個案總覽

Alimentation Couche-Tard Inc. had been, up until 2024, growing at an accelerated pace while achieving industry-leading profit margins and related cash flow in the fuel convenience store industry globally. Its growth had been fuelled by acquisition, which in its case meant paying a premium to purchase large groups of stations in current and new markets, primarily in Europe, the United States, and Canada—a global success story. However, the company's future was less certain due to multiple levels of technological disruption under way in the industry. The adoption of electric and autonomous vehicle driving technology was central to this change, along with the continued digitization of the customer experience. Couche-Tard was not immune to these challenges, so to secure its future and ensure profitability amid the dynamic changes taking place in the industry, it would have to consider how to adapt. Should it diversify away from the fuel convenience store industry it had so successfully navigated to this point? How should it adapt its business model to the changes?

In 2023, the fast-fashion industry found itself under attack on several fronts: a growing poor reputation regarding its significant negative social and environmental impacts; the increasing prevalence of online shopping and the entrance of many new competitors who were not burdened with expensive bricks-and-mortar retail networks; and the evolution of artificial intelligence (AI) technology in helping to identify future fashion trends. Industria de Diseño Textil SA (Inditex) and its flagship brand Zara had just come off a record 2022, with industry-leading sales, gross margins, and profits. They were also ahead of the industry with 25.8 per cent of sales through their online channels. However, the challenges the fast-fashion industry faced were significant for Zara and required a long-term strategic response.

AutoNation Inc. (AutoNation), the largest auto dealership group in the United States, found itself in an envious position at the end of 2022. Sales and profits were at an all-time high, and AutoNation had a strong cash position and growth aspirations. However, the auto industry was undergoing changes, driven primarily by the electric vehicle (EV) revolution that was in full swing in early 2023. Committed to an EV future, original equipment manufacturers (OEMs) were set to introduce more than forty new models in 2023 alone and were exploring direct-to-consumer channels that would take the dealership out of the sales process. Importantly, EVs would cost half as much as internal combustion engine (ICE) vehicles to maintain, taking a large chunk of margin away from auto dealerships’ parts and service (P&S) business. How could AutoNation evolve and change its business model to ensure the company would not only survive but also thrive within these new industry dynamics?

AutoNation Inc. (AutoNation), the largest auto dealership group in the United States, found itself in an envious position at the end of 2022. Sales and profits were at an all-time high, and AutoNation had a strong cash position and growth aspirations. However, the auto industry was undergoing changes, driven primarily by the electric vehicle (EV) revolution that was in full swing in early 2023. Committed to an EV future, original equipment manufacturers (OEMs) were set to introduce more than forty new models in 2023 alone and were exploring direct-to-consumer channels that would take the dealership out of the sales process. Importantly, EVs would cost half as much as internal combustion engine (ICE) vehicles to maintain, taking a large chunk of margin away from auto dealerships' parts and service (P&S) business. How could AutoNation evolve and change its business model to ensure the company would not only survive but also thrive within these new industry dynamics?

In 2023, the fast-fashion industry found itself under attack on several fronts: a growing poor reputation regarding its significant negative social and environmental impacts; the increasing prevalence of online shopping and the entrance of many new competitors who were not burdened with expensive bricks-and-mortar retail networks; and the evolution of artificial intelligence (AI) technology in helping to identify future fashion trends. Industria de Diseño Textil SA (Inditex) and its flagship brand Zara had just come off a record 2022, with industry-leading sales, gross margins, and profits. They were also ahead of the industry with 25.8 per cent of sales through their online channels. However, the challenges the fast-fashion industry faced were significant for Zara and required a long-term strategic response.

By May 2020, Rivian Automotive (Rivian), a new electric vehicle (EV) battery manufacturer in the United States, had become a darling of the new battery electric vehicle (EV) market in North America. Rivian had not yet released any products, yet it had customers signed up and waiting in three distinctly different market segments. First 10,000 customers had deposited US$1,000 each for one of Rivian’s two electric adventure vehicles. Second, the Ford Motor Company, a Rivian shareholder, had made a commitment to purchase Rivian’s advanced electric skateboard powertrain, positioning Rivian as an EV component wholesaler. Finally Amazon.com Inc., also a Rivian shareholder, had pre-ordered 100,000 electric delivery vans. With three different markets, three different sets of customers, and three different commercialization challenges, had Rivian bitten off more than it could chew?

By May 2020, Rivian Automotive (Rivian), a new electric vehicle (EV) battery manufacturer in the United States, had become a darling of the new battery electric vehicle (EV) market in North America. Rivian had not yet released any products, yet it had customers signed up and waiting in three distinctly different market segments. First 10,000 customers had deposited US$1,000 each for one of Rivian's two electric adventure vehicles. Second, the Ford Motor Company, a Rivian shareholder, had made a commitment to purchase Rivian's advanced electric skateboard powertrain, positioning Rivian as an EV component wholesaler. Finally Amazon.com Inc., also a Rivian shareholder, had pre-ordered 100,000 electric delivery vans. With three different markets, three different sets of customers, and three different commercialization challenges, had Rivian bitten off more than it could chew?

By February 2019, General Motors Company (GM) had evolved into one of the three dominant North American automobile manufacturers, selling over 10 million vehicles annually. However, GM’s global market share had been declining over the previous 10–15 years due to intense competition in the small and mid-sized car segment from new entrants with a cost structure unlike global competitors and a product marketing strategy more focused on price than quality products. This development forced GM to rely heavily on sales of its pickup trucks and sport utility vehicles to increase gross margins that had been consistently below industry averages. At this point, the industry was also shifting toward a new automotive platform and related business model dominated by autonomous and electric vehicles. GM had to find a way to transform its current business and profit model to meet the needs and trends of an emerging electric and autonomous vehicle industry.

