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A turnaround expert must determine whether a firm in distress is worth more as a going concern than its liquidation value. If so, the finances of the firm must be restructured in a way consistent with the bargaining power of the holders of the various securities. The restructuring requires a delay in principal repayment, rate concessions, and a debt-for-equity swap.

The new owner and CEO of Arnold Advertising, a relatively small regional agency, aims to build it into Arnold Communications--a much larger, stronger firm competing successfully for national accounts. As part of this growth strategy, the agency develops a process for identifying the "brand essence" of a client's product and using the essence to guide the development of all creative work on the client's campaign. In most cases, the approach appears to be successful at winning new business. Questions arise, however, about the effectiveness of the process for guiding the ongoing creative development and implementation of advertising campaigns.

Describes Lotus' acquisition by IBM, its movement from proprietary standards to open standards, and its current market position. Microsoft is gaining ground with its Exchange Server, and Lotus has received unfavorable press.

Since the beginning of 1997, Vanguard's assets under management have increased more than 60% from $240 billion to almost $400 billion, making it second in market share only to Fidelity. Vanguard views this success as another vindication of its low-cost strategy of no-load funds, small expense ratios, candid client communication, high-quality service, and predictable performance. But the organization also is mindful of the unprecedented changes occurring in the financial services industry. Financial institutions have been rapidly consolidating, with firms such as Citigroup, UBS, and Merrill Lynch each now holding customer and other assets in excess of a trillion dollars. And technology-especially the Internet-is dramatically altering the creation, pricing, and delivery of financial services. Vanguard has to carefully consider its future, and faces key decisions such as expanding its range of products and offering asset management services in other countries.

SADAFCO has long enjoyed a dominant position in the milk and ice cream markets in Saudi Arabia. In the mid-1990s, this dominance was under threat as Nestle, Unilever, and Mars all entered the ice cream market. The case outlines the Saudi Arabian ice cream wars.

Bill Copacino, Andersen Consulting's managing partner of Strategic Services Americas, needed to submit his recommendation to Peter Fuchs, Strategic Services worldwide director, for the operating plan for Strategic Services Americas for fiscal year 1999. Strategic Services had grown by over 40% per year in headcount since 1989, but remained a relatively small part of Andersen Consulting. Copacino and Fuchs were challenged to grow Strategic Services at the level required to increase its relative position in the firm to 10% of its people and 15% of its revenues. As they discussed options, there were no easy answers. Should Strategic Services continue to try to grow at 30% plus per year? Would Strategic Services be able to find enough new and experienced hires to continue to grow? Could the unique culture be maintained? Should they consider acquisitions? Was there an effective way to meet their growth targets?

A new company that manufactures computer games must begin to capitalize computer software development costs. Issues that must be addressed include the effects of capitalization and decisions about how to match costs with future revenues.

In the early 1980s, Turkey adopted policies that liberalized trade as a part of a structural adjustment program. Within the garment industry, small- and medium-scale enterprises were not well positioned to take advantage of the new opportunities to compete in international markets. In order to overcome challenges in marketing, obtaining financing, and negotiating with government trade officials, competitors came together to form Ege Giyim Sanayi ve Dis Ticaret A.S. (EGS). EGS's rapid expansion forced it to face crucial questions about both its governance structure and future diversification opportunities.

Describes the challenges facing the Saturn Corp., General Motor's (GM) small-car company, as it enters a phase of transferring its knowledge, technology, and experience throughout GM. Describes the urgency of Saturnization at GM and the continuing pressure to retain traditional job design and vertical integration. Used to demonstrate the extraordinary time and expense required in some situations to generate competitive advantage.

Presents an analytical report on the company's competitive position and on the industry structure in 1991. Used to show how a company can generate value through steady, incremental investment over a long period in a business model tailored to the industry context. Also illustrates the challenges of market leadership.

Harry Denton, the CEO in this fictional case study, has been caught off guard. As the head of Delarks, a venerable department-store chain in the Midwest, he has engineered a remarkable turnaround in only a year. Sales have rebounded, and Wall Street is applauding. But when Delarks's head of merchandising defects to a competitor, Denton is shocked to realize that many of the layoff survivors, in fact, have had it with him and with the company. The last straw was the recent closing of the Madison store, which Denton announced without warning to anyone--not even the company's head of HR, Thomas Wazinsky, a supposedly trusted adviser. The rumor mill says that many employees are considering leaving before Denton can inflict the next blow. And senior managers are not immune to the fear and anger. Even Wazinsky, one of the few links to Delarks's proud past, confesses to Denton, "I'll bet you're thinking of firing me." Denton has to act--and fast. He calls a "town meeting" for the 600 employees of the St. Paul store. The plan: rally the troops. Instead, Denton is routed. Angry questions are hurled at the CEO, and he is forced to beat a hasty retreat through the back door. In 98510A and 98510Z, Bob Peixotto, Jim Emshoff, Richard Manning, Gun Denhart, and Saul Gellerman offer advice on how to revive morale at the successful but troubled company.

Harry Denton, the CEO in this fictional case study, has been caught off guard. As the head of Delarks, a venerable department-store chain in the Midwest, he has engineered a remarkable turnaround in only a year. Sales have rebounded, and Wall Street is applauding. But when Delarks' head of merchandising defects to a competitor, Denton is shocked to realize that many of the layoff survivors, in fact, have had it with him and with the company. The last straw was the recent closing of the Madison store, which Denton announced without warning to anyone--not even the company's head of HR, Thomas Wazinsky, a supposedly trusted adviser. The rumor mill says that many employees are considering leaving before Denton can inflict the next blow. And senior managers are not immune to the fear and anger. Even Wazinsky, one of the few links to Delarks' proud past, confesses to Denton, "I'll bet you're thinking of firing me." Denton has to act--and fast. He calls a "town meeting" for the 600 employees of the St. Paul store. The plan: rally the troops. Instead, Denton is routed. Angry questions are hurled at the CEO, and he is forced to beat a hasty retreat through the back door. In 98510A and 98510Z, Bob Peixotto, Jim Emshoff, Richard Manning, Gun Denhart, and Saul Gellerman offer advice on how to revive morale at the successful but troubled company.

