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How do companies develop a strategy that is both low-cost and differentiated without becoming squeezed in the middle? Describes how Teva, Israel's first and largest multinational, achieved its globally dominant position in generic pharmaceuticals, an industry that has undergone significant change over the last 20 years. Examines its strategies to defend itself against both low-cost competitors from India and other emerging markets as well as Big Pharma companies, which are adopting increasingly aggressive tactics in genetics.

In January 2006, Joe Hogan, head of General Electric (GE) Healthcare Technologies, prepared to step into William Castell's shoes as CEO of GE Healthcare, the world's leading manufacturer of diagnostic imaging equipment. In 2004, former CEO Jeff Immelt acquired Amersham for $10 billion. The acquisition was part of Immelt's GE-wide move to reemphasize research and development. Hogan had run GE Healthcare's predecessor organization, GE Medical Systems (GEMS). A 20-year GE veteran, Hogan witnessed three distinct stages of the subsidiary's development as it evolved from the Global Product Co. (GPC) to the modified GPC and then to GE Healthcare. By 2005, the company had a 34% market share of the worldwide diagnostic imaging equipment business. GE executives designed the acquisitions to catalyze the firm's move from an engineering and physics-based diagnostic company to a life sciences-based health care solutions company that could better meet worldwide health care needs. Hogan wondered: What challenges did GEMS' previous quantum leaps portend for this new step-function change?

In 2005, just five years after its formal launch, Beijing-based Red Flag Software was the world's second-largest distributor of the Linux operating system and was expecting its first annual profit. On a unit basis, Red Flag led the world in desktops (PCs) shipped with Linux and was No. 4 in installed servers. On a revenue basis, Red Flag was fourth overall. Within China, Red Flag held just over half of the Linux market and ran key applications for the postal system, large state-owned enterprises, and more than a million PCs. The Chinese government supported Linux as an alternative to Microsoft's Windows operating system to avoid royalty payments to foreign firms and dependence on foreign technology. Even so, Red Flag President Chris Zhao felt the same pressure many start-ups faced: How could Red Flag compete against a giant like Microsoft? And what competitive advantages could Zhao bring to bear against an experienced Linux veteran like Red Hat, a U.S.-based software company that had just announced its plan to invest to capture market share in China? Zhao worried that government support would evaporate if Red Flag performed poorly.

In 2005, Haier, China's leading appliance manufacturer, had over $12 billion in worldwide sales and was the third-ranked global appliance brand behind Whirlpool and GE. Describes Haier's rise from a defunct refrigerator factory in China's Qingdao province to an international player with nearly $4 billion in overseas sales. Haier had followed a nontraditional expansion strategy of entering the developed markets of Europe and the United States as a niche player before venturing into neighboring Asian markets. Facing intense competition and price wars in the domestic market, in 2005 Haier was redoubling its efforts to build a globally recognized brand. Could Haier complete with the likes of Whirlpool and GE in their home market? Could Haier successfully defend against Chinese and multinational challengers in China while building a brand overseas?

Spreadsheet supplement for case 706-401.

The Apollo Hospitals Group, one of Asia's premier health care organizations, had come to rival the best health care organizations on the globe. Apollo offered advanced medical procedures, such as cardiac surgery using the beating heart technique, at very high levels of quality but at a fraction of the cost of hospitals in the West. Apollo's managers must decide how best to capitalize on the group's remarkable medical capabilities. One option was to bet on global medical tourism by trying to attract patients from Asia and worldwide needing advanced medical procedures. Thailand had set the example for medical tourism and attracted more than one million patients a year, most of them undergoing plastic surgery. Another option Apollo considered was to build and manage hospitals abroad.

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Follows the decision by ICICI (one of India's largest banks) to expand internationally in June 2001.

Tells the story of Agora, the largest media company in Poland, describing its corporate strategy of diversification since its founding in 1989 by entrepreneurial journalists closely linked to the anti-communist movement Solidarity. Describes in detail Gazeta Wyborcza, the country's best-selling daily newspaper and Agora's main revenue contributor. In late 2003, Fakt, the new daily owned by a German publishing house, took the lead on the Polish newspaper market, harming Gazeta Wyborcza's sales and advertising revenues. Places students in the position of Wanda Rapaczynski, Agora's CEO, who, in mid-2005, explores ways to improve Agora's position in an increasingly competitive environment.

Emerging markets have attracted considerable attention and are likely to become an increasingly important political and economic force. They represent an enormous opportunity for entrepreneurs, multinationals, and investors but also pose a threat for products, jobs, and resources. They have the potential to redefine the way business is done in many industries but remain shrouded by myths. Provides an overview of the importance of emerging markets. Discusses the opportunities in and threats posed by emerging markets. Shows how studying emerging markets can provide new insights into business conglomerates, industry profitability, and corporate governance and discusses common perceptions and misconceptions of emerging markets.