By February 2019, General Motors Company (GM) had evolved into one of the three dominant North American automobile manufacturers, selling over 10 million vehicles annually. However, GM's global market share had been declining over the previous 10-15 years due to intense competition in the small and mid-sized car segment from new entrants with a cost structure unlike global competitors and a product marketing strategy more focused on price than quality products. This development forced GM to rely heavily on sales of its pickup trucks and sport utility vehicles to increase gross margins that had been consistently below industry averages. At this point, the industry was also shifting toward a new automotive platform and related business model dominated by autonomous and electric vehicles. GM had to find a way to transform its current business and profit model to meet the needs and trends of an emerging electric and autonomous vehicle industry.

Industria de Diseño Textil, SA (Inditex), primarily through its flagship brand Zara, had grown to be the world’s number-one fashion manufacturer and retailer with the introduction of what many considered a disruptive fast-fashion business model. However, Inditex’s chief executive officer insisted that this term failed to describe the company’s business model accurately. Like other successful business model innovators, Inditex in 2019 was faced both with new competitors who had successfully copied and enhanced key components of its approach and with the growing desire of fashion conscious consumers to shop online. Inditex needed to find a way to continue to differentiate Zara in this evolving industry while capturing more than its share of the tremendous market growth anticipated for the future.

Industria de Diseño Textil, SA (Inditex), primarily through its flagship brand Zara, had grown to be the world's number-one fashion manufacturer and retailer with the introduction of what many considered a disruptive fast-fashion business model. However, Inditex's chief executive officer insisted that this term failed to describe the company's business model accurately. Like other successful business model innovators, Inditex in 2019 was faced both with new competitors who had successfully copied and enhanced key components of its approach and with the growing desire of fashion conscious consumers to shop online. Inditex needed to find a way to continue to differentiate Zara in this evolving industry while capturing more than its share of the tremendous market growth anticipated for the future.

Cervus Equipment Corporation, the major Canadian dealer group for John Deere and Peterbilt Motors Company equipment, had grown from CA$56 million in 2004 to close to $1 billion in 2014. It had achieved these results through an aggressive acquisition and growth-oriented strategy, by purchasing heavy-equipment dealerships representing John Deere, Bobcat, and other high-end original equipment manufacturers (OEMs). The company’s move into the long-haul trucking industry, beginning with the acquisition of 16 Peterbilt truck dealerships in 2013, was timely, as the agricultural and construction sectors entered what many believed would be a prolonged downturn in its base in western Canada. However, these acquisitions and this move into the trucking industry presented significant challenges related to integration, leadership and management skills at the dealer level, OEM partner control, and the presence of established competitors that served the major vocational and fleet markets. The bottom line: Cervus Equipment required its transport division to drive profitable growth in 2016 and beyond.

Cervus Equipment Corporation, the major Canadian dealer group for John Deere and Peterbilt Motors Company equipment, had grown from CA$56 million in 2004 to close to $1 billion in 2014. It had achieved these results through an aggressive acquisition and growth-oriented strategy, by purchasing heavy-equipment dealerships representing John Deere, Bobcat, and other high-end original equipment manufacturers (OEMs). The company's move into the long-haul trucking industry, beginning with the acquisition of 16 Peterbilt truck dealerships in 2013, was timely, as the agricultural and construction sectors entered what many believed would be a prolonged downturn in its base in western Canada. However, these acquisitions and this move into the trucking industry presented significant challenges related to integration, leadership and management skills at the dealer level, OEM partner control, and the presence of established competitors that served the major vocational and fleet markets. The bottom line: Cervus Equipment required its transport division to drive profitable growth in 2016 and beyond.

By 2015, Cervus Equipment Corporation, based in Calgary, Alberta, has grown its business substantially through regional acquisitions and strong organic growth. The company was founded in the 1990s to manage and consolidate farm equipment dealerships in western Canada but, in partnership with original equipment manufacturers, has branched into the construction equipment and long haul trucking manufacturing industries and has moved into New Zealand and Australia. The board of directors is now looking for the new chief executive officer to chart an innovative growth strategy that will see the company triple in size over the next five years. The market fundamentals to support this growth are quite strong and realistic; however, the growth opportunities in the company’s traditional Canadian markets are not sufficient and its customers’ requirements are being driven to new levels of complexity due to a technology revolution happening within the industry. At the same time, its experience overseas has ultimately provided an opportunity to develop a greater understanding of the differences in international markets and new cultures. Management needs to come up with a growth plan that puts the company into non-traditional markets or new industries while addressing the changes happening in the industry.

Cervus Equipment Corporation has grown its business substantially over the past 10 years through regional acquisitions and strong organic growth. The company was founded to manage and consolidate farm equipment dealerships in western Canada but, in partnership with original equipment manufacturers, has branched into the construction equipment and long haul trucking manufacturing industries and has moved into New Zealand and Australia. The board of directors is now looking for the new chief executive officer (CEO) to chart an innovative growth strategy that will see the company triple in size over the next five years. The market fundamentals to support this growth are quite strong and realistic; however, the growth opportunities in the company's traditional Canadian markets are not sufficient and its customers' requirements are being driven to new levels of complexity due to a technology revolution happening within the industry. At the same time, its experience overseas has ultimately provided an opportunity to develop a greater understanding of the differences in international markets and new cultures. The CEO needs to come up with a growth plan that puts Cervus Equipment into non-traditional markets or new industries while addressing the changes happening in the industry.