Case Studies Collection - IMD business school for management and leadership courses

Case Study

‘Big Fix’ at Starbucks: Will customers come back? The new CEO’s first year

In September 2024, Starbucks’ then-CEO was abruptly fired after 17 months in the role; the decision followed three quarterly drops in consumer traffic and declining operating revenues. The board then turned to Brian Niccol, a veteran fast-food company executive. Niccol was deemed highly qualified due to his turnaround of two fast-food chains, Ch…

Strategy Marketing Leadership

By Kamran Kashani and Nancy Lane

‘Big Fix’ at Starbucks: Will customers come back? The new CEO’s first year

By Kamran Kashani and Nancy Lane
Case reference: IMD-2687 ©2026

Summary

In September 2024, Starbucks’ then-CEO was abruptly fired after 17 months in the role; the decision followed three quarterly drops in consumer traffic and declining operating revenues. The board then turned to Brian Niccol, a veteran fast-food company executive. Niccol was deemed highly qualified due to his turnaround of two fast-food chains, Chipotle Mexican Grill and Taco Bell. Starbucks was struggling in its two largest markets, the United States and China, which together accounted for 83% of the company’s global $36.2 billion in sales. In both markets, customer orders and same-store sales had declined. Niccol’s first year was a difficult one, raising questions about his strategy and tactics. The disappointed investors were selling out…

Reference IMD-2687

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Organization Starbucks

Industry Consumer Goods, Coffee

Available Languages English

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Case Study

The promotion dilemma (Mini case)

Promotion decisions are among the most powerful cultural signals that leaders send. They reveal what an organization truly values, in terms of results but also in how those results are achieved. The Promotion Dilemma explores the tension that managers face when a high-performing employee delivers exceptional commercial outcomes while simultaneou…

Performance Management Communication Decision Making Leadership

By Heather Cairns-Lee and Robert Hooijberg

The promotion dilemma (Mini case)

By Heather Cairns-Lee and Robert Hooijberg
Case reference: IMD-2742 ©2026

Summary

Promotion decisions are among the most powerful cultural signals that leaders send. They reveal what an organization truly values, in terms of results but also in how those results are achieved. The Promotion Dilemma explores the tension that managers face when a high-performing employee delivers exceptional commercial outcomes while simultaneously undermining collaboration, trust and shared accountability. Set in Spectra, a global manufacturer of precision industrial components undergoing a strategic transformation, the case follows Chief Commercial Officer Chris Steele as (s)he considers whether to promote Alex Forge, a charismatic regional commercial manager widely regarded as a “rainmaker.” Alex has secured major contracts, built strong customer relationships, demonstrated remarkable commercial instinct and fostered credibility with clients. Yet inside Spectra, Alex’s behavior is often blunt, impatient and dismissive. The regional manager tends to bypass processes, dominate discussions and challenge colleagues publicly; the result is strained relationships across functions and lower engagement within Alex’s own team. The timing of the decision raises the stakes. Spectra is implementing it’s One Spectra transformation, an initiative aiming to strengthen cross-functional collaboration, shared accountability and psychological safety in response to rising competitive pressure. Though promoting Alex would retain a critical commercial talent and emphasize the importance of results, the move risks undermining the cultural shift leadership is trying to build. Not promoting Alex could reinforce the organization’s commitment to collaborative leadership but may risk losing a star performer to competitors. The Promotion Dilemma invites discussion about the implicit messages embedded in promotion decisions and the challenges and trade-offs that leaders face when balancing performance and evaluating leadership potential while shaping culture and building long-term organizational health.

Reference IMD-2742

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Available Languages English

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Performance Management

Communication

Decision Making

Leadership

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Case Study

Rustomjee Group: Positioning for a new market segment (A) (Paper version)

Founded in 1996, Rustomjee Group real estate developers has developed into a notable player and a well-known brand in the Mumbai Metropolitan Region (MMR). The case examines two flagship concepts – “Childhoods Available” and “My Spaces” – and sheds light on how Rustomjee Group has managed to achieve differentiation while catering to two distinct…

Marketing

By Goutam Challagalla and Athanasios Kondis

Case Study

Rustomjee Group: Positioning for a new market segment (B) (Paper version)

Founded in 1996, Rustomjee Group real estate developers has developed into a notable player and a well-known brand in the Mumbai Metropolitan Region (MMR). The case examines two flagship concepts – “Childhoods Available” and “My Spaces” – and sheds light on how Rustomjee Group has managed to achieve differentiation while catering to two distinct…

