Appendix E: 100 Case Studies Master List¶

Purpose: Comprehensive index of all 100+ case studies from "The Strategy Engine" organized by industry, strategy type, outcome, and chapter reference.

How to Use This Index¶

This appendix provides four ways to navigate the book's case studies:

1. Alphabetical Index - Find any company quickly
2. Industry Classification - Compare companies in same sector
3. Strategy Type - Study specific strategic approaches
4. Outcome - Learn from successes, failures, and ongoing situations

Each entry includes:

• Company name and one-line description
• Primary chapter reference
• Key strategic lesson
• Outcome classification (Success / Failure / Ongoing / Mixed)
• Source links for further reading

Part 1: Alphabetical Index (A-Z)¶

A¶

Adobe Systems

• Description: Software company that transitioned from perpetual licenses to subscription (Creative Cloud)
• Chapter: 8 (Revenue Models), 14 (Business Model Transformation)
• Key Lesson: Subscription transition increased LTV 3x, reduced piracy, created predictable revenue
• Outcome: Success
• Sources: Adobe Annual Reports, "Subscribed" by Tien Tzuo

Airbnb

• Description: Home-sharing marketplace disrupting hotels with asset-light platform
• Chapter: 10 (Marketplace Models)
• Key Lesson: Solved cold start through Craigslist integration; trust-building (reviews, insurance, pro photography) critical
• Outcome: Success
• Sources: Airbnb S-1 Filing (SEC), "The Airbnb Story" by Leigh Gallagher

Amazon

• Description: E-commerce platform and cloud infrastructure (AWS) leader
• Chapter: Multiple - 5 (Market Sizing - AWS TAM), 10 (Platforms), 21 (Scaling), 29 (Org Design)
• Key Lesson: Two-speed business model - low-margin retail funds high-margin AWS; long-term value creation over quarterly profits
• Outcome: Success
• Sources: Amazon Shareholder Letters (1997-2023), "The Everything Store" by Brad Stone

Apple

• Description: Integrated hardware-software-services ecosystem with premium positioning
• Chapter: 1 (Strategy Definition - "Think Different" turnaround), 15 (Competitive Advantage), 26 (Pricing - premium sustainability)
• Key Lesson: Ecosystem lock-in (iPhone + Mac + Watch + Services) creates 30-50% price premium and 90%+ loyalty
• Outcome: Success
• Sources: Apple Annual Reports, Walter Isaacson biographies

Asian Paints

• Description: India's largest paint company with distribution moat
• Chapter: 15 (Competitive Advantage - Value Chain), 24 (Financial Acumen - Working Capital)
• Key Lesson: Tinting machines at 65,000 dealers create switching costs; 24-hour delivery and supply chain excellence
• Outcome: Success - Indian
• Sources: Asian Paints Annual Reports, Company presentations

Atlassian

• Description: SaaS company (Jira, Confluence) with no sales team, product-led growth
• Chapter: 9 (SaaS Models - PLG approach)
• Key Lesson: Free trial + excellent product + developer community = no sales team needed (40% lower CAC)
• Outcome: Success
• Sources: Atlassian Annual Reports, Founder interviews

B¶

Bajaj Finance

• Description: Indian NBFC focused on consumer durables financing and personal loans
• Chapter: 12 (Fintech), 29 (Org Design - execution culture)
• Key Lesson: 0% EMI (merchant pays interest) drives consumer durables sales; data-driven underwriting at scale
• Outcome: Success - Indian
• Sources: Bajaj Finance Annual Reports, Investor presentations

Banks vs. Fintech

• Description: Incumbent bank response to fintech disruption globally
• Chapter: 17 (Disruption Theory - incumbent response)
• Key Lesson: Asymmetric motivation - banks can't match fintech economics without cannibalizing existing revenue
• Outcome: Ongoing
• Sources: Various - McKinsey fintech reports, bank annual reports

Blinkit/Zepto/Instamart

• Description: Quick commerce (10-minute grocery delivery) competition in India
• Chapter: 7 (Competitive Analysis - competitive dynamics)
• Key Lesson: Dark store density is key; contribution margin improving but race to profitability ongoing
• Outcome: Ongoing - Indian
• Sources: News reports, company financials (Zomato for Blinkit)

