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In 2016, the Japanese company Toyota Tsusho Corporation (TTC) acquired the remaining shares of the French trading company Compagnie Française de l’Afrique Occidentale (CFAO), which was operating in Africa. That same year, TTC registered its first financial loss in 16 years. Several years earlier, in 2012, TTC had participated in CFAO’s equity as its majority shareholder. These strategic moves were all part of TTC’s corporate campaign Vision 2015, "Lead the Next", which aimed specifically to reduce its dependence on its parent group by diversifying to increase earnings from non-automotive businesses, rather than targeting African markets as a long-term sustainability plan. What were the motivations of TTC and CFAO in pursuing these transactions? Was the positive performance that followed the acquisition a result of synergies or just a simple sum of the consolidation and an industry trend? Why did TTC move from preserving CFAO’s operational autonomy in 2012 to delisting and fully internalizing it in 2016? Was there a link between poor performance in 2016 and the acquisition of CFAO? How should CFAO solve the conflict between its existing automotive customers and the Toyota Group as its main rival? How could CFAO defend its leader position from the entry of major competitors from South Korea, India, and China? Although the Vision 2015 campaign was validated, should TTC revise its global vision strategy and 10-year plan in the future, given its bad year in 2016?

In 2014, Australia’s national airline Qantas Airways Limited (Qantas) faced one of the most difficult years in its history. Following a loss of AU$2.8 billion, the airline’s chief executive officer asserted that government intervention was necessary. He wanted the government to publicly guarantee the airline’s debt, which would secure its credit rating and provide relief in challenging circumstances. His efforts were unsuccessful. Qantas instead embarked on a structural review and company transformation, seeking to repair its balance sheet and improve free cash flow. On August 23, 2016, having completed one of Australia’s largest and most public corporate turnarounds, Qantas announced AU$1.53 billion in underlying profit. Inevitably, questions arose as to how Qantas would reward long-suffering shareholders. Having overcome trying financial problems, Qantas was facing a different challenge: whether, and how, to return cash to shareholders, having not paid a dividend for seven years.

An analyst at Vaux Gibson Inc., a fund that managed a portfolio of North American equities, was tasked with reviewing the fund’s holdings of Under Armour Inc. (Under Armour) and providing recommendations for the fund’s prospective investment strategy with the company. Under Armour had experienced significant revenues and bottom-line growth over the past three years, but this growth slowed significantly in 2017 and the company reported a net loss, resulting in the significant depreciation of its stock price. The analyst wondered if it was time to exit the investment, providing investors with an above-market return, or if there was still room for Under Armour to recover and grow.

In March 2018, Cricket Australia (formerly the Australian Cricket Board) banned the Australian cricket captain from the sport for a year due to his involvement in a premeditated attempt at ball tampering in a test match against South Africa. He was also banned from any leadership positions in the sport for at least a year thereafter and faced financial losses on account of these bans. Australian fans and political leaders were outraged at the ball-tampering scandal and the captain's involvement. Other cricketers felt that the penalties were severe and disproportionate. What led the captain to engage in “premeditated” foul play? Could he have played the game differently? Will he be able to lead the Australian cricket team again?

In January 2018, the Philippine cement industry changed forever with the entry of the 100-per-cent Filipino-owned cement manufacturing company Big Boss Cement Inc. (BBCI). When the company decided to set up shop with a cheaper, eco-friendly manufacturing process that promised less carbon emission, competition became fierce. BBCI planned to expand its capacity to take advantage of a growth in both infrastructure projects and local demand for cement, but it had to analyze the macro-environmental and competitive forces relevant in the context of its entry in the cement industry. It had to ascertain whether it could differentiate its product based solely on ecological appeal. BBCI also had to ensure that its environmentally-friendly brand promise would work, and anticipate potential obstacles to its success and determine how to counter these hurdles.

As the world continues its digital evolution, more aspects of our lives are dependent on data and digital devices. This shift has required technology manufacturers to emphasize encryption and robust security in their evolving designs. While this pursuit of security is necessary to keep users' critical personal information safe, criminals and terrorist organizations are using these same security technologies to make it difficult or even impossible for authorities to access that data. Law enforcement agencies claim that they need the technical ability to lawfully access digital data, while many technology and privacy advocates hold that authorities should never, under any circumstances, force companies to weaken or circumvent security.<br><br>The conflict between privacy and security is examined in this case, starting with the 2016 legal challenge when, after a mass shooting, the U.S. Federal Bureau of Investigation sought a court order directing Apple, Inc. to create software that would unlock the suspect's iPhone. Although that legal challenge was dismissed, the issues remain live and pressing.

