Case Study | Mahindra Finance: Finessing Business

Here’s what we predicted for 2024… how did we do?

By Robert Hooijberg Arturo Bris David Bach José Parra Moyano Michael R. Wade Julia Binder Howard H. Yu Simon J. Evenett Alyson Meister Salvatore Cantale and Stefan Michel
in I by IMD

Summary

Did our predictions for 2024 come true, a turbulent election year, bitcoin and CBDC, COP29 and electric cars, China, EU integration and Euro football

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Finance

Future Readiness

Geopolitics

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Sustainability

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The strategic imperative

By Julia Katharina Binder and Knut Bjarne Haanaes
in Binder, Julia Katharina (Ed.); Haanaes, Knut Bjarne (Ed.) / Leading the sustainable business transformation: A playbook from IMD, pp. 59-62 / Hoboken: Wiley, 2025

Summary

In a world where change is the only constant, the strategic imperative for sustainability is not just a theoretical construct – it’s a call to action. This section of the book delves into the core strategies that will enable businesses to thrive i...

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Business Transformation

Innovation

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Framing the conversation

By Julia Katharina Binder and Knut Bjarne Haanaes
in Binder, Julia Katharina (Ed.); Haanaes, Knut Bjarne (Ed.) / Leading the sustainable business transformation: A playbook from IMD, pp. 1-7 / Hoboken: Wiley, 2025

Summary

In late 2020, as the world began to emerge from the worst of the COVID-19 pandemic, Wärtsilä, a Finnish corporation specializing in power systems, made a bold decision. Despite being a well-established company with a strong track record in...

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Book

Leading the sustainable business transformation A playbook from IMD

Based on extensive research conducted in the past several years at the International Institute for Management Development in Switzerland (IMD), Leading the Sustainable Business Transformation: A Playbook from IMD helps readers understand why susta...

Business Transformation Sustainability Organizational Design

Edited by Julia Katharina Binder and Knut Bjarne Haanaes

NTT at a crossroads (A): Quest for growth

By Patrick Reinmoeller
Case reference: IMD-7-2351 ©2024

Summary

NTT Corporation, Japan’s information and communication technologies (ICT) leader since 1953, was the first to commercialize internet usage on mobile phones in the 1990s, which resulted in NTT achieving much success in Japan. However, by the end of the 2000s, Japan faced challenges with an aging population and a stagnant economy. Recognizing disruption in the ICT sector, CEO Satoshi Miura understood the need for the dominant players in the ICT industry to integrate emerging business domains beyond their existing frameworks. To secure leading global positions in ICT and the new paradigm of cloud computing, Miura needed to make strategic choices to revive growth. Case A provides information on NTT, its rivals, the global market and cloud computing disruptions. The case ends with NTT’s CEO exploring strategic growth options to prepare NTT for the future.

Reference IMD-7-2351

Copyright owner IMD Copyright

Organization Nippon Telegraph and Telephone

Industry Services, Telecommunications;Information Technology

Available Languages English

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Strategy

General Management

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NTT at a crossroads (B): Mapping growth options

Building on NTT (A), the case starts with NTT’s CEO having narrowed down strategic growth options with the board to prepare NTT for the future. Past international investments in AT&T Wireless and KPN to tap into foreign markets had resulted in bil...

Strategy General Management Digital Disruption

By Patrick Reinmoeller

NTT at a crossroads (B): Mapping growth options

By Patrick Reinmoeller
Case reference: IMD-7-2352 ©2024

Summary

Building on NTT (A), the case starts with NTT’s CEO having narrowed down strategic growth options with the board to prepare NTT for the future. Past international investments in AT&T Wireless and KPN to tap into foreign markets had resulted in billion $ write offs and stopped international acquisitions. However, after reviewing the disruptive changes facing the ICT industry and considering the shareholders’ views, CEO Miura committed to internationalization. The B case details NTT’s growth strategy focused on internationalization, while considering the need for new capabilities and technologies. It provides more insights into NTT, its opportunities and the Japanese experience with M&As and ends with Miura’s determination to quickly grow through international expansion to prepare NTT for the future.

Reference IMD-7-2352

Copyright owner IMD Copyright

Organization Nippon Telegraph and Telephone

Industry Services, Telecommunications;Information Technology

Available Languages English

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Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

General Management

Digital

Disruption

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Related content

Case Study

NTT at a crossroads (A): Quest for growth

NTT Corporation, Japan’s information and communication technologies (ICT) leader since 1953, was the first to commercialize internet usage on mobile phones in the 1990s, which resulted in NTT achieving much success in Japan. However, by the end of...

Strategy General Management Digital Disruption

By Patrick Reinmoeller

Overcoming adversity through innovation – Daikin at 100 (A): Leadership lessons

By Kazuo Ichijo and Yunfei Feng
Case reference: IMD-7-2618 ©2024

Summary

This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircraft components. However, the company pivoted towards refrigeration technology in response to emerging market demands, notably during Japan’s post-World War II economic boom. By leveraging R&D in fluorocarbons and innovative cooling technologies, Daikin established itself as a leader in the air conditioning sector. The case highlights key leadership eras, notably the transformative periods under Noriyuki Inoue. Under Inoue’s stewardship, the company emphasized execution capabilities, prioritizing operational excellence alongside technological advancement. His leadership drove Daikin’s globalization strategy, enabling the company to become the second-largest fluorocarbon producer globally and the foremost player in the air conditioning market. As Daikin approaches its 100th anniversary, it faces contemporary challenges such as climate change and increasing consumer demands for energy-efficient products. The company’s commitment to innovation remains pivotal as it seeks to balance profitability with environmental responsibility. This case prompts discussion on Daikin’s strategic responses to evolving market conditions and the importance of leadership in sustaining growth.