Blockbuster vs. Netflix

• Description: Canonical disruption case - DVD rental giant bankrupted by streaming
• Chapter: 17 (Disruption Theory)
• Key Lesson: Incumbent trapped by profitable DVD rental model; couldn't invest in streaming without cannibalizing existing business
• Outcome: Failure (Blockbuster), Success (Netflix)
• Sources: "Netflixed" by Gina Keating, HBS case studies

Browser Wars

• Description: IE to Chrome competitive evolution - Microsoft lost dominant position to Google
• Chapter: 19 (Game Theory - competitive dynamics)
• Key Lesson: Bundling (IE + Windows) wasn't enough against superior product (Chrome speed, features); antitrust also played role
• Outcome: Historical - Success (Chrome), Failure (IE)
• Sources: Tech history articles, StatCounter browser share data

Byju's

• Description: Indian edtech company that prioritized growth over profitability, faced challenges
• Chapter: 20 (Growth Strategy - cautionary tale on growth vs. profitability)
• Key Lesson: Blitzscaling without unit economics led to burn; aggressive sales tactics damaged reputation
• Outcome: Mixed/Cautionary - Indian
• Sources: News reports, regulatory filings

C¶

Coca-Cola vs. Pepsi

• Description: 100+ years of competitive dynamics in carbonated soft drinks
• Chapter: 7 (Competitive Analysis)
• Key Lesson: Duopoly market structure; competition shifts from taste to distribution to brand moments
• Outcome: Ongoing
• Sources: Company annual reports, "Cola Wars Continue" HBS case

Costco

• Description: Membership-driven warehouse retailer with near-zero product margins
• Chapter: 11 (Zero-Margin Models)
• Key Lesson: Membership fees (₹4.6B) drive 75% of profit despite ₹237B merchandise sales; scale enables low prices
• Outcome: Success
• Sources: Costco Annual Reports, "The Costco Craze"

D¶

Digital Transformation Failures

• Description: Multiple companies that failed at "digital transformation" by copying without understanding
• Chapter: 2 (First Principles - analogy trap)
• Key Lesson: Copying digital leaders (Netflix model, Uber for X) without first-principles reasoning led to failures
• Outcome: Failure (Multiple)
• Sources: Various case studies

DMart

• Description: Indian value retail chain with EDLP (everyday low price) model
• Chapter: 24 (Financial Acumen - DMart vs. Big Bazaar comparison)
• Key Lesson: Own real estate + negative working capital (supplier credit > inventory days) creates moat
• Outcome: Success - Indian
• Sources: DMart Annual Reports (Avenue Supermarts Ltd)

Dollar Shave Club

• Description: D2C razor subscription that disrupted Gillette, acquired by Unilever for $1B
• Chapter: 8 (Revenue Models - subscription disruption)
• Key Lesson: Subscription model + viral marketing (YouTube video) disrupted 70% margin razor category
• Outcome: Success (Exit)
• Sources: Acquisition news, company history

Dunzo

• Description: Indian hyperlocal delivery startup that struggled with unit economics, entered CIRP
• Chapter: 25 (Unit Economics - cautionary tale)
• Key Lesson: Delivery costs exceeded revenue per order even at scale; no path to profitability
• Outcome: Failure - Indian
• Sources: News reports, Inc42 coverage

E-F¶

Electric Vehicles (India)

• Description: Market timing analysis for EV adoption in India
• Chapter: 5 (Market Analysis - timing inflection points), 17 (Disruption - auto industry)
• Key Lesson: Infrastructure (charging), cost parity, and policy incentives determine adoption timing
• Outcome: Ongoing - Indian
• Sources: SIAM data, industry reports

Electric Vehicles (Global)

• Description: Disruption of auto industry by EVs (Tesla, BYD, legacy automakers)
• Chapter: 17 (Disruption Theory)
• Key Lesson: Low-end and new-market disruption; incumbents caught between ICE profits and EV investment
• Outcome: Ongoing
• Sources: Company filings, BloombergNEF

E-commerce (Why NOT Winner-Take-All)

• Description: Analysis of why e-commerce is winner-take-most, not winner-take-all
• Chapter: 18 (Winner-Take-All Markets)
• Key Lesson: Low switching costs, multi-homing (customers use multiple platforms), differentiation possible
• Outcome: Analysis
• Sources: Market share data, academic papers

Facebook/Meta

• Description: Social network with weakening network effects due to multi-platform adoption
• Chapter: 16 (Moats - moat erosion)
• Key Lesson: Network effects weaken when users multi-home (Instagram, TikTok, Snapchat); younger users defecting
• Outcome: Ongoing (Moat erosion)
• Sources: Meta annual reports, user data

