Case studies

The case is primarily based on publicly available data, which includes the company website, industry reports and articles published in various media sources, as well as video-recorded interviews with the company representatives. Some factual data is fetched from or triangulated with public and licensed databases such as Statista, Crunchbase and PitchBook.

In November 2021, six years after its establishment, a Finnish food delivery platform startup, Wolt Enterprise Oy, was acquired by San Francisco-based technology company Doordash, Inc., in a staggering all-stock transaction of approximately US$8.1bn (EUR 7bn). This case invites students to analyze the international growth of a startup from its establishment toward becoming a unicorn amidst an ongoing pandemic and further toward a top-level exit deal and continuation as a subsidiary of a publicly listed multinational company. The case provides an overview of the food delivery industry and its key players and examines the challenges and opportunities faced by Wolt as it expanded to different regions, including Europe, Asia and the Middle East. The case provides a comprehensive and nuanced perspective on the strategic decisions and trade-offs that entrepreneurs face in the rapidly evolving food delivery market. By the end of this case study, students will learn about internationalization challenges and opportunities in the food delivery industry, how to navigate external shocks like COVID-19, analyze the competitiveness of a born-global startup in a competitive delivery business and evaluate the pros and cons of an acquisition deal for future international growth.

The case is designed for use in graduate courses in international business and entrepreneurship, such as internationalization of the firm and global marketing, strategies of business growth and international business strategy. A more diverse student body will be beneficial in uncovering different views on country differences, including various competitive, technological and regulative landscapes.

It provides insights into the challenges digital platforms like Wolt face when expanding globally. Students can apply theories such as the Uppsala model and platform economics while exploring how network effects and first-mover advantages influence Wolt’s competitive edge. The case also highlights localization strategies for global marketing and serves as a basis for examining valuation and integration in mergers and acquisitions. Overall, it helps students understand the unique dynamics and growth strategies in digital platform businesses worldwide. This case was classroom tested in the Internationalization of Firm and Global Marketing course for first-year master’s students of the International Business and Entrepreneurship program of LUT University Business School, Finland, during the years 2020–2023. Prior to this course, the students completed the Global Business Environment course, where they learned how to analyze forces in the external environment for further development of firm-level internationalization strategies.

This case study draws on secondary sources as well as my personal experience and industry contacts within the cement sector during my time teaching in Spain, a country where the cement industry plays a significant role in the economy. I have also benefited from conversations with my colleague, Arnaud Blandin, an ESG expert with a deep understanding of the sustainability challenges facing the cement industry, particularly in Asia, where he lived for several years. His contribution is acknowledged in the disclaimer below the title.

This case study explores how Holcim, the global leader of the cement industry addresses the sustainability imperatives through a set of structured initiatives and policies. The case focuses on the challenges faced by Holcim at a time when the imperatives of climate change, resource scarcity and stakeholder expectations converged to reshape the very foundations of its business strategy, compelling the firm to reimagine its operations through a lens of environmental, social and governance principles. The case starts with a brief description of the industry of cement, which is, at the same time, one of the most consumed products globally but also a major contributor to global carbon dioxide emissions and then to global warming. Next, the case briefly introduces Holcim and its major competitors. Then, the case presents the major environmental challenges for the cement industry as well as the possible solutions with operational advances, innovation and collaboration within actors. Finally, the case details the ESG strategy of Holcim in 2023 with a first evaluation of its results.

This case study has been written for Master of Business Administration and Master of Science students. The case can be used in multiple courses, including Corporate Strategy, Business and Society, Ethics and Sustainability, Corporate Social Responsibility and General Management Implementation.

The learning outcomes are as follows: to analyse the issue(s) presented within specific case study context (C4); to formulate solutions to identified issue(s) within specific case study context (C5); and to synthesise a group plan to solve issue(s) within specific case study context (A4).

