizational change and the strength of mind to reject profitable products and features inconsistent with the company's core value: "We are an honorable merchant." Product developments included offering a 30-day customer retraction period, making repayment insurance optional rather than mandatory, eliminating the penalty on partial repayments, and even offering a "protection package" that would consider changes in a customer's circumstances, such as illness or loss of a job. TeamBank addressed concerns about the new strategy by providing extensive training to employees and partners and adopted an unusual catalytic device for values-driven innovation--a scale model town symbolizing the brand.

The process of becoming self-aware has traditionally been based on intuition and anecdotal feedback. But that reality is changing, thanks to the growing discipline of auto-analytics--the practice of voluntarily collecting and analyzing data about oneself in order to improve. H. James Wilson, a senior researcher at Babson Executive Education, introduces some of the auto-analytics tools that are increasingly being used by employees at all levels and across many industries. Citing tools in three domains--the physical self, the thinking self, and the emotional self--he describes the practical results that specific people have achieved after taking power in their own hands to gather and interpret data about the nuances of how they work and feel every day. The best outcomes are realized when, Wilson argues, the enterprise of self-measurement is undertaken with a plan in mind. It's still the early days for auto-analytics, but two trends are emerging: The tools are becoming more precise, and the analysis they offer is becoming more holistic. Applied the right way, auto-analytics is beginning to provide the hard evidence that people need and want to make their work and personal lives more productive and satisfying.

Natalia Georgio is the executive director of a growing dance troupe. She has a mandate from her board to expand the company by going international and pursuing TV and film opportunities. To realize these plans for growth, she recently hired a new marketing director, who wants to launch a customer research initiative. The company's founder, however, believes that innovation comes from employees, not customers. Natalia needs to decide whether to bring her new marketing director's customer research plan to the board or follow the founder's lead and cultivate creativity from within. Thomas J. DeLong and Vineeta Vijayaraghavan present this fictionalized case study with expert commentary provided by Mario D'Amico and Jens Martin Skibsted.

The first American woman astronaut in space and the founder of Sally Ride Science on becoming an astronaut and role model, collaborating in tight quarters, remembering the lessons of the Challenger disaster, and driving innovation in K-12 education. She died shortly after this interview took place, at age 61.

Natalia Georgio is the executive director of a growing dance troupe. She has a mandate from her board to expand the company by going international and pursuing TV and film opportunities. To realize these plans for growth, she recently hired a new marketing director, who wants to launch a customer research initiative. The company's founder, however, believes that innovation comes from employees, not customers. Natalia needs to decide whether to bring her new marketing director's customer research plan to the board or follow the founder's lead and cultivate creativity from within. Thomas J. DeLong and Vineeta Vijayaraghavan present this fictionalized case study.

Natalia Georgio is the executive director of a growing dance troupe. She has a mandate from her board to expand the company by going international and pursuing TV and film opportunities. To realize these plans for growth, she recently hired a new marketing director, who wants to launch a customer research initiative. The company's founder, however, believes that innovation comes from employees, not customers. Natalia needs to decide whether to bring her new marketing director's customer research plan to the board or follow the founder's lead and cultivate creativity from within. Thomas J. DeLong and Vineeta Vijayaraghavan present this fictionalized case study with expert commentary provided by Mario D'Amico and Jens Martin Skibsted.

In an era of ever-changing technology, the challenge for a social entrepreneur is to cope with the fast pace of change. With a concern for the environment and energy conservation, the entrepreneur in this case became an entrepreneur with the development of a new product - a mechanical charger. His company, ideaForge, manufactured and sold two types of products: mechanical chargers and other conventional chargers such as bike chargers. The mechanical charger, an innovation of ideaForge, was a product that could produce electricity through mechanical operation. The sales of other conventional chargers were increasing, while the sales of mechanical chargers were decreasing. The company faced two major challenges while running the business: how to market this innovative product to customers used to traditional mobile phone chargers, and whether the company should increase the product range or concentrate on existing products. The decision that had to be made was whether to sell only through distribution channels or through a sales force, or both. The young entrepreneur, along with his two cofounders, also had to make decisions on how to position and price their products in the market. With a changing market scenario, several initiatives and calculated risks would have to be taken if they wanted to develop new product offerings, such as laptop chargers and bicycle chargers, both of which would mean diversifying the business.

This case investigates issues of obsolescence and inventory control in a local sportswear company that is competing on the global stage with both multinational corporations and foreign, low-cost distributors. Athletic Knit, a family-owned company in Toronto, faces the need to balance peak-season demand during the third quarter of the year with the available knitting production capacity. Inventory, if it serves a purpose, can be an asset to a company, but too much inventory can be a liability. Trade-offs between capacity, inventory, and flexibility to meet custom orders must be met to support corporate strategy. Given the competitive nature of the industry, tighter inventory controls are essential, but the company must weigh endangering its reputation for fast responses to custom orders with managing inventory to prevent stock-outs and/or overruns of stock that cannot be sold.

The case deals with how the investment banker advising the chief financial officer of Melco Crown Entertainment Limited (MCEL), a casino and entertainment company based in Macau, suggests the company finance two new gaming resorts currently under construction. The development of these properties has stopped because of insufficient funding, and project timelines have started to be questioned. A decision regarding the best means to raise the necessary capital needs to be made quickly or MCEL may not be able to capitalize on the lucrative, growing gaming market in Macau. The advice must consider both the immediate need to raise capital to get the projects back on track as well as the need for long-term financial flexibility to take advantage of future opportunities. The case considers a variety of domestic and international options to determine what best meets MCEL's needs.

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Spreadsheet for case UV6529

"Richard Alpert, senior partner at Evergreen Investments, must decide which of his two best employees to promote to the position of managing VP. He had initially preferred Charlie Pace over Daniel Faraday, but that decision had become less clear-cut when Alpert inadvertently overheard an office conversation and learned that Pace was taking Adderall, a stimulant primarily prescribed for people suffering from attention deficit/hyperactivity disorder (ADHD). Pace did not have ADHD and apparently obtained the medication by deceiving a physician. Alpert is faced with a number of questions, including whether it was fair to Faraday-or any other high-performing employee-to be passed over for promotion in favor of someone who illicitly boosted his performance with a substance he did not medically need. "

In autumn 2011, Netflix was working to right the ship after publicly stumbling through a price hike and strategic shift and then retreat. The company was changing its business model to focus on streaming video service rather than the DVDs by mail that had brought the company success and praise. One important wrinkle in this business model shift came in the accounting of streaming content. The case describes the rule, FAS 63, that Netflix used to account for streaming content, and the implications for the future of the company that could be attributed to this accounting shift.

The global head of investment research at the World Gold Council (WGC) had finished his presentation "The Strategic Case for Gold as an Asset Class" at the 2012 Bloomberg Precious Metals Conference in New York. As a result of the market collapse in 2008 and the ongoing euro-area crisis, investors worldwide had safety and security on their minds, and many in the room were wondering whether gold would provide capital preservation and improve the overall risk-return tradeoff of their portfolios. At the same time, the sustained run-up in the price of gold since 2001 that was mentioned in the presentation was a cause for concern. Was gold the safe haven that it had proved to be in 2008 and 2009, or was it an asset class at the peak of a bubble? The investment case for gold deserved closer examination.