Marketing

By Goutam Challagalla and Athanasios Kondis

Case Study

Understanding and managing your leadership modes

This technical note introduces a framework for understanding why effective leaders sometimes act in ways that undermine their own goals. Moving beyond traditional style models that treat leaders as relatively consistent, the note presents ‘leadership modes’ – coherent states defined by configurations of Affects, Behaviors, Cognitions and Desires…

Leadership Human Resources Decision Making

By Michael D. Watkins

Understanding and managing your leadership modes

By Michael D. Watkins
Case reference: IMD-2750 ©2026

Summary

This technical note introduces a framework for understanding why effective leaders sometimes act in ways that undermine their own goals. Moving beyond traditional style models that treat leaders as relatively consistent, the note presents ‘leadership modes’ – coherent states defined by configurations of Affects, Behaviors, Cognitions and Desires (ABCD). Drawing on Schema Therapy, the framework identifies eight modes in three categories: three high-performance modes (Visionary, Driver and Connector) representing optimal functioning oriented toward possibility, action and people; four reactive modes (Controller, Defender, Avoider and Pleaser) that activate as automatic self-protective responses to perceived threats; and a Grounded Leader mode that enables self-observation and deliberate choice. The note details each mode’s internal logic, explains how modes interact and cascade under pressure and outlines a three-stage development path – recognizing and labeling modes, proactively anticipating reactive episodes, and responding and recovering afterward. Integrating Susan David’s emotional agility framework, it provides practical strategies for reducing the grip of reactive patterns and gaining consistent access to high-performance states. Designed for executive education and leadership development, the note equips leaders with a diagnostic lens for understanding their functioning and the capacity to choose how to lead rather than lead reactively.

Reference IMD-2750

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Available Languages English

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Leadership

Human Resources

Decision Making

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Case Study

Hong Kong Broadband Network: An integrated approach to talent management (Paper version)

Hong Kong Broadband Network (HKBN) charted a success story starting out as the smallest new entrant in Hong Kong’s highly competitive telecom industry in 1999 and went on to become the second largest provider of residential broadband within 10 years. State-of-the-art fiber network infrastructure allowed HKBN to offer high-quality high-speed tele…

Strategy

By Shlomo Ben-Hur and Ivy Buche

Case Study

The Qualios transaction: Engineering a partnered buy-in

The Qualios case tracks the search, negotiations and ultimate acquisition of an industrial, family-owned SME in Southern Germany. Using a variety of materials, including sophisticated composites, the company produces customized, high-quality braided sleeves primarily for technical applications. The fourth-generation owners were led to sell due t…

Entrepreneurship Finance Business Transformation

By Benoit F. Leleux and Konstantin Dreyer

The Qualios transaction: Engineering a partnered buy-in

By Benoit F. Leleux and Konstantin Dreyer
Case reference: IMD-2745 ©2026

Summary

The Qualios case tracks the search, negotiations and ultimate acquisition of an industrial, family-owned SME in Southern Germany. Using a variety of materials, including sophisticated composites, the company produces customized, high-quality braided sleeves primarily for technical applications. The fourth-generation owners were led to sell due to a lack of succession and health issues. A reputable niche business serving automotive, packaging, construction and industrial clients across Germany and internationally, Qualios generated €12 million in revenue and healthy EBITDA and employed around 50 staff. The company faced several issues, such as rising raw material and production costs, difficulty attracting skilled workers to the region and growing demands from customers for sustainability certifications. The potential buyer, Konrad, believed he had a joker up his sleeve with Georg, an experienced operating manager, family confidant and potential co-investor. Negotiations proved complex until the duo was able to bypass the broker and establish direct links to the seller. A deal was ultimately closed, involving not only a significant earnout element from the seller but also 90% leverage offered by local banks, with strenuous covenants. Nonetheless, fundamental questions remained after the deal: Had the buyer paid the right price and established the proper structure to ensure long-term success? Closing was only the first battle: Could Qualios grow fast enough to service the debt, repay the vendor loan and justify the price tag – all while honoring the company legacy that mattered so deeply to the seller?

