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While there are advantages to being proactive, the best strategy for today’s volatile, slow-growth environment may be one that is essentially reactive — a strategy in which CEOs, like some great athletes, allow events to “come to them.” This is emergent strategy, one that is formed spontaneously, in constant reaction to events and fast-changing realities. This author, a colleague of Henry Mintzberg, argues that an emergent strategy is the right strategy for a slow-growth business environment and stresses the importance of frugal innovation, or Jugaad (an idea whose time for implementation has come).

In December 2006, Alcan was the second largest producer of aluminum in the world, but the industry was consolidating. The case traces the development of the aluminum industry since World War II to the recent emergence of China as an economic power and the accompanying rise in commodity prices. Alcan had to decide between two offers: to be acquired or to go it alone. The first offer was from Alcoa and the other from Rio Tinto. Alcoa was the world leader in the production of aluminum and, like Alcan, was engaged in significant technological research and development. Meanwhile, Rio Tinto was one of the largest mining companies in the world, but had minor aluminum operations and, in general, few downstream processing plants or technologies. Students are asked to identify Alcan's key resources and consider which strategy would make best use of them.

In May 2007, aluminum giant Alcoa announced its intentions to perform a hostile takeover of Alcan. Case B is set at this point and before Rio Tinto was in a position to announce its own offer. Students are asked to perform valuations of Alcan to determine the premium offered by Alcoa, consider the strategies Alcan can employ, and supply the suggestions Alcan managers should provide shareholders.

In December 2006, Alcan was the second largest producer of aluminum in the world, but the industry was consolidating. The case traces the development of the aluminum industry since World War II to the recent emergence of China as an economic power and the accompanying rise in commodity prices. Alcan had to decide between two offers: to be acquired or to go it alone. The first offer was from Alcoa and the other from Rio Tinto. Alcoa was the world leader in the production of aluminum and, like Alcan, was engaged in significant technological research and development. Meanwhile, Rio Tinto was one of the largest mining companies in the world, but had minor aluminum operations and, in general, few downstream processing plants or technologies. Students are asked to identify Alcan's key resources and consider which strategy would make best use of them.

In May 2007, aluminum giant Alcoa announced its intentions to perform a hostile takeover of Alcan. Case B is set at this point and before Rio Tinto was in a position to announce its own offer. Students are asked to perform valuations of Alcan to determine the premium offered by Alcoa, consider the strategies Alcan can employ, and supply the suggestions Alcan managers should provide shareholders.

Much of the discussion about globalization has missed a very important point, these co-authors claim, and seeing this point and understanding it are critical if executives are to really grasp what globalization is all about. The co-authors write that far from a single, global market, most trade takes place within regional blocks or clusters. Trade activity effectively occurs in the triad of North America, the European Union and Japan, and an approach based on national or regional realities, not global ones, will make the most sense for companies. The authors have ample evidence to substantiate their argument and they suggest what executives can do to counter and manage despite the widely propagated myth of globalization.