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During the 2016 U.S. election, long-time politician Hillary Clinton, a Democrat, and celebrity billionaire Donald Trump, a Republican, faced off in a contentious race for president. In the primaries, candidates from both major political parties used anti-establishment messaging to appeal to the electorate, a theme that had been on the sidelines of U.S. political discourse for decades. Trump, in particular, played into the rising anti-establishment sentiment as he embraced a populist platform and emphasized his position as a Washington-outsider. He proved to be an unpredictable and incendiary candidate on the campaign trail, garnering much media attention and creating divisions within the traditional Republican base, yet his directness and promise to "Make America Great Again" resonated with several segments of the population. While many experts predicted a Clinton victory, Trump was ultimately elected president in November 2016. During his first 100 days in office, Trump tested the boundaries of the U.S. government, and observers looked on with uncertainty as he took an unconventional and unpredictable approach to policymaking.

In 2012, Argentine media conglomerate Grupo Clarín and President Cristina Fernández de Kirchner were embroiled in what some called "the mother of all battles." Grupo Clarín was one of the preeminent media companies in Argentina, with leading newspapers, cable television and Internet services, and broadcast television and radio stations. Some critics contended the company had prospered over several decades by managing relationships with governments of varying political color, such as with Néstor Kirchner (2003-2007), the popular president who helped lead the country out of the financial crisis. But its relationship with the government changed in 2008 when a divisive agricultural export tax sparked a conflict between Grupo Clarín and President Cristina Kirchner, Néstor Kirchner's wife and successor. Then in 2009, in a call for "democratizing" the media, Cristina Kirchner introduced a media reform law that would significantly limit Grupo Clarín's operations. By 2012, the conglomerate had delayed the law's implementation through the courts, but would likely have to restructure to accommodate the new regulatory environment. The case allows students to consider the assumptions that underlie media regulation and to debate the role of media in society. It may also be used to discuss how to evaluate a business decision in an uncertain regulatory environment.

In March of 2015, General Motors announced the details of a newly-established capital allocation framework. This framework provided a target for return on invested capital, guidelines for capital structure choices, and policies related to payouts. Senior managers face questions about how these policies should be implemented and what impact they might have.

This case examines the influence of political pressure on corporate decision-making. It questions whether fidelity to domestic operations ought to be a corporate social responsibility, and thus it challenges the limits of "social responsibility" as a corporate ideal. Specifically, the case focuses on Donald Trump's effort to encourage U.S. companies' domestic operations, through a study of one company's decision to backtrack on a factory relocation plan. In February 2016, the Carrier Corporation (a maker of heating, ventilation, and air-conditioning equipment and a division of United Technologies Corporation) announced a plan to relocate operations of a furnace factory from the United States to Mexico. The case notes that Carrier began to outsource and offshore operations, in an effort to reduce costs, around 1921. While Carrier's previous United States factory closures had garnered major press coverage, the 2016 announcement ramified differently. Days later, then-presidential candidate Donald Trump referenced the relocation in a Facebook post. Soon, Carrier's plan became a touchtone to Trump's anti-globalization and anti-free trade campaign messaging. The case documents that he was not the only candidate or politician to reference Carrier during the 2016 campaign. Still his declaration to "call up the head of Carrier" upon winning the presidency became a stump-speech refrain popular with his audiences, and contrasted with other political figures' more measured language. Ultimately, the case outlines the events set in motion after Trump kept his campaign promise and called Carrier's parent company's CEO one week after his surprise presidential election victory.

In late 2015, the chief executive officer of Shaw Communications was considering whether to reduce or divest the company's media assets. Shaw Communications had been founded as a cable television provider and, over the years, had grown its consumer connectivity businesses to include Internet services, satellite television, landline telephony, and, most recently, cellular network services. Similar to most other major Canadian telecommunications companies, Shaw Communications had acquired media assets, including the Global Television Network and specialty channels such as History and Treehouse. Selling all or, some, of these media assets would strengthen the company's balance sheet and help finance the expansion of its cellular network. The company's chief executive officer needed decide how important media assets were to the company's core strategy.

Yalla Momos was a restaurant in Dubai, United Arab Emirates, that served momos, which were Nepal's answer to the Chinese dumpling. Yalla Momos' sales have grown exponentially since brothers Prashant and Ishan Goel founded the restaurant in 2012. Recently, in order to safeguard their share of the market, the Goels have been considering how to take their venture forward in the face of competition from both the organized (big retail outlets) and unorganized (individually managed) food sectors. The founders want to secure a position as market leaders in providing nutritious, affordable restaurant food to the expatriate (expat) community in Dubai. How could they communicate with the public and persuade a wider target audience of South Asian expats to adopt this healthy food choice? Should they diversify the menu to attract more customers, or would that cause the restaurant to lose its core competitive advantage of serving healthy, nutritious food? Would harnessing social media attract the expats?

