個案總覽

Spreadsheet supplement for case 216006. In May 2013, senior managers of GSO Capital Partners, an $80 billion credit-oriented investment firm owned by The Blackstone Group, are considering what to do next with their investment in the senior secured debt of Eastman Kodak Company. Once a great company and an icon of American business, Kodak had fallen on desperately hard economic times as its traditional business of manufacturing cameras and photographic film had all but disappeared with the rise of digital photography, causing its annual revenues to plummet from $13 billion to $6 billion, and its stock price to fall by 95%, between 2003 and 2011. Having taken various positions in Kodak's debt during the previous four years, GSO is now faced with a major decision. Under the company's recently proposed plan of reorganization, secured creditors were to be given 85% of the company's common stock, but unsecured creditors objected to the plan. Now, six months later, GSO has brought an amended plan to the table, under which it would commit to backstop a $406 million equity rights offering that would be made directly to all the unsecured creditors. This offer might bring the objecting creditors on board, but could also require an additional large capital commitment by GSO, which was already heavily invested a highly troubled business that many viewed as a "melting ice cube."

Spreadsheet supplement for case 216054. In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu GeriÅŸ, the CFO of TAV Airports Holding, and her team created a model to evaluate the opportunity and formulate a bid.

Exhibit 7 supplement model for case 216054. In 2013, TAV Airports Holding prepared a bid for the concession to build and operate the third Istanbul airport. This process involved input from various parts of the firm with operating and financial expertise. Burcu GeriÅŸ, the CFO of TAV Airports Holding, and her team created a model to evaluate the opportunity and formulate a bid.

The case describes the application of time-driven activity-based costing (TDABC) at a new tertiary hospital operated by Partners-in-Health in Mirebelais, Haiti. A project team mapped the clinical processes for use in estimating the direct costs of personnel, equipment, and facilities for obstetric and breast cancer care. The accurate cost information revealed opportunities to optimize resource-utilization and reduce costs by establishing more efficient sterilization procedures and task-shifting administrative responsibilities away from high-cost physicians. It would also potentially be used for budgeting and to propose new payment models with Haiti's Ministries of Health and Finance.

In early 2010, senior partners at Warburg Pincus met to review a report on Bausch & Lomb Incorporated, the firm's largest investment at the time. Warburg Pincus had led a group of investors in acquiring Bauch & Lomb on October 26, 2007, taking the company private and becoming its largest and controlling shareholder. Since the acquisition, there had been significant progress at Bausch & Lomb through changes in senior leadership and in its business model. But, shortly after the second anniversary of the investment, the senior partners were beginning to question whether the depth and pace of change was enough. They had some tough decisions to make.

Matrix Capital Management, a long-short equity hedge fund based in Waltham, Massachusetts, is assessing its investment in Tableau, a data visualization company. Tableau, which conducted an IPO a few years ago, has been experiencing substantial growth as it aims at disrupting the business intelligence software market. Matrix's investment management team is attracted by two key features of the tech company: the large addressable market and the potential to emerge as a leader in this market. However, after hitting an all-time high in the first quarter of 2015, Tableau's share price began trading down, and by September of that year the stock was trading down year-to-date. Matrix's management team wonders whether the recent market volatility presents an opportunity to add to their existing long position. This case highlights a variety of methodologies to valuate a high-growth company in the tech sector and illustrates the challenge of living up to high market expectations.

Today, the author writes, business can be conducted in English almost anywhere in the developed world, possibly excepting Japan. But when you build or grow a global consumer-facing business, you must speak the language of your customers, wherever they are. Booking.com, the Priceline Group's largest global business, strives to meet that goal by employing people who can answer calls in 42 languages. Although Booking.com is a digital company that facilitates online reservations, about 20% of its customers wind up calling for some other reason. Even though many of them are multilingual, when it comes to their personal travel, they want to speak in their native language. When Huston took the reins, in 2011, the company was relatively small, with a hard-to-find customer service number. Now it has 6,000 full-time customer service employees, all of whom speak fluent English plus at least one other language; many speak three or four. When planning how to staff call centers, the company must consider cultural factors (for instance, people in emerging markets such as Brazil and China tend to call more frequently) and nuances (Americans tend to not like speaking with a rep who has a British accent, and vice versa). For future centers, it has prioritized major cities for either their depth in major languages (Tokyo, Shanghai) or their breadth of languages (London, Amsterdam, Berlin, Barcelona). Booking.com is now, the author writes, "the largest online accommodations platform in the world, by almost any measure," and has been rated "one of the most international websites on the planet."