Harry Denton, the CEO in this fictional case study, has been caught off guard. As the head of Delarks, a venerable department-store chain in the Midwest, he has engineered a remarkable turnaround in only a year. Sales have rebounded, and Wall Street is applauding. But when Delarks' head of merchandising defects to a competitor, Denton is shocked to realize that many of the layoff survivors, in fact, have had it with him and with the company. The last straw was the recent closing of the Madison store, which Denton announced without warning to anyone--not even the company's head of HR, Thomas Wazinsky, a supposedly trusted adviser. The rumor mill says that many employees are considering leaving before Denton can inflict the next blow. And senior managers are not immune to the fear and anger. Even Wazinsky, one of the few links to Delarks' proud past, confesses to Denton, "I'll bet you're thinking of firing me." Denton has to act--and fast. He calls a "town meeting" for the 600 employees of the St. Paul store. The plan: rally the troops. Instead, Denton is routed. Angry questions are hurled at the CEO, and he is forced to beat a hasty retreat through the back door. In 98510 and 98510Z, Bob Peixotto, Jim Emshoff, Richard Manning, Gun Denhart, and Saul Gellerman offer advice on how to revive morale at the successful but troubled company.

The executive assistant to the Army Chief of Staff prepares the nomination forms for all Army officers eligible for promotion, which are then submitted to the Senate Armed Services Committee (SASC) for approval and later confirmation by the Senate. During the officer's tenure, a SASC investigation reveals that serious racial incidents have occurred at four military bases. In response, the SASC establishes new guidelines for the promotion process, requiring a disclosure statement outlining any involvement or allegations of involvement in racial incidents, whether substantiated or not. The statement must also include any incidents involving the nominee's subordinates. Although the officer and the Chief of Staff have developed a relationship of mutual respect and admiration, on this issue they disagree. The officer believes that all information should be supplied to the SASC as required. The Chief has utter disdain for the guidelines, since even unproven allegations must be reported, and thinks it is unreasonable to hold superiors accountable for subordinates. The officer wants to preserve his relationship with his superior, yet does not want to engage in any wrongdoing. Under pressure, he chooses a strategy of outward compliance to the guidelines while knowing that his reports will be altered by the Chief before their submission to the SASC. HKS Case Number 1458.0

In 1998, most officials in El Salvador recognize that the water infrastructure and the institutions responsible for managing that infrastructure are in disrepair. Without reforms, the country would be unable to provide water and sewerage services to a majority of its people. The Inter-American Bank had made it clear that financial aid to El Salvador was contingent upon the country's willingness to restructure its water system. Admittedly, there were major differences among the parties as to how the system should be reformed, but not whether it should be. HKS Case Number 1483.0

When Ukraine becomes independent following the collapse and dissolution of the Soviet Union, the nation which is suddenly Europe's third most populous finds itself almost immediately caught up in high-stakes international diplomacy and negotiations. A significant part of the Soviet Union's former nuclear arsenal, including intercontinental ballistic missiles targeted at the United States, are housed within Ukraine. This case tells the story of the formation and evolution of a newly-independent nation's foreign policy, focusing on Kiev's dawning understanding of the dynamics of diplomatic negotiation, the power of nuclear weapons as bargaining chips, and its emerging sense of the nature of its national interest. HKS Case Number 1425.0

When a Republican state representative in the Midwest decides not to seek re-election, he is approached by a politically active, successful farmer about running for the seat. He thinks the farmer would represent the moderate wing of the party effectively and decides to support his candidacy. In a conversation several months later, the candidate reveals that he is gay although conservative on gay issues, and asks the representative's advice on whether to reveal his sexual orientation to his campaign manager and supporters. The representative realizes that the advice he gives the candidate may shape the outcome of the election. He says that such an admission would make the campaign far more difficult, and that he thinks it is a personal issue that the candidate isn't obligated to reveal. The only other candidate in the primary is a previously unknown conservative openly opposed to what he calls the homosexual agenda. The moderate candidate runs a campaign focused on the issues, but three weeks before the primary his campaign manager resigns, having learned of the candidate's homosexuality and feeling betrayed at not being told. The candidate loses the primary by a small margin. HKS Case Number 1454.0

Describes how 3M Corp. introduces and learns a new and innovative methodology called Lead User research to understand future customer and market needs. A team from 3M's Medical-Surgical Markets Division applies the Lead User methodology to the field of surgical infection control and discovers not only new product concepts but also a very promising new business strategy. Focuses on: (1) 3M's approach to the management of innovation and understanding market needs, (2) an in-depth description of the Lead User method and its potential as applied to the medical business, and (3) the managerial challenges of introducing novel methods into a successful organization.

Robert Bennett, who has a Master's degree in engineering, wants to exploit his idea to combine a refrigerator, freezer, and 500-watt microwave into an 87-pound, 4-foot-high appliance to sell to college students. Bennett must decide which markets to serve, which competitors he must contend with, with whom to collaborate, and what core capabilities to build.

Richard Ivey School of Business has a need for the creation of a database, to be used for managing information about students and their courses of study, in its Business PhD program. Information on students to date has been maintained in a mix of paper and computer-file systems. The program director would like to develop a database, using a facility such as Microsoft Access, to be used for this purpose. The case provides examples of the actual forms and data maintained currently, and challenges the students to first create an entity-relationship data model, then a design for a relational database.