In 2013, Suntech Power Holdings Co., Ltd. (STP) was facing the threat of bankruptcy. The chief executive officer (CEO), who had founded the company in China in 2001, was aware of the complexity and challenges of an emerging global industry (solar energy) and economy (China). Fears of energy shortages had fuelled the growth rate for the global solar energy industry, and governments in many countries had introduced subsidies for solar energy initiatives. Consequently, the company had grown from a technology start-up to the leading global producer of photovoltaic solar cells and modules in 2011. However, by 2013, the company was facing financial distress and the threat of bankruptcy. Many factors, including the fluctuating cost of silicon, difficulty finding a stable silicon supplier, the 2008 economic downturn, an uncooperative management team, and the subsequent decline in the solar energy market had caused major problems for STP. How could the CEO turn this company around and avoid bankruptcy?

Wilford Marshall is preparing recommendations to Petrosupra Exploration (Petrosupra), an independent oil and gas company, regarding a drilling project in Lafourche Parish, Louisiana, on the Gulf Coast. This was an opportunity to take over Coyote Oil's drilling rights and drill within a year. If oil was found, two years following that, Petrosupra would have the additional opportunity to initiate enhanced recovery, which could provide an additional stream of oil. To evaluate the contract, Marshall will consider the path that oil prices will take and the amount of oil discovered. Enhanced recovery is a real option for which Marshall must think about a decision rule for the downstream decision and the optimal trigger point for such a rule. All the uncertainties and this option will be simulated to determine the value of (a) the rights to the well and (b) the value of the enhanced recovery option. Claiborne Chemical (CC) affords the opportunity to reduce the exposure to quantity and price uncertainty that is generated by the well. The beauty of swapping an interest in Petrosupra's well for an interest in the CC opportunity is that it exchanges an exposure to oil price for an opposite exposure to the price of a fuel additive that is negatively correlated to oil price. With some analysis of the risks and the best exchange shares, the project risk can be reduced dramatically.

After the collapse of world oil prices during the late 1990s, Cheniere began shifting its business focus away from upstream exploration and toward LNG regasification to take advantage of a projected decline in domestic natural gas production and the natural gas supply deficit that was expected in the US over the next decade. Thanks to fracking, precisely the reverse happened and Cheniere shifted from importing gas to gas export with the Sabine Pass LNG facility that came on line in 2016.

The case describes General Electric's transformation from an industrial manufacturer to an industrial analytics giant. It opens in 2009 when CEO Jeff Immelt decides that GE, a hardware maker, needs to be more capable in software. The narrative traces his early efforts to consolidate and coordinate software capabilities in a central unit (GE Software Center) headed by Bill Ruh in Silicon Valley. It documents the realization of the potential for big data and analytics for customers to which GE has sold industrial equipment for decades. Opportunities related to 'predictive maintenance' seem attractive given the significant economic costs of unplanned maintenance and repair for GE customers. Equipment optimization through analytics also has potential to increase their margins, especially for those that face increased competition and lack pricing power. As GE roars down the runway to becoming the leading player in the digitization of industry,the question is can it reach the critical speed to break free of the tarmac and sustain flight?

As shown with Psy's hit song, "Gangnam Style," K-Pop (Korean Pop) music has been successful recently, not only in Asia but also in many other countries. K-Pop's current success largely stems from its systematic production system and this new business model has changed the managerial paradigm in the entertainment industry. However, recently, there has been a growing concern that K-Pop may be just a case of short-lived hype, thus it may not have sustained success.

The case describes the launch of a newly designed Apple Watch, a smartwatch, and the market for wearable technology at the time of the launch. Apple Watch was launched in April 2015 by Apple Inc. with a big fanfare and generated a lot of buzz in the media and amongst Apple brand aficionados. Apple Watch entered the market at the price of $349. Samsung was the first mover in this market and held the largest market share at the time of the launch. Its Samsung Gear S was sold at $380. Pebble held the second largest share in the market and distinguished itself in the market by its simplicity and long battery life. Was the choice of the R&D at Apple in designing features of the new Apple Watch aligned with best opportunities in the market? What was the objective of the pricing strategy at which Apple Watch was introduced? What kind of market dynamic might have ensued as a result of the product definition and pricing decisions at launch? The case provides a concise description of the market for wearable technology, characteristics of the products in the market, and estimates of the demand forecast faced by Apple at the time of launch. How did Apple position its product in the market? How did the demand forecast for Apple Watch align with the revenue and cost data?

In 2014, Jimmy Chen, a former product manager at Facebook, founded the start-up Propel to build software for low-income Americans. After conducting in-depth behavioral research, Chen and his small team in New York City began to develop technology to address the burdensome process of accessing benefits from the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps. They first designed a mobile site called Easy Food Stamps that streamlined SNAP enrollment, then developed the Fresh EBT app that allowed users to quickly and easily check their SNAP balances on mobile devices. By November 2016, Fresh EBT had 133,000 weekly active users but Propel had limited funding runway, and, ahead of a meeting with investors, Chen has to select a business model. He evaluates data from two ongoing business model pilots- financial services referrals and grocery marketing-along with other user behavior research to determine how Propel could generate meaningful revenue while continuing to provide value to users.