In 2016, Fair and Handsome, a skin-whitening cream produced by Emami Limited, led the men's fairness skin cream category in India, with a market share of 60 per cent. In late 2017, however, the company faced both a public backlash and an adverse court decision about its marketing of the product. A growing movement called Dark is Beautiful was galvanizing support against companies that portrayed fairer skin colour as a means for both personal and professional fulfillment. The company had also appealed a lower court's decision to ban the company's use of skin whitening in its advertisements. Since the product was earmarked for significant growth in the next five years, the company needed to develop an immediate response. What should it do?

In January 2018, the governor of the Bank of Japan (BoJ), was preparing for a meeting of the policy board of the BoJ. While the broad macroeconomic indicators hinted at a Japanese recovery, Japan still continued to have an inflation rate well below its target of 2 per cent. The accommodative, unconventional monetary policy of quantitative and qualitative easing engineered by the governor in 2013 had resulted in a bloated balance sheet for the BoJ, with little success in overcoming deflation. Was it time to wind up Japan’s monetary stimulus? What would be the results of continued monetary stimulus, especially for businesses? Would the Japanese economy be able to recover from deflation without such monetary stimulus?

In August 2016, China’s home-grown ride-hailing company Didi Chuxing Technology Co., Ltd. (Didi) acquired the Chinese assets of Uber Technologies Inc. (Uber), including Uber China’s brand, business, and data. Didi had previously ventured into Uber’s territory by investing and collaborating with Lyft Inc., Uber’s main competitor in the United States. Didi’s transformation from its beginning as a humble mobile application into a technology giant that was re-shaping transportation both within and beyond China was related to significant transformations in its social and business context. These transformations included the rapid growth of China’s cities and China’s status as one of the first countries to formally recognize the legality of Internet-based private car services. Looking to the future, Didi faced questions about its development in a rapidly changing global digital economy: How could it expand its products and services to the international market? Could Didi achieve the same impressive market record abroad? How could Didi continue to innovate? What was a truly sustainable business model for an online ride-hailing firm? How could it maintain its current leading position in the market?

On April 20, 2016, printer and ink maker Lexmark International, Inc. (Lexmark) announced that it was being acquired and taken private by a consortium comprising China-based computer hardware company Apex Technology Co., Ltd. (Apex), as well as private equity firms PAG Asia Capital (PAG) and Legend Capital (Legend). On the same day, Apex formally announced its acquisition of Lexmark for the Chinese capital market. The announcement caused a huge sensation because Apex was a small company compared to Lexmark; Lexmark completed 2015 with US$3.6 billion in revenue—approximately 10 times the revenue of Apex. To raise enough money to pay for the acquisition, Apex had established the consortium with PAG and Legend, and borrowed a large sum of money from its controlling shareholder and banks. Although Apex had ultimately raised enough money to complete the acquisition, its satisfaction over this success soon gave way to pressing questions about financing. In order to dispel the doubts of regulators and the market, Apex needed to decide whether it should adjust its financing plan for the acquisition, and if so, how.

In June 2017, transportation company Uber Technologies Inc. (Uber), which operated in 70 countries and had net revenue in the fourth quarter of 2016 of US$1.7 billion, fired its chief executive officer, Travis Kalanick. By the time of Kalanick's departure, negative publicity had contributed to a decline in market share, and a number of other high-level executives had left the company. What options could the company identify for the future that would address existing issues, including those surrounding its culture, practices, financing, and consumer confidence?

In January 2017, Banro Corporation, a Canadian gold mining company in the Democratic Republic of Congo, underwent recapitalization to cope with financial distress, and to optimize its operations of mining assets. Since the commencement of commercial mining in 2009, unexpected social conflicts and operational challenges had led to significantly lower production than expected, with a large cost overrun, while the price of gold declined sharply from 2012. Would the recapitalization enable Banro Corporation to carry out its medium-term strategic plan of incremental growth by operational improvements, through cost reduction and throughput expansion over a five-year horizon? How could the company achieve its long-term goal of being a model of excellence in sustainability?

Infosys Limited, a large Indian information technology (IT) company, had set a target of achieving revenues of US$20 billion by 2020 (known as Vision 2020) and thus needed swift growth. Acquisitions were a possible source of growth, but the problem was where and what to acquire and how to take the post-merger integration factor into account for achieving this growth. Infosys Limited had already made several acquisitions, which improved the company’s client base, knowledge, and geographical expansion, but a few had also been controversial. If Infosys Limited was going to use acquisitions to continue the swift growth it needed to meet its Vision 2020, the company needed the right buyout strategy. Which business and geographical segments should Infosys Limited invest in, and what should be the key determining factors to drive the acquisitions—increased clientele, enhanced technology, or increased geographical reach?