With the demise of communism, many countries in the world are striving to build their economic activity around markets and to participate in free trade arrangements, such as the World Trade Organization (WTO), European Union (EU), and North American Free Trade Agreement (NAFTA). Addresses several issues critical to understanding the unique nature of emerging markets relative to their more mature counterparts. What is the fundamental challenge in building well-functioning markets? On which sets of institutions do advanced markets rely to resolve these challenges? What makes building these institutions complex? What happens when some of these institutions are either absent or underdeveloped in an economy? How does one spot these institutional voids?

Since its founding in 1908, Harvard Business School's mission has been to perform a much-needed service for American society by turning business management into a profession. One of the most important factors in the founding of HBS and the nation's other new business schools was the demand for managers created by the rise of the modern business corporation in the late 19th and early 20th centuries. Additionally, in the years just after the turn of the century business careers were becoming increasingly attractive to young men who would have previously entered one of the older, more traditional professions: law, medicine, education, and the ministry. The process of formulating "business principles" that would put the study of management on a scientific basis was a crucial part of what the founders had set out to achieve in creating the HBS curriculum and building a faculty. By discovering business principles, HBS would also help lay the foundation of the new profession of business. The HBS founders also believed there was another dimension to professionalism in business--one that involved not just the expertise that students acquired but also the attitudes they held and their contribution to society.

Describes the mission, vision, and strategy of a team of entrepreneurs headed by a charismatic heart surgeon who founded a heart hospital in Bangalore, India. The purpose of the hospital was to offer health care for the masses. This tertiary care hospital performed over 4,000 surgeries a year (approximately half on pediatric patients), which is more than that performed by The Cleveland Clinic and the Mayo Clinic (ranked #1 and #2 in the United States) combined. The interesting aspect of its business formula was its ability to offer such complex surgeries as CABG (popularly known as bypass surgery) for about $2,000, which was substantially less than other similarly equipped hospitals in India. Its founder has already entered into other complementary activities, such as a statewide insurance scheme for rural farmers--Yeshaswini. The founder has ambitious plans for a comprehensive "Walmartization" of health care in India.

TCL considers the underlying logic behind the globalization of one of China's most prominent companies. TCL, and similarly prominent companies in China, are in the forefront of China's emergence as one of the world's preeminent economic powers. Allows a discussion of how TCL's approach to globalization compares with those of other Chinese companies and those of companies from other developing countries. A rewritten version of an earlier case.

It's no easy task to identify strategies for entering new international markets or to decide which countries to do business with. Many firms simply go with what they know--and fall far short of their goals. Part of the problem is that emerging markets have "institutional voids": They lack specialized intermediaries, regulatory systems, and contract-enforcing methods. These gaps have made it difficult for multinationals to succeed in developing nations; thus, many companies have resisted investing there. That may be a mistake. If Western companies don't come up with good strategies for engaging with emerging markets, they are unlikely to remain competitive. Many firms choose their markets and strategies for the wrong reasons, relying on everything from senior managers' gut feelings to the behaviors of rivals. Corporations also depend on composite indexes for help making decisions. But these analyses can be misleading; they don't account for vital information about the soft infrastructures in developing nations. A better approach is to understand institutional variations between countries. The best way to do this, the authors have found, is by using the five contexts framework. The five contexts are a country's political and social systems, its degree of openness, its product markets, its labor markets, and its capital markets. By asking a series of questions that pertain to each of the five areas, executives can map the institutional contexts of any nation. When companies match their strategies to each country's contexts, they can take advantage of a location's unique strengths. But first firms should weigh the benefits against the costs. If they find that the risks of adaptation are too great, they should try to change the contexts in which they operate or simply stay away.

Details the emergence of a private sector automobile manufacturer in India that has created globally competitive and cheap versions of an SUV commonly available worldwide. Asks us to think about the parent corporation's next steps in leveraging this success. In particular: To what extent does it make sense to expand overseas vs. entrenching itself within the home market--India?

Illustrates the challenges of managing a global business enterprise. A rewritten version of an earlier case.

Great strategists rely heavily on numbers as they go about their work. Offers an overview of the high- and low-brow quantitative tools that students encounter during the Strategy course. The class explores high-brow tools in detail; the focus here is on low-brow calculations. Such calculations come up often in class but because they seem so simple, they get little airtime or explanation. From past class experience, roughly 20% of the students in each section come into the course with the intuition and experience to do these simple calculations themselves. The other 80% understand the calculations after they see them and grasp their value, but don't spot the opportunities to do the math themselves, before class.

Supplements the (A) case.

Yamato Transport is the leading Japanese parcel delivery company and has dominated its industry for more than two decades. In response to new competitive challenges, Yamato must decide how to reposition itself in the industry and optimize the size of its network. The recently corporatized Japan Post is the only company that can deliver personal mail