Reid Hoffman is one of Silicon Valley's grown-ups. After helping to found PayPal, he moved on to launch LinkedIn in 2002--an endeavor that turned him into a billionaire. He was an early investor in Facebook and now serves as a partner at the venture capital firm Greylock. In this edited interview with Tim Sullivan, of HBR Press, Hoffman explores his idea of "blitzscaling"--the discipline of getting very big very fast. In today's networked landscape, the path to high-growth, high-impact entrepreneurship can be chaotic and grueling. It involves rapidly building out a company to serve a large and usually global market, with the goal of becoming the first mover at scale. And there's no playbook to guide you, Hoffman notes. "You throw yourself off a cliff and assemble your airplane on the way down." Hoffman emphasizes that blitzscaling is not just about growing revenues and the customer base but also about scaling the organization. People naturally focus on the first two, and "if you don't get those right, then nothing else matters." But very few businesses can succeed on those fronts without also building an organization that has the capability and the capacity to execute at a high level in the face of extremely rapid growth. The challenges, risks, and headaches of blitzscaling go beyond the operational; they can take a toll on organizational happiness. "But the thing that keeps these companies together--whether it's PayPal, Google, eBay, Facebook, LinkedIn, or Twitter," Hoffman says, "is the sense of excitement about what's happening and the vision of a great future."

For decades, the five-forces model of competition has dominated the thinking about strategy. But it describes competition among traditional "pipeline" businesses, which succeed by optimizing the activities in their value chains--most of which they own or control. "Platform" businesses that bring together consumers and producers, as Uber, Alibaba, and Airbnb do, require a different approach to strategy. The critical asset of a platform is external--the community of members. The focus shifts from controlling resources to orchestrating them, and firms win by facilitating more external interactions and creating "network effects" that increase the value provided to all participants. In this new world, competition can emerge from seemingly unrelated industries and even from within the platform itself. The authors, three platform strategists, walk executives through the choices they must make when building platforms, outlining the different metrics needed to manage them. Businesses that fail to learn the new rules will struggle, they argue. When a platform enters the marketplace of a pure pipeline business, the platform nearly always wins. That's exactly what happened when the iPhone came on the scene in 2007. By 2015, it accounted for 92% of global profits in mobile phones, while most of the giants that once ruled the industry made no profit at all.

In many ways, online marketplaces are the perfect business model. Since they facilitate transactions between independent suppliers and customers rather than take possession of and responsibility for the products or services in question, they have inherently low cost structures and fat gross margins. They are highly defensible once established, owing to network effects. Yet online marketplaces remain extremely difficult to build, say Andrei Hagiu of Harvard Business School and venture capitalist Simon Rothman of Greylock Partners. Most entrepreneurs and investors attribute this to the challenge of quickly attracting a critical mass of buyers and suppliers. But it is wrong to assume that once a marketplace has overcome this hurdle, the sailing will be smooth. Several other important pitfalls can threaten marketplaces: growing too fast too early; failing to foster sufficient trust and safety; resorting to sticks, rather than carrots, to deter user disintermediation; and ignoring the risks of regulation. This article draws on company examples such as eBay, Lending Club, and Airbnb to offer practical advice for avoiding those hazards.

Following the path of companies such as Apple and Amazon, more and more firms are trying to become not just product purveyors but also platform providers, facilitating direct connections between customers and other groups. Although launching a platform can generate new revenue, success is not automatic. After studying more than 20 companies that have tried to move from products to platforms, the authors point to four practices that can separate winners from losers: (1) Start with a defensible product and a critical mass of users. A strong product and a loyal customer base will attract third parties to your platform. (2) Apply a hybrid business model. Instead of operating with a "product mindset" or a "platform mindset" alone, combine the two in order to discover new opportunities for creating value. (3) Drive rapid conversion to the platform. Existing customers are likely to flock to a platform if it provides enough new value, if the additional products and services offered are consistent with your brand, and if users have opportunities to improve both the products and the platform. (4) Deter competitive imitation. Make it tough for rivals to copy your product-to-platform strategy: Consider creating proprietary standards, using exclusivity contracts, and erecting other barriers to competition.

Platform businesses such as Airbnb and Uber have risen to success partly by sidestepping laws and regulations that encumber their traditional competitors. Such rule flouting is what the authors call "spontaneous private deregulation," and it's happening in a growing number of industries. The authors explain that businesses are most vulnerable to spontaneous deregulation when certain conditions hold. One, for example, is when regulations are excessive or outdated, protecting consumers against unlikely risks--and when platform providers offer other means of shielding consumers from harm. Incumbents facing threats from private deregulation can respond by taking legal action to press for enforcement of existing laws. Alternatively, they can embrace aspects of a new entrant's approach--taxi operators, for example, have developed Uber-style apps for ordering rides. Incumbents can also leverage their own strengths to set themselves apart from upstart competitors--that's the tactic that CitizenM, the Pod Hotel, and Yotel are using to woo guests who might otherwise book with Airbnb. If all else fails, incumbents may have to cease operation. But they stand a good chance of avoiding that fate if they address their vulnerabilities early.