Reference IMD-2745

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Organization Qualios (Disguised)

Industry Manufacturing, Textile;Materials, Construction Materials

Available Languages English

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Entrepreneurship

Finance

Business Transformation

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Case Study

Flywheel Portfolio Framework: A strategic method for managing core business dynamics

This technical note presents the Flywheel Portfolio Framework, a systematic approach for diagnosing and managing the reinforcing cycles that drive organizational performance. Building on Jim Collins’s flywheel concept from Good to Great, the framework extends beyond single-flywheel models to address the reality that businesses operate through mu…

Strategy Organizational Learning Decision Making Leadership

By Michael D. Watkins

Case Study

LanzaTech: Scaling carbon to value

The case places students in the role of LanzaTech’s founder, Dr Sean Simpson, in April 2012. The company was built on the radical idea of using proprietary microbes to capture and convert carbon-rich waste gases from heavy industry (like steel mills) into fuel-grade ethanol. LanzaTech has just achieved a massive technological breakthrough: provi…

Entrepreneurship Sustainability Innovation

By Anieke Wierenga, Christine Ruf and Murat Tarakci

Case Study

The Advanced Academic Leadership Framework

The Advanced Academic Leadership Framework provides a comprehensive competency model designed specifically for senior academic leaders operating at institutional levels, including deans, provosts, institute directors and university presidents. Recognizing that academic leadership operates within unique constraints –shared governance, faculty aut…

Leadership Human Resources Strategy Decision Making

By Albrecht Enders and Michael D. Watkins

Case Study

On Running: Greenwash alert

ZURICH (SWITZERLAND), 14 JUNE 2024. The sustainability team at On had been on high alert as TV journalists were once again investigating some of its sustainability claims. Founded in 2010 by former Swiss Ironman champion Olivier Bernhard, the company rapidly gained a reputation among professional athletes, in particular triathletes, for its prop…

Sustainability Crisis Management Entrepreneurship

By Benoit F. Leleux and Dina Zubkova

Case Study

Hilti Fleet Management: Driving a global transformation

The case describes Hilti’s transformation from a premium tool maker to a solution provider in commercial construction, while keeping its innovation leadership. Confronting industry pain points such as lost tools, downtime, safety risks and thin margins, Hilti created Fleet Management FM. This subscription bundles NURON tools, repairs, loaners, t…

Strategy Marketing Business Transformation Leadership

By Stefan Michel

Hilti Fleet Management: Driving a global transformation

By Stefan Michel
Case reference: IMD-2697 ©2025

Summary

The case describes Hilti’s transformation from a premium tool maker to a solution provider in commercial construction, while keeping its innovation leadership. Confronting industry pain points such as lost tools, downtime, safety risks and thin margins, Hilti created Fleet Management FM. This subscription bundles NURON tools, repairs, loaners, theft coverage, and Hilti’s ON!Track asset management system into predictable monthly payments. IoT connectivity delivers real-time insights on utilization, battery health and maintenance. Moving towards end-to-end optimization E2E, FM digitally connects warehouses, vans and administrative processes, unlocking measurable productivity and margin improvement. FM also operationalizes circularity: productivity analyses right-size tool parks often by 2030 fewer assets, tools are refurbished or donated for a second life, and non-usable materials are recycled via a global network of local partners. The case illustrates how business model innovations with global coverage necessitate fundamental organizational transformations that can take many years. It allows students to develop concise, concrete and convincing value propositions in a B2B market environment. It also facilitates a discussion on solution readiness offering, supplier, contract, and customer and the identification of a sustainable competitive advantage based on the VRIO framework.

Reference IMD-2697

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Organization Hilti

Industry Manufacturing, Machinery

Available Languages English

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Marketing

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Case Study

Oculis: Transforming ophthalmology a drop at a time

For the team at Oculis, the announcement of the new USD 100 million fundraising could not have come at a more opportune moment. The biopharmaceutical startup was founded in 2017 to transform ophthalmology by developing not only original delivery mechanisms but also groundbreaking treatments for eye diseases like Diabetic Macular Edema (DME). Est…

Start-up Venture Capital Entrepreneurship Strategy

By Benoit F. Leleux, Abdulaziz A. AlSayyari, Barbara Müller and Vladimir Novotny

Oculis: Transforming ophthalmology a drop at a time

By Benoit F. Leleux Abdulaziz A. AlSayyari Barbara Müller and Vladimir Novotny
Case reference: IMD-2692 ©2025