In 2017, China proclaimed that it would no longer accept plastic waste for recycling, this was in-line with China’s Operation “National Sword” to review the quality of these plastic imports to ensure their recyclability. This sent shock waves through a now globalised recycling network, with China previously having imported 95% of the EUs and 70% of US plastics that had been collected for recycling. This plastic backlog was then diverted to South-East Asian nations, particularly Malaysia, which this case focuses the discussion upon. While the potential for significant economic benefits drew the attention of illegitimate and unscrupulous businessmen alike, the environmental degradation from the often, low technological recycling processes and even burning of low-grade plastics brought profound negative impacts. This case focuses upon, then Minister, Yeo Bee Yin who led the Ministry of Energy, Science, Technology, Environment and Climate Change, in which she took an active and aggressive stance in attempt to stop Malaysia becoming the dumping ground for the global plastic crisis.

This case is appropriate for final year undergraduate and any postgraduate degrees in Business.

Teaching notes are available for educators only.

CSS 4: Environmental Management.

This case study can be used to highlight aspects of classic strategic management, such as industry analysis as well as cost leadership strategy, in the context of the space industry. After working through the case study and assignment questions, the students will be able to identify industry dynamics in a high-tech industry (space), examine the strategy of a focal organisation, in light of external and internal factors, evaluate the decision-making process behind adopting new technology and whether the strategic motivations for competing with global players are justified and develop recommendations to help an organisation in achieving its strategic goals.

This case study outlines the remarkable success of the Indian Space Research Organisation (ISRO), as well as the formidable challenges facing its chairperson, S. Somanath. While Somanath could point to major recent successes – ISRO’s picture perfect landing near the moon’s south pole, and successful deployment of a solar probe – he could also see two formidable missions ahead. First, there was Gaganyaan, India’s first human spaceflight, which had already slipped its launch schedule a couple of times. Second was the mission to establish a space station by 2035. The first mission had been plagued by delays due to the long process of developing technology indigenously, as international technology transfer at an affordable price was not forthcoming. The second mission required ISRO to develop an ability to keep humans in space indefinitely, which again required acquisition of new technology. In addition, ISRO’s service of launching satellites in low Earth orbit was threatened by SpaceX, which delivered similar service at a much lower cost due to a new reusable rocket technology. In response to the new challenges, Somanath had accelerated collaboration with Indian private sector companies, including start-ups. The goal was to outsource and expand ISRO’s rocket development and launch capability. While the outsourcing might free up ISRO’s capacity, the technology and knowhow development required would still take a while to develop from scratch. Hence, Somanath (and learners) need to consider: What other strategic options might ISRO consider to adapt to the dynamics of the space economy?

This case study is suitable for courses in MBA/Masters.

Teaching notes are available for educators only.

CSS 11: Strategy.

The learning outcomes are as follows: to evaluate the suitability of Surplus business model from accounting, finance, strategy and cultural perspectives; to identify the factors that contribute to the reluctance of business partners to join Surplus ecosystem and to suggest solutions; to identify the factors that contribute to the reluctance of consumers to join Surplus ecosystem and to suggest solutions; and to address unique funding and financial challenges faced by Surplus.

This case study discussed the challenges faced by Surplus Indonesia, a company founded upon the belief that a harmonious balance can be achieved between profitability and environmental stewardship. Stemming from the founder’s encounter with leftover food going to waste after buffets, Surplus embarked on a pioneering initiative using an application technology to address food wastage at the consumer level. Collaborating with various stakeholders such as retail outlets, restaurants, bakeries, cafes and hotels, the goal was to combat food waste while supporting Sustainable Development Goals 2, 12 and 13: Zero Hunger, Responsible Consumption & Production and Climate Action, respectively. Each meal saved through the Surplus app not only translated to reduced expenses for businesses but also contributed to reducing greenhouse gas emissions from landfills. Surplus’ overarching mission was to cut food waste and loss in Indonesia by half by 2030, fostering an environment where food waste is virtually nonexistent in the nation.