In November 2017, the chief executive officer of Sony Corporation was preparing to announce the company’s release of its rebooted robo-pup, the Aibo—a robot equipped with sensors and actuator technologies, and powered by artificial intelligence that allowed this virtual pet to behave like a real dog. Sony Corporation, the 70-year-old iconic Japanese manufacturing company, had diverse businesses. After significant restructuring since 1999 to address its financial troubles, the company was expected, in March 2018, to post a record operating profit for the first time in two decades. How did a virtual pet business, especially one that had already proved unviable in the past, fit into such a restructuring exercise? Was Sony Corporation's Aibo an intelligent decision?

Under the visionary leadership of Hiroshi Yamauchi, Nintendo Co., Ltd. (Nintendo) of Japan had transformed from a small founder-controlled business to a global and professionalized firm. Yamauchi’s death in 2013 had the potential to affect Nintendo’s corporate financial policy. Following his passing, Yamauchi’s family was left with a huge inheritance—but also an exorbitant inheritance tax bill. The family sought advice from Nintendo on how to deal with the matter. How could Nintendo solve this financial trouble in a way that balanced the interests of both the family and Nintendo’s management?

RONA Inc. (RONA), a Canadian giant in home improvement retail, received an unsolicited offer of CA$1.76 billion from Lowe’s Companies, Inc., (Lowe’s) in 2012. Lowe’s, a U.S. company, was already operating in the Canadian market through a subsidiary, and its goal in acquiring RONA was to rapidly upscale its operations. RONA’s board of directors declined the offer. Lowe’s came back in February 2016 with a second offer worth $3.2 billion. Negotiations followed, the deal was completed in March 2016, and RONA officially became part of Lowe’s Canada in May 2016. One year later, the debate re-ignited. In October 2017, Lowe’s Canada’s president stated that he hoped to demonstrate within five years that this was the best option for RONA. Was it?

IKEA, the world’s largest furniture retailer, entered the Chinese market in 1998; however, it did not turn a profit in the first 10 years. Although anticipating lower profits, IKEA did not anticipate that Chinese customers would be confused about IKEA’s value proposition. After 2007, IKEA adopted several strategies to adjust for the Chinese market and achieve a better performance. These adjustments made IKEA more profitable in the Chinese market. IKEA accelerated its expansion in China with a plan to open three stores every year for a total of 40 stores before 2020. Still, in 2017, the Chinese market presented IKEA with challenges, such as cheap imitations from competitors and increasing interest in e-commerce by consumers. Could the strategies IKEA used to improve its performance in the past sustain the company in the years ahead?

In the summer of 2018 in the United States, Wendy’s faced an important decision related to its international markets. The company had a small international presence; of its 6,537 restaurants worldwide, only 637 restaurants were located in international markets. The company was faced with a saturated and stagnating U.S. market and fierce competition from a number of fast food rivals, including McDonald’s Corporation, Burger King Corporation, and Carl’s Jr. Restaurants LLC, and the surest path to growth seemed to be an expansion into foreign markets, where fast food was still growing. Wendy’s chief executive officer needed to determine which international market(s) to target and how many restaurants to open in each international market.

In early 2018, Toys “R” Us, an iconic toy retailer, filed for liquidation due to intense competition, heavy debt, poor store merchandise, and a non-user-friendly website. Some experts believed that if Toys “R” Us had filed for bankruptcy after the holiday season, its turnaround efforts would have been more successful. However, a toy maker and founder of MGA Entertainment made a bid to purchase Toys “R” Us, but his offer was denied on the grounds of the value being less than the threshold liquidation value. In April 2018, as he continued in his efforts to buy Toys “R” Us and turn it around, industry experts worried about the future of the toy industry. Was the toy industry likely to suffer due to the exit of such an iconic brand? How would the changing consumer preferences for online games affect the future of toy makers and retailers? Could the current chief executive officer of Toys “R” Us have saved the company and if so, where should he have focused his turnaround efforts?

In 2017, Uber, a ride-hailing application that was recognized as the world's most valuable start-up, was considering launching the world's first “urban air transport” service—Uber Elevate. Uber's chief product officer needed to convince the new chief executive officer and the board that electric Vertical Take-Off and Landing vehicles were the future of Uber, and to articulate a strategy to launch the service. But was it the right time to proceed with this bold initiative? Uber had recently seen its value plummet following a string of scandals that had forced its founder and chief executive officer to step down. How could the chief product officer ensure that Uber Elevate would be the success that he believed it would be? What steps were needed to ensure success?