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This negotiation case is meant to be used in conjunction with "Hybritech, Incorporated (A)"; half the class works from one case and half from the other. Lilly is considering acquiring Hybritech, but the genetic-engineering company's future cash flows are difficult to predict and value. Both companies want to effect the merger, but the cases, which provide essentially the same information in all other respects, provide widely divergent projected cash flows. The "Hybritech, Incorporated (B)" case is the follow-up case dealing with the payment structure of the acquisition.

This technical note introduces students to terminology, essential concepts, and issues involved in practical application of the Black-Scholes option-pricing model. Concepts include put-call parity, payoff diagrams, the option pricing model, and the similarities between corporate securities and options.

Conscience explains why most business men and women keep their word and deal fairly with one another. There is no evidence that honesty pays, despite efforts to argue otherwise. As business people, we tell ourselves that dishonesty is punished, but it is hard to find cases in which retaliation is swift and sure, even when wrong has clearly been done.

As 1992 approaches, markets are opening in Western Europe and throughout the world. U.S. experience with the competitive dynamics of deregulation over a ten-year period provides valuable lessons for managers debating whether and how to expand into new markets. To thrive in the competitive environment an open market creates, many executives must exchange their companies' roles as broad-line players for new roles as low-cost entrants, focused segment marketers, and providers of shared utilities. They must also be prepared to make new strategic choices as the structure of the industry changes.

Levi Strauss & Co. chairman and CEO Robert Haas says that, because new economic realities place more complex demands on employees, a company's values are now more important than ever before. At Levi, Haas is using the company's values (codified in the Levi Strauss Aspirations Statement) to reinvent occupational roles and responsibilities, performance evaluations, employee training, work organization, and business decisions.

Many U.S. manufacturers, searching for growth in maturing consumer markets, have shifted their emphasis from advertising to sales promotions. But promotions actually mean price reductions. The loss of profits can be severe. Promotions bring volatile demand, whereas the producer seeks stable demand. Theme advertising that seeks to sustain a brand's image and build customer loyalty can actually help stabilize demand.

How can one company gain access to another's resources or customers without merging ownership or management? New information partnerships can help diverse companies develop strategic coalitions through the sharing of data. This has been made possible by a quantum improvement in hardware and software. Customers benefit from these innovations as well. Their desktop work is made simpler, and the standards by which they compete are made more universal.

The promotions committee at Meeker, Needham & Ames, a long-established law firm, met to discuss the candidacy of three associates up for partner. The vote was split on the candidacy of Julie Ross, who, although she had exceptional skills and an ability to bring in new business, worked only part-time as an associate. The meeting minutes and the expert commentaries that follow discuss the advantages and disadvantages of having a part-time partner.

Companies that aim for "zero defections" (keeping every customer they can profitably serve) can make profits rise. Defection rates are both a measure of service quality and a guide for achieving it. By listening to the reasons why customers defect, managers know exactly where the company is falling short and where to direct their resources.

Describes the entry of this store and catalog retailer of classic women's clothing into the Japanese market place. Introduces such issues as cross-border management, multi-national retailing, and joint venturing.

In the days following the loss of the space shuttle Challenger and its crew in January of 1986, NASA officials were unwilling to communicate with the media or the public. A siege mentality took hold, and the press and public responded with intense criticism and inquiry. The case describes NASA's harmonious relationship with the media before Challenger, and the many obstacles William Sheehan faced when he stepped in to attempt to restore NASA's image and relationship with the media after Challenger. The issues include the special problems faced by a public institution with a history of poor internal communication, and the compounded difficulties of attempting to create effective internal policy while also trying to restore credibility with the media and deal with investigative probes.

Describes the situation confronting Giovanni Buton, an Italian distiller and beverage distributor, in 1989. The market for distilled spirits was declining and the spirits industry was consolidating via mergers and acquisitions on a worldwide basis. "Global brands" such as Dewar's Scotch were gaining share at the expense of local products. The process of market integration in the EC was scheduled to be completed by the end of 1992. In the face of these changes in the marketplace, what should Buton's strategy be for improving its position in Europe?

Helps the potential franchisee analyze the issues to be faced when considering opening or buying a franchise. What are the opportunities--what makes franchising attractive? How does someone look for and then evaluate a franchise?

Provides advice for the new casewriter.

Gives some practical advice for case writers in compiling data for and writing cases.

Examines the challenges facing the company in light of the changing economic, regulatory, and competitive environment in the European pharmaceutical industry. Examines the steps taken by the company adapting to this changing situation as part of a total globalization strategy and aggressive growth objectives in the region. Allows examination of the changing roles of country, regional, and headquarters management.

Describes the process of establishing an independent operation in Japan in the mid-1980s as a result of a decision to make a major investment in the market. Describes the challenges in setting up such an operation and focuses on the role of the country manager in managing for rapid growth in a complex but key market.

Examines the company's global strategy and potential acquisition of Philips' major domestic appliance operations in Europe in light of increasing trends toward globilization in the major appliance industry. Allows discussions weighing the advantages and risks of entering a major market through a joint venture with an established competitor.

Ceramics Process Systems (CPS) is an advanced ceramics company facing problems with lead time in product/process development, and late delivery of prototype parts to its customers. Engineering is confronted with difficult technical problems and multiple objectives (i.e., meet customer requirements for prototype parts, build technical capability). Kathryn Sundback, head of development for molded products, must deal with the lead time and delivery problems on current products while making choices about and allocating resources to several new projects that marketing has developed. The case gives students the opportunity to examine engineering capacity, the nature of the development process, managing the set of projects as a whole (i.e., mix of project type, resource allocation) and customer interaction in a dynamic, technical, and market environment. May be used with Ceramics Process Systems Corp. (A).

A mature company seeks to rejuvenate itself with internal R&D and external acquisitions. It has developed a DCK model for analyzing the value of a proposed acquisition. A rewritten version of an earlier case by J.K. Butters.