Undergraduate as well as graduate courses that focus on sustainability, accounting, financing and strategy

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

After reading and discussing the case, the students will be able to: apply paid, owned and earned digital marketing tools to Zilli’s, analyze the omnichannel and e-commerce strategy of Zilli’s, evaluate digital marketing strategy of Zilli’s and elaborate resources available to Zilli’s in the context of emerging markets.

Anubhav Bhatnagar founded Zilli’s – The Spice Company to bring grandma’s recipes to modern kitchens. This case study chronicles the growth and challenges faced by the company. Zilli’s philosophy relied on hand-pounding spices, which retained their aromatic signature, flavor intensity, nutritional value and cultural importance better than their commercially processed counterparts. Bhatnagar started his business during the lockdown. The founder aimed to produce spices that were free of preservatives and had long-lasting aromas. His kitchen trials demonstrated that hand-pounded spice powders simplified cooking and improved flavor. Direct manufacturer ties and a Hyderabad production plant managed by local rural women enabled the firm to expand to India and a few neighboring markets. Zilli’s growth was slow due to heavy competition from well-known brands. E-commerce was Zilli’s only viable option. The prospect sounded great, but the company needed to strategize differently to build an effective digital marketing strategy. Marketing and sales of Zilli’s products presented various constraints as it was difficult to convince consumers of Zilli’s products’ authenticity, quality and pricing. Many retail outlets and e-commerce platforms already sold numerous competitor’s products. The company’s aspiration to establish a global footprint could be hampered by low consumer acceptance of Zilli’s goods due to its limited reach. Thus, Bhatnagar sought digital marketing tactics to promote Zilli’s products and create brand awareness and recall for his spice powders in the competitive spice powder category. This case requires the reader to debate, analyze and propose digital marketing strategies to boost Zilli’s product visibility, acceptability and sales. The readers could identify gaps in Zilli’s existing digital marketing strategy and offer suggestions to Zilli’s for increasing spice powder sales in the online marketplace.

This case study applies to a postgraduate-level management course.

Teaching notes are available for educators only.

CSS 8: Marketing.

After completion of the case study, the students will be able to assess Paytm’s share buyback in the context of conventional practices, especially for loss-making firms, analyze the influence of initial public offering (IPO) performance on market sentiments and the role of subsequent events in shaping investor confidence, explore the regulatory framework for share buybacks in India and its impact on Paytm’s decision, scrutinize Paytm’s post-IPO financials and evaluate the board’s rationale for the share buyback and examine the factors influencing Paytm shareholders’ decisions amid the buyback, considering market conditions and the company’s outlook.

This case study discusses the unorthodox choice made by Paytm, a leading Indian digital payments and financial services provider, to begin a share repurchase program just one year after its substantial IPO. Paytm encountered difficulties as its stock price experienced a sharp decline of 74% following the IPO, which raised concerns among shareholders and elicited mistrust from analysts. This case study explores the reasoning for the buyback, the legislative framework of share buybacks in India and the diverse viewpoints of analysts regarding the company’s financial strategy. This case study provides not only ample opportunity to discuss ethical issues around managers’ corporate actions but also brings investors a dilemma.

This case study is suited to Master of Business Administration/Master of Science/Bachelor of Business Administration/Bachelor of Science.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

The learning outcomes are as follows: understanding strategic decision-making in EdTech: students will analyse the dynamics of strategic decision-making in the EdTech sector, exploring the rationale behind Unacademy’s shift from online to offline learning; assessing business model transformation: learners will evaluate the challenges and opportunities associated with Unacademy’s transformation from an online-centric model to venturing into physical coaching centres, and this includes considerations of market trends, competition and financial implications; managing competitive dynamics: students will examine the competitive landscape in the Indian EdTech sector, comparing Unacademy’s offline move with industry players, and this objective aims to enhance students’ ability to assess competitive strategies and positioning; strategic response to funding challenges: participants will explore how Unacademy strategically responds to the funding winter, addressing questions of financial stability, organic growth and sustainability in a dynamic market; leadership in uncertain environments: the case aims to develop insights into effective leadership during periods of uncertainty, and students will assess Gaurav Munjal’s leadership decisions and the management team’s role in steering Unacademy through challenges.