In the knowledge economy, skilled employees are the assets that drive organizational success. Thus companies must learn from them--why they stay, why they leave, and how the organization needs to change. A thoughtful exit interview--whether it be a face-to-face conversation, a questionnaire, a survey, or a combination--can catalyze leaders' listening skills, reveal what does or doesn't work inside the organization, highlight hidden challenges and opportunities, and generate essential competitive intelligence. It can promote engagement and enhance retention by signaling to employees that their views matter. And it can turn departing employees into corporate ambassadors for years to come. Unfortunately, too few leaders pay attention to this tool; their programs fail to either improve retention or produce useful information. The authors believe this is owing to poor data quality and a lack of consensus on best practices. They suggest six overall goals for a strategic exit interview process and describe tactics and techniques to make it successful. Among their recommendations: Have interviews conducted by second- or third-line managers. Make exit interviews mandatory for at least some employees. And because standard interviews enable you to spot trends, but unstructured ones elicit unexpected insights, consider combining the two approaches in semistructured interviews.

When organizations get into big trouble, fixing the culture is usually the prescription. That's what most everyone said GM needed to do after its 2014 recall crisis. Cultural reform has likewise been proposed as the solution to the corrosive bureaucracy at the Veterans' Administration, unethical behavior in banks, and the excessive use of force by police. But interviews with successful change makers, conducted by Harvard Business School's Jay W. Lorsch and Emily McTague, suggest that culture isn't something you "fix." Rather, cultural change is what you get when you put new processes or structures in place to tackle tough business challenges. Organizations are complex systems with many ripple effects--and reworking fundamental practices will inevitably lead to new values and behaviors. In this article, the authors explain how this played out during four major transformations: the remake of Ecolab into a diversified corporation three times its original size; the postbankruptcy merger of Delta and Northwest; the turnaround of Ford; and Novartis's shift to a diversified health care portfolio. Each firm's CEO took a different approach for a different end. Ecolab's Doug Baker pushed decisions down to the front lines to strengthen customer relationships. Delta's Richard Anderson got airline workers on board by focusing on meeting their needs. Ford's Alan Mulally broke down barriers between units to improve collaboration and efficiency. Novartis's Daniel Vasella decentralized to unleash creative energy. But in every case, when the executives used tools such as decision rights, performance measurement, and reward systems to address their particular business challenges, organizational culture evolved as a result, reinforcing the new direction.

"It is almost impossible to progress through a career untouched by incivility," the author writes. Over the past 20 years she has polled thousands of workers: 98% have experienced uncivil behavior, and 99% have witnessed it. In 2011 half said they were treated rudely at least once a week--up from a quarter in 1998. Rude behavior ranged from outright nastiness and undermining to ignoring people's opinions to checking e-mail during meetings. Observing or experiencing rude behavior impairs short-term memory and thus cognitive ability, and has been shown to damage the immune system, put a strain on families, and produce other deleterious effects. Porath has identified some tactics to minimize the effects of rudeness on performance and health. The most effective remedy, she says, is to work holistically on your well-being, rather than trying to change the perpetrator or the relationship. She suggests a two-pronged approach: Take steps to thrive "cognitively," which includes growth, momentum, and continual learning; and take steps to thrive "affectively," which means experiencing passion, excitement, and vitality at work.

The president of RSA Ground, the subsidiary of Rising Sun Airlines responsible for servicing its planes at airports across Japan, goes undercover as a service crew member to discover how and whether his employees can speed up cleaning, checking, restocking, and refueling. Expert commentary comes from Atilla Korkmazoglu, president of ground handling and cargo operations at Celebi Aviation Holding, and Vikram Oberoi, managing director and CEO of EIH Ltd.

The celebrity sex therapist of the 1980s discusses transitioning to a public career, adapting to many different cultures, and "rewiring" rather than retiring.

The president of RSA Ground, the subsidiary of Rising Sun Airlines responsible for servicing its planes at airports across Japan, goes undercover as a service crew member to discover how and whether his employees can speed up cleaning, checking, restocking, and refueling. Expert commentary comes from Atilla Korkmazoglu, president of ground handling and cargo operations at Celebi Aviation Holding, and Vikram Oberoi, managing director and CEO of EIH Ltd.

The president of RSA Ground, the subsidiary of Rising Sun Airlines responsible for servicing its planes at airports across Japan, goes undercover as a service crew member to discover how and whether his employees can speed up cleaning, checking, restocking, and refueling. Expert commentary comes from Atilla Korkmazoglu, president of ground handling and cargo operations at Celebi Aviation Holding, and Vikram Oberoi, managing director and CEO of EIH Ltd.