Summary

For the team at Oculis, the announcement of the new USD 100 million fundraising could not have come at a more opportune moment. The biopharmaceutical startup was founded in 2017 to transform ophthalmology by developing not only original delivery mechanisms but also groundbreaking treatments for eye diseases like Diabetic Macular Edema (DME). Established by seasoned industry experts, Oculis aimed to replace invasive eye treatments with more accessible, patient-friendly solutions such as topical eye drops. The initial research conducted in a laboratory in Iceland led to a pipeline of drug candidates, now at various stages of clinical testing. The firm continued to ramp up thanks to successive rounds of financing from top investors and partners, totaling more than USD 500 million at the end of 2024. However, it also faced some dramatic events, including the sudden death in early 2024 of its CTO. The company continued to scale, strategically balancing clinical advancements with regulatory milestones. The recent secondary offering on Nasdaq would accelerate the clinical development pipeline, in particular its novel neuroprotective candidate Prisosegtor (OCS-05), OCS-01, a topical eye drop for DME, and OCS-02, a topical biologic eye drop candidate for dry eye disease. Oculis now grappled with a number of strategic decisions, with two questions in particular concerning the team. Should it rely mostly on outsourcing production to a contract development and manufacturing organization (CDMO) or develop its own in-house manufacturing capabilities? There were strong benefits and drawbacks to both approaches. It faced a related dilemma with its product pipeline. Should it continue to rely on its own R&D, as in the past, or should it consider acquiring technologies outside, through M&A activities?

Reference IMD-2692

Copyright owner IMD Copyright

Organization Oculis

Industry Healthcare, Pharmaceuticals

Available Languages English

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Start-up

Venture Capital

Entrepreneurship

Strategy

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Case Study

FIBA eSports: The value capture challenge

The International Basketball Federation (FIBA) had long recognized that the game of basketball was evolving beyond physical participation. That shift became impossible to ignore in 2020, when the Covid-19 pandemic shut down live events and left fans stuck at home. With no traditional products to deliver, FIBA saw esports as a timely strategic ex…

Value Creation Digital Strategy

2026 John Molson MBA International Case Writing Competition – 1st prize

By Amit M. Joshi, Ivy Buche and Aundria Elahe Mirabrishami

FIBA eSports: The value capture challenge

By Amit M. Joshi Ivy Buche and Aundria Elahe Mirabrishami
Case reference: IMD-2705 ©2025

Summary

The International Basketball Federation (FIBA) had long recognized that the game of basketball was evolving beyond physical participation. That shift became impossible to ignore in 2020, when the Covid-19 pandemic shut down live events and left fans stuck at home. With no traditional products to deliver, FIBA saw esports as a timely strategic extension to complement traditional basketball with a digital-first discipline that could engage younger audiences. Governed under FIBA’s statutes and structured as a national team competition, eFIBA was created to establish a new basketball discipline – enhancing the sport and advancing FIBA’s vision to unite the global basketball community. Between mid-2020 and the end of 2021, the eFIBA team launched three fully virtual tournaments – FIBA Esports Open I, II and III – with the objective to “learn by doing.” This set the foundation to deliver more ambitious eFIBA Seasons 1, 2 and 3. A key evolution in the tournament format from Season 2 onwards was that the World Finals were held in person in a host country. This created an X factor for the tournament. Each successive season witnessed increasing engagement from National Federations, dedicated eBasketball players, enthusiastic fans, sponsors, content creators and influencers. However, a key partner pulled out after Season 2 in early 2024 and eFIBA had to deliver Season 3 and future seasons with diminished resources. This marked a turning point for eFIBA. In 2025, as the eFIBA team set out to develop a five-year strategy to 2029, several questions came to the fore: What value had eFIBA created for different stakeholders to allow it to stand on its own as a brand? What different B2B and/or B2C business models could eFIBA explore to capture higher value? How should eFIBA go about developing a three-year roadmap to enhance value creation for different stakeholders and sustain value capture going forward?

2026 John Molson MBA International Case Writing Competition – 1st prize

Reference IMD-2705

Copyright owner IMD Copyright

Organization International Basketball Federation

Industry Travel and Leisure, Sports

Available Languages English

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Value Creation

Digital

Strategy

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Case Study

The seven dimensions of academic strategy: A systems framework for higher education excellence

Academic institutions face unprecedented complexity from technological change, evolving funding models, diverse stakeholder demands and pressure to demonstrate societal impact. Traditional strategic planning – periodic exercises that typically yield lengthy reports but little change – no longer suffices. This technical note introduces the Seven …

Strategy Leadership Decision Making

By Michael D. Watkins