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When the outbreak of COVID-19 in early 2020 affected commercial circulation in various regions around the world, Heilongjiang Feihe Dairy Co. Ltd. (Feihe), a leading Chinese dairy company, had been facing difficulties for a while. The company's enterprise strategy was actively adjusted, and various measures were taken to protect the company's supply of raw materials and the business operations of its production, distribution logistics, sales, and other departments from adverse effects of the pandemic in the first quarter of 2020. Feihe announced that its revenue growth rate in the first quarter of 2020 would not be less than 30 per cent. However, due to the impact of COVID-19, the pattern of competition among milk powder brands had quietly changed. Although Feihe had successfully gained a share of the high-end market, which had previously been dominated by foreign brands, its proportion of this market was still not high. At the same time, the rapid rise of other domestic brands had disturbed Feihe's brand appeal of being "more suitable for Chinese babies" and its claim that its sales were far ahead in China. How should Feihe further adjust its strategy to properly deal with its competitive relationship with other brands?

In April 2020, the interim president of the 3D printing and digital manufacturing business of HP Inc. was weighing his options in resolving three managerial dilemmas: (1) How should HP promote technology awareness among industrial customers? (2) How should HP scale up its production of 3D printers? (3) How could HP promote shorter technology adoption cycles among industrial customers?

In January 2020, Kombi Sports Inc. was at a strategic crossroads in a changing industry. The Montreal-based firm had evolved from a niche provider of alpine performance gloves to a premium Canadian winter apparel brand. Its success could be attributed, at least in part, to its strong collaborative stance and interesting partnerships. However, increasing competition in the industry, particularly among brick-and-mortar retailers, raised questions for Kombi about how and where it should focus its efforts for future growth.

The case follows President Linda Oubré (HBS MBA Class of 1984) as she seeks to move Whittier College towards a more diverse, equitable, and inclusive campus. In 2020, the student body of Whittier, a private liberal arts college in Los Angeles County, California, is slowly evolving to represent the growing diversity of the surrounding area. Roughly 70 percent of Whittier students are non-white, and 59 percent are female. The college's leadership, however, remains largely white and male. Oubré, who had spent most of her previous career in business, was selected as the college's president in 2018-the first black woman to serve in that role. Almost immediately upon stepping into the role, Oubré set her sights on diversifying the college's staff, administration, and board of trustees; in 2020, the racial reckoning that swept across the United States only heightened the urgency of her task. Oubré knows that sweeping change is needed at Whittier. But change, of course, is hard. How can she continue to push for diversity among faculty, staff, board members, and students? And how can she galvanize support among all of the college's many constituents?

The case follows President Linda Oubré (HBS MBA Class of 1984) as she seeks to move Whittier College towards a more diverse, equitable, and inclusive campus. In 2020, the student body of Whittier, a private liberal arts college in Los Angeles County, California, is slowly evolving to represent the growing diversity of the surrounding area. Roughly 70 percent of Whittier students are non-white, and 59 percent are female. The college's leadership, however, remains largely white and male. Oubré, who had spent most of previous career in business, was selected as the college's president in 2018 - the first black woman to serve in that role. Almost immediately upon stepping into the role, Oubre set her sights on diversifying the college's staff, administration, and board of trustees; in 2020, the racial reckoning that swept across the United States only heightened the urgency of her task. Oubré knows that sweeping change is needed at Whittier. But change, of course, is hard. How can she continue to push for diversity among faculty, staff, board members, and students? And how can she galvanize support among all of the college's many constituents?