Founded in 1945, Grupo Clarín expanded over several decades to become Argentina's largest media conglomerate. With leading positions in newspapers, broadcast television, broadcast radio, cable television, and Internet services, Grupo Clarín caught the attention of U.S.-based investment bank Goldman Sachs, which acquired an 18% share of Grupo Clarín for US$500 million in 1999. While Grupo Clarín struggled during the economic crisis from 2001 to 2002, it was well positioned to grow as the economy began to recover in 2003, in part due to government policies that helped stabilize the media industry. Now in October 2007, Grupo Clarín was preparing to make an IPO in London and Buenos Aires, and fund managers at Goldman Sachs were reevaluating their position. What price would the IPO reach and how much, if any, of their stake should they sell? What was the return Goldman Sachs would obtain if they sold its entire position, or just one part?

"OptiGuard. Inc.: Series A-Round Term Sheet" focuses on an entrepreneur in the cybersecurity industry who is attempting raise a first round of venture financing in November 2015. To date, the firm has been unsuccessful in attracting funding from venture capitalists (VCs) and has instead relied on a small seed round from local investors. With funds running short, the entrepreneur is again attempting to raise funds from VCs. During this process, it receives a bridge loan from a reputable venture capital firm to tide it over until it can complete a Series A round with the same firm. In November 2015, it receives the terms for a $5 million Series A round, and the students must evaluate the adequacy of the offer in light of other comparable financing rounds and how the terms will affect the future performance and other aspects of the firm in light of the high likelihood of future financing rounds. The case's main teaching purpose is to provide a basic understanding of the legal and financial issues encountered in early-stage investments. The case incorporates the term sheet for the proposed Series A round, and the pre-Series A capitalization of the company. The study questions pose several direct questions to the students to help them focus on the features of the term sheet that have the largest impact on the company's valuation and control. The case has been used successfully in an MBA-level entrepreneurial finance and private equity course, and a JD/MBA course in private equity. To facilitate preparation of the case, the materials include a student spreadsheet file (UVA-F-1798X) of the case exhibits, a detailed teaching note (UVA-F-1798TN), and an instructor file (UVA-F-1798TN). The companion note, "Early-Stage Term Sheets" (UVA-F-1730), is a useful background reading for the case.

In February 2017, Scotiabank's vice-president of digital enablement was sitting in his office at Scotiabank's Digital Factory in downtown Toronto. He was reflecting on his recent introduction to the financial technology (fintech) company Kabbage, and on how successfully the partnership was progressing. Scotiabank's vice-president was considering what opportunities the bank should pursue next, specifically in the area of blockchain. The Scotiabank-Kabbage partnership provided a valuable guideline for future partnerships. At the partnership's launch, the group head of Canadian banking at Scotiabank said that the partnership with Kabbage set "an example of how banks and fintechs are working together to provide customers with a better banking experience." However, all partnerships did not work in the same way. How could Scotiabank devise an effective partnership strategy, considering the unique contexts in different sectors and geographic markets?

Alsea was a Mexican-based, family-founded conglomerate operating in six countries in Latin America and Spain. It was a master franchiser for such well-known brands as Starbucks, Domino's, and Burger King. In late 2016, after years of dramatic growth, Alsea appointed its first chief executive officer (CEO) who was not a family member or had not been involved with the company's founding or early development. However, family members continued to occupy senior executive roles, serve on the company's board, and hold significant shares in the company. In March 2017, the new CEO needed to decide on Alsea's corporate strategy. He also needed to build trust with the founding family, which held a controlling interest in the firm. How should he engage the current executives in building a world-class senior management team? How could he best demonstrate his value to Alsea's board?

In December 2009, Fedore Cooperative (Fedore), a worker cooperative in a major city in Western Canada, was at a critical juncture. A general meeting comprising all members had been convened to resolve conflicts that had been brewing for some time and threatening the survival of the business. The members were inspired by the ideals of participation and equality, and had always made decisions based on consensus. Unfortunately, they had become deeply split over the poor financial performance of the business. There was a fundamental disagreement between two influential members about how to solve their problem. The situation had stalled their cooperative decision-making process, and Fedore's future was at risk. The question was how to present the issues so that Fedore's members could come to a consensus about how to work their way through the problem and find a solution.

The objective of the case is for instructors to teach students how to analyze the strategic situation of a company and use this analysis to evaluate alternative strategic moves for a company. China's e-commerce market overtook the United States market and reported the highest online transaction value in 2013, growing at over 50% per annum. JD.com is the largest independent e-retailer, a key player in the industry, with a unique, differentiated position. The case takes place just as JD.com is preparing for its IPO on the NASDAQ. The case presents the four developmental directions that JD.com CEO Richard Liu had laid out. The direct competitive threat is from Alibaba's Taobao and its T-Mall marketplace, the 10-ton gorilla of China's e-commerce sector. It also contains information on JD.com's unique logistics backbone, its pre-IPO financials, and the company's plans to become a public company.