Reference IMD-7-2618

Copyright owner IMD Copyright

Organization Daikin Industries

Industry Consumer Goods, Home Appliances

Available Languages English

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Global Business

Strategy

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Case Study

Overcoming adversity through innovation – Daikin at 100 (B): Sustainability lessons

This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircra...

Global Business Strategy

By Kazuo Ichijo and Yunfei Feng

Case Study

Overcoming adversity through innovation – Daikin at 100 (C): China market lessons

Daikin’s success in the Chinese air conditioning market serves as a compelling case study in strategic adaptation and collaboration. Following its entry into the market in the 1990s, Daikin faced formidable competition from well-established domest...

Global Business Strategy

By Kazuo Ichijo and Yunfei Feng

Overcoming adversity through innovation – Daikin at 100 (B): Sustainability lessons

By Kazuo Ichijo and Yunfei Feng
Case reference: IMD-7-2619 ©2024

Summary

This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircraft components. However, the company pivoted towards refrigeration technology in response to emerging market demands, notably during Japan’s post-World War II economic boom. By leveraging R&D in fluorocarbons and innovative cooling technologies, Daikin established itself as a leader in the air conditioning sector. The case highlights key leadership eras, notably the transformative periods under Noriyuki Inoue. Under Inoue’s stewardship, the company emphasized execution capabilities, prioritizing operational excellence alongside technological advancement. His leadership drove Daikin’s globalization strategy, enabling the company to become the second-largest fluorocarbon producer globally and the foremost player in the air conditioning market. As Daikin approaches its 100th anniversary, it faces contemporary challenges such as climate change and increasing consumer demands for energy-efficient products. The company’s commitment to innovation remains pivotal as it seeks to balance profitability with environmental responsibility. This case prompts discussion on Daikin’s strategic responses to evolving market conditions and the importance of leadership in sustaining growth.

Reference IMD-7-2619

Copyright owner IMD Copyright

Organization Daikin Industries

Industry Consumer Goods, Home Appliances

Available Languages English

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Global Business

Strategy

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Related content

Case Study

Overcoming adversity through innovation – Daikin at 100 (A): Leadership lessons

This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircra...

Global Business Strategy

By Kazuo Ichijo and Yunfei Feng

Case Study

Overcoming adversity through innovation – Daikin at 100 (C): China market lessons

Daikin’s success in the Chinese air conditioning market serves as a compelling case study in strategic adaptation and collaboration. Following its entry into the market in the 1990s, Daikin faced formidable competition from well-established domest...

Global Business Strategy

By Kazuo Ichijo and Yunfei Feng

Overcoming adversity through innovation – Daikin at 100 (C): China market lessons

By Kazuo Ichijo and Yunfei Feng
Case reference: IMD-7-2620 ©2024

Summary

Daikin’s success in the Chinese air conditioning market serves as a compelling case study in strategic adaptation and collaboration. Following its entry into the market in the 1990s, Daikin faced formidable competition from well-established domestic brands like Gree and Midea. Despite the initial challenges of breaking through in a fragmented and competitive landscape, Daikin’s innovative inverter technology became a distinguishing feature of its product offerings. The watershed moment in Daikin’s trajectory occurred in 2008 when it formed a strategic partnership with Gree, China’s largest air conditioner manufacturer. This collaboration enabled Daikin to tap into Gree’s expansive distribution network and manufacturing expertise, significantly enhancing its own market reach. The partnership proved mutually beneficial; Gree capitalized on Daikin’s advanced inverter technology while Daikin secured a foothold in a market driven by increasing consumer demand for energy-efficient solutions. By 2012, inverter air conditioners claimed over 60% of the Chinese market share, a figure that surged to over 90% by 2024, illustrating the success of their joint efforts. Furthermore, Daikin’s commitment to sustainability was manifested in its pioneering use of HFC-32 refrigerant, known for its low global warming potential. By openly licensing HFC-32 patents globally, Daikin not only positioned itself as an environmental leader but also fostered industry-wide innovation. This case highlights the critical importance of strategic partnerships and innovation in overcoming competitive challenges and underscores Daikin’s role as a transformative force in the global air conditioning market.

Reference IMD-7-2620

Copyright owner IMD Copyright

Organization Daikin Industries

Industry Consumer Goods, Home Appliances

Available Languages English

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Global Business

Strategy

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Related content

Case Study

Overcoming adversity through innovation – Daikin at 100 (A): Leadership lessons

This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircra...

Global Business Strategy

By Kazuo Ichijo and Yunfei Feng

Busting the myth of flashy innovation

By Joep de Caluwé
in I by IMD

Summary

Learn why flashy innovation often fails and how a strategic, fact-based approach can drive real innovation success in corporate environments. Insights from industry experts.

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Busting the myth of flashy innovation

By Joep de Caluwé
in I by IMD 9 December 2024

Summary

Learn why flashy innovation often fails and how a strategic, fact-based approach can drive real innovation success in corporate environments. Insights from industry experts. In this final article in a series of three articles, Joep De Caluwé (EMB...

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Mahindra Finance (B): Finessing business models