The case follows President Linda Oubré (HBS MBA Class of 1984) as she seeks to move Whittier College towards a more diverse, equitable, and inclusive campus. In 2020, the student body of Whittier, a private liberal arts college in Los Angeles County, California, is slowly evolving to represent the growing diversity of the surrounding area. Roughly 70 percent of Whittier students are non-white, and 59 percent are female. The college's leadership, however, remains largely white and male. Oubré, who had spent most of previous career in business, was selected as the college's president in 2018 - the first black woman to serve in that role. Almost immediately upon stepping into the role, Oubre set her sights on diversifying the college's staff, administration, and board of trustees; in 2020, the racial reckoning that swept across the United States only heightened the urgency of her task. Oubré knows that sweeping change is needed at Whittier. But change, of course, is hard. How can she continue to push for diversity among faculty, staff, board members, and students? And how can she galvanize support among all of the college's many constituents?

Partnering with startups is an important way by which large multinational corporations (MNCs) pursue open innovation. This article sheds light on distinctive startup partnering strategies across multiple locations. These vary in terms of institutional strength (advanced vs. emerging markets) and local reputation in a given sector (cluster vs. non-cluster). Different partnering strategies are appropriate for each location type: a template-based or purpose-built approach (in clusters vs. non-clusters, respectively), and a facilitative or directive approach (in advanced vs. emerging markets, respectively).

In February 2019, the owner of the Yukon Soaps Company (Yukon Soaps), based in Mayo, Yukon, was contemplating the path forward for her business. Founded in 1998, Yukon Soaps was a provider of hand-crafted artisanal soap featuring Indigenous artwork. Yukon Soaps had been experiencing double-digit annual sales growth over the past several years, and demand was steadily exceeding supply. The owner felt that her business had reached a critical point, and she knew it could not grow without addressing several pressing growth challenges, many unique to its northern context: (1) the cost of sourcing ingredients and shipping them via air freight to Yukon significantly drove up the cost of goods sold; (2) Yukon Soaps' product was currently produced in the owner's basement, which severely limited production capacity; (3) the business currently sold to Yukon retailers, directly to customers through fairs and farmers' markets, and through an online e-commerce platform, and there were significant trade-offs associated with each sales channel. The owner's primary goal was neither revenue nor profit growth, and as the challenges that came with growth threatened her primary goals and values, she was questioning the value of expanding the business. Should she expand Yukon Soaps, or should she remain a small-scale player? How could she address the unique challenges that she faced in Mayo, Yukon?

Following its official launch on April 6, 2020, Quibi, a mobile-only short-form video streaming platform that had raised over $1.7 billion had failed to gain the traction it was expecting and fell well short of its first-year growth projections. The company ultimately announced that it was shutting down after just six months in October 2020. Exactly where had Quibi gone wrong, and what lessons could investors learn from their failed investment in the company?

Vigilant organizations excel at seeing looming threats and embryonic opportunities sooner than rivals, which prepares them to act faster when needed. Four drivers distinguish vigilant from vulnerable organizations, which can be used to design a roadmap to improve organizational acuity and preparedness. The fulcrum of these changes rests with the leadership team by demonstrating a strong commitment to vigilance at all levels, and reinforcing this by making targeted investments in foresight capabilities. These strategic moves also need to be supported by corresponding changes in the strategy-making process and by ensuring accountability and coordination of vigilance activities throughout the enterprise.

This case describes the thoughts and reflections of five MBA alumni on their way back to their alma mater for a 20-year reunion event. As invited speakers, they will advise the upcoming graduating class on what to expect after graduation. The case provides a brief background on the career trajectories and family circumstances of each of the five protagonists as well as their personal reflections on their accomplishments and their regrets. The case is an excellent starting point for thought and discussion on the goals and motivations of MBA students, and what they expected to achieve and how they would measure success over the medium to long term. This case would be appropriate either alone or in conjunction with the technical note "Are You Ready? Devising a Personal Strategy for Life after Business School" (UVA-S-0342) as an effective reinforcement exercise.