These objectives align closely with the case’s focus on strategic management, innovation and business transformation within the context of EdTech, providing students with practical insights and decision-making skills applicable to real-world scenarios.

The case study revolves around Unacademy, a prominent EdTech player in India, undergoing a strategic shift since May 2022. Facing a decline in demand for online education, the company ventured into the offline learning space by establishing physical coaching centres, directly competing with established offline and hybrid players. The case spans the period from the strategic pivot in 2022 to the challenges faced during the funding winter. The protagonist is Gaurav Munjal, the CEO of Unacademy, leading the management team amidst uncertainties.

The case is designed to teach strategic management in the EdTech sector, focusing on the challenges associated with entering the offline education space, particularly without prior experience and amid stiff competition. It explores questions of achieving organic growth, ensuring profitability and making strategic decisions during a funding winter. The industry context is EdTech in India, and the sub-fields of academia include strategic decision-making, business model transformation and competition dynamics within the education sector.

Level and field of study: The case is designed for MBA students with a focus on strategic management, innovation and the EdTech sector. It can also be suitable for executives participating in short courses on business strategy and organizational transformation.

This case is structured for Undergraduate, Postgraduate, MBA and Management Development Programs, aiming to enhance learning in the strategy field through real-world insights and challenges encountered in a dynamic business environment.

Teaching notes are available for educators only.

CSS11: Strategy.

Working through the case and the questions that follow will allow students to evaluate: critically assess the effectiveness and feasibility of Berrylush’s business model through the lens of the Business Model Canvas; understand: explain the strategies used by the organisation to gain and sustain a competitive advantage; apply: use the principles of judo strategy to develop tactics for competing effectively against well-established brands; analyse: examine how environmental changes affect the organisation; and create: formulate a growth strategy for Berrylush.

Two young MBA graduates from a top Indian management institution dreamed of running a large-scale business, providing women all over India with high-quality western clothing. In 2017, Berrylush was born with an initial business model where they designed and manufactured all their products in-house. While at one point, their maximum production capacity was only 900 units a month, within a handful of years, the brand saw its highest selling week of 2022 with sales of over 50,000 orders on India’s largest apparel and fashion website. Co-founder Alok Paul is spearheading the company’s channel expansion, taking it from only direct-to-consumer online sales to offline sales, creating an omnichannel experience for shoppers.

The case can be used for an undergraduate or MBA program teaching a strategic management course after the fundamentals of strategic management have been taught but before strategy execution and implementation have been discussed.

Teaching notes are available for educators only.

CSS 11: Strategy.

After completion of the case study, students will have the ability to identify and apply various distribution strategies in the low-income market segment, to identify how last mile distribution is organized and executed in unconventional market situation and to identify and apply the 4Ps to support low-income market in last mile situations.

Mariam Atinga, the founder and owner of Mariam Special, was a native of Garu in the Upper East region. Mariam Special had specialized in the processing of freshly grown sorghum in the community into sorghum drink alongside some other natural spice additives. The drink was popularly called and known in the Garu community as “Zomkom”. Although there were other women who also processed and sold the drink in the community, the competitive advantage with Mariam Special was on the hygiene and innovative way it was prepared. She was also outward looking and had already made some attempt at expanding her business and passion beyond the community/district and into the villages. This was where her passion and interest caught the attention of a non-governmental organization (NGO) with interest in supporting low incomes in last mile situations. Atinga’s main interest and that of the NGO was hence to develop a route-to-market and associated strategic marketing approaches to reach this type of market or audience in Garu environs in the Upper East region of Ghana.

This case study is suitable for undergraduate students.

Teaching notes are available for educators only.

CSS8: Marketing.