Moderna, Inc. (Moderna), a US biotech start-up, was a contender in the race to develop a COVID-19 vaccine. On November 23, 2020, Moderna announced success in the third-stage clinical trial of its COVID-19 vaccine, soon after larger rival Pfizer Inc. (Pfizer), partnering with BioNTech SE, had reported the successful clinical trial results of its own vaccine. However, large-scale vaccine production was a challenge for Moderna, and its chief executive officer acknowledged that scaling production would not be easy. The two other leading vaccine developers, Pfizer and AstraZeneca plc (AstraZeneca), had fewer challenges with manufacturing capacity; however, Pfizer's vaccine required extreme cold storage, and AstraZeneca's vaccine faced issues with its third-stage clinical trial results. On the consumer front, many Americans were unwilling to be vaccinated for COVID-19, leading to anti-vaccination protests on social media and in public. In November 2020, Moderna was planning to apply to the US Food and Drug Administration for Emergency Use Authorization of its COVID-19 vaccine. Vaccine manufacturers were racing to see whose vaccine was best. Could Moderna produce the most effective COVID-19 vaccine? Given the uncertainty in consumer demand for the vaccine, should Moderna plan its manufacturing capability based on end-consumer demand or focus instead on seeking government contracts?

This series of case studies lift the veil of wellness tourism, a popular but relatively niche market. Case A describes how wellness tourism had become more mainstream in recent years. At the foot of the Alps, there is a low-key luxury resort called Grand Resort Bad Ragaz. The resort Group organically combines the tradition of a family business and Swiss innovation in its strategy. On the one hand, all group-level decisions put the protection of the spring with about 800 years history as a prerequisite, and on the other, the resort group explores business opportunities with an open and creative mindset. However, in Europe, where the market was mature and saturated while the population was aging, how could wellness hospitality businesses stand out? Should Bad Ragaz Group keep focusing on loyal European guests who had already visited multiple times, or should they focus on new guests from Asia, especially China who seemed to be willing and able to visit more frequently and spend more in the future?

It had been one year since Anita Basu joined the Grand Resort Bad Ragaz as the Director of the Medical Center and member of the Executive Committee. Basu believed that the Grand Resort Bad Ragaz differentiated itself from other high-end resorts because of the centuries-old thermal spring and five-star experience that integrated medical treatment and other facilities. However, would the diversification of the facilities lead to the dilution of Bad Ragaz brand? Did the concept of holiday recreation and healthcare services bring synergy or conflict with each other? How would the aging population of Europe affect the Medical Center of Bad Ragaz? Basu read reports that pointed out the huge growth potential of the Chinese and Asian markets, but the past year was her first time seriously considering business development with Chinese customers and partners. It seemed that a direct shift in target audience from Europe to Asia might help Basu to increase the performance of the Medical Center or even the resort, but challenges like lack of mutual trust, legal differences, mismatched expectations, and language barriers had to be taken into consideration as well. Basu had to report to the CEO but hesitated as to whether she should propose a greater focus on Asian guests. If she should, how?

The case is based on published sources and was written in 2019, before the announcement in April 2021 of a breakaway European Super League. The idea of different formats and financing models for competition football is not new, however. The case explores this from the viewpoint of FC Bayern Munich the best-known and most successful German football club and one of the elite teams in Europe - and its president, Karl-Heinz Rummenigge, who has had a number of influential roles in the football world, in a career spanning more than five decades. Revenues from European football competitions have increased constantly over the last decades, with the UEFA European Champions League (UCL) constituting the largest piece of the cake. The big European football clubs, including Bayern Munich, aimed for a bigger share of the increasing revenues and debated a self-organized break-away European Super League (ESL) outside UEFA.

As late as 2020, the supply chain of the global chocolate industry was characterized by modern slavery and child labour, poverty, dire living conditions and deforestation. While players in the cocoa industry had launched certification and in-house sustainability programmes, experts claimed that these have had limited impact. This failing prompted alternative efforts to change the sector from within. One of them, Tony's Chocolonely, a Dutch brand, set out to challenge the industry and demonstrate that cocoa could be sourced differently. Created in 2005 after an investigative journalist exposed the "dark side" of the industry, Tony's became one of the market leaders in the Netherlands. It operated a fully segregated supply chain "from bean to bar" for all cocoa components in its chocolate, and paid farmers in Africa a higher price for their cocoa beans to help them earn a living income. It described itself as "an impact company that sells chocolate; not a chocolate company trying to make an impact". Its vision - "a cocoa industry with 100% slave-free chocolate" - went beyond its own operations and applied to the global industry, urging the big chocolate players to take responsibility along the entire supply chain. The size of Tony's Chocolonely compared to the global chocolate industry brings an analogy to mind: Could this David defy Goliath? Could a start-up with a social mission change an entire industry from within? To achieve 100% slave-free chocolate meant tackling a host of strategic, tactical and operational issues, many linked with the UN Sustainable Development Goals.

The Sunshine Foundation of Canada (Sunshine) was a national, Canadian-focused, self-funded charity established in 1987 and headquartered in London, Ontario. In the second half of 2020, the chief executive officer (CEO) and president was deciding how to create an effective email template that would serve the larger organization as the first point of contact for potential donors. Sunshine’s relationships and donor pipeline were the organization’s lifeline, and with strong competition in the non-profit milieu, the CEO knew securing funds in the individual-giving category would be difficult. How could she outline Sunshine’s differences and highlight why the prospective client would be interested in becoming a donor? How could she convert these prospects into new Sunshine donors?

In March 2021, Amnon Shashua, co-founder and CEO of Israel-based Mobileye, was preparing to meet with Intel's new CEO, Pat Gelsinger, to review plans for the future. Mobileye had been acquired by California-based Intel in 2017, but still operated independently. Mobileye was the global leader in vision technology for Advanced Driver Assistance Systems (ADAS) with a 70% market share and $1 billion in revenue. However, for Shashua, ADAS was just the first step towards his dream of leading the autonomous vehicle (AV) revolution. It was this vision that led Intel to acquire Mobileye for $15.3 billion. Shashua's challenge was that consumer AVs were still years away due to concerns over safety, regulation, cost, and consumer acceptance. A nearer term use case for AVs was the robotaxi market-fully autonomous, driverless taxis. Shashua and his team were excited about the potential of robotaxis to change the future of mobility, projecting that the market would grow to $160 billion globally by 2030. Mobileye believed that it could generate at least $15 billion in annual robotaxi revenue by the end of the decade. Equally important, Shashua viewed robotaxis as a necessary first step toward consumer AVs. Mobileye could use its experience in robotaxis to improve AV technology, address regulatory challenges, and build high definition maps. The long-term question facing Mobileye was whether to: 1) invest billions of dollars to build-out a global, vertically integrated robotaxi business; 2) use robotaxis as an opportunity to learn and then revert back to a horizontal supplier of AV chips and software; and/or 3) do both? During most of Intel's history, the company had been a horizontal semiconductor company which avoided vertically integrating into its customers' businesses.

This note provides an introduction to corporate governance from a managerial perspective, covering key aspects of board responsibilities and board composition, the regulatory environment and legal duties of directors, and changes in governance systems over time, with a focus on publicly traded firms in the United States.

Established in 1969 as a cosmetics lab in the city of São Paulo, Natura grew briskly over the ensuing decades and by 2004 it had become Brazil's largest beauty company. Unlike its competitors, Natura was built on the principle of reconciling socioecological sustainability with value creation. During the 2010s, Natura evolved from a strong regional player focused on a single brand and direct sales to a multinational, multi-brand, multi-channel group and renamed itself Natura &Co. Its three business units, Natura, Aēsop and The Body Shop, operated independently, with decision-making autonomy and their own CEOs and executive teams. Each unit continued to grow and operate sustainably, but group profitability plummeted. In May 2019 Natura &Co announced that it had agreed to acquire mass-market beauty company Avon in a transaction worth $3.7 billion. The takeover would present several challenges, from turning around underperforming Avon to developing a coherent corporate strategy without betraying Natura's sustainability ethos.