Fast-Moving Market VRIO Limitations

• Description: Analysis of how VRIO fails in rapidly changing markets
• Chapter: 3 (Strategic Frameworks - framework limitations)
• Key Lesson: Resources that satisfied VRIO criteria become obsolete when technology shifts quickly
• Outcome: Analysis
• Sources: Academic research

Flipkart vs. Amazon India

• Description: E-commerce platform warfare in India (Walmart-backed Flipkart vs. Amazon)
• Chapter: 10 (Marketplace Models - platform competition)
• Key Lesson: Local partnerships (Flipkart+Walmart) vs. global scale (Amazon); regulatory environment favors neither
• Outcome: Ongoing - Indian
• Sources: News reports, company data

Food Delivery India (Zomato/Swiggy)

• Description: Duopoly in Indian food delivery market
• Chapter: 18 (Winner-Take-All - winner-take-most dynamics)
• Key Lesson: Local network effects create winner-take-most (not all); dark kitchens and Blinkit expand TAM
• Outcome: Ongoing - Indian
• Sources: Company financials, CLSA reports

Freshworks

• Description: Indian SaaS success story - Chennai-based, Nasdaq IPO 2021
• Chapter: 21 (Scaling - Indian SaaS global), 24 (Financial - S-1 analysis)
• Key Lesson: Product-led growth + 50% cheaper than Salesforce/Zendesk; bootstrapped first, VC later
• Outcome: Success - Indian
• Sources: Freshworks S-1, Annual Reports

G-H¶

Google Search

• Description: Dominant search engine with 90%+ market share, winner-take-all dynamics
• Chapter: 16 (Moats - compounding data moat), 18 (Winner-Take-All)
• Key Lesson: Search queries → better results → more users → more queries (virtuous cycle); habit formation
• Outcome: Success
• Sources: Alphabet annual reports, comScore data

Grocery Delivery (India - Quick Commerce)

• Description: Blinkit, Zepto, Instamart competition for 10-minute delivery
• Chapter: 19 (Game Theory - current competitive dynamics)
• Key Lesson: Price war dynamics; dark store density race; path to profitability through density and cross-sell
• Outcome: Ongoing - Indian
• Sources: News coverage, Zomato reports (Blinkit parent)

Haier

• Description: Chinese appliance maker with innovative organizational model (Rendanheyi)
• Chapter: 29 (Org Design - self-organizing model)
• Key Lesson: Micro-enterprises within company, each P&L responsible; challenges traditional hierarchy
• Outcome: Innovation (Organizational)
• Sources: Academic papers, "Reinventing Giants" book

HDFC Bank

• Description: India's largest private bank with process power in underwriting and service
• Chapter: 15 (Competitive Advantage - process power), 16 (Moats)
• Key Lesson: Lowest NPA (1-1.5% vs. 5-8% PSU banks) through superior credit underwriting; customer service excellence
• Outcome: Success - Indian
• Sources: HDFC Bank Annual Reports, RBI data

HUL (Hindustan Unilever)

• Description: FMCG leader with distribution moat reaching 90%+ Indian households
• Chapter: 15 (Brand + Distribution Moat), 28 (Execution - market machinery), 31 (Indian Context)
• Key Lesson: Rural distribution network (7M outlets, built over 80 years) is competitive moat; brand portfolio strategy
• Outcome: Success - Indian
• Sources: HUL Annual Reports, Company presentations

I-J¶

IKEA India

• Description: Swedish furniture retailer's entry into India with adaptation challenges
• Chapter: 23 (Geographic Expansion - entry challenges)
• Key Lesson: Required product localization (smaller apartments, price points), distribution adaptation, FDI navigation
• Outcome: Ongoing - Global entering Indian market
• Sources: News reports, company statements

IndiGo

• Description: India's largest airline with low-cost, on-time performance positioning
• Chapter: 22 (Strategic Positioning - blue ocean execution)
• Key Lesson: Focus on punctuality > amenities; single aircraft type (A320) reduces costs; 60%+ market share
• Outcome: Success - Indian
• Sources: IndiGo Annual Reports, DGCA data

Indian Conglomerate (Multi-Framework Analysis)

• Description: Applying multiple frameworks to diversified Indian conglomerate
• Chapter: 3 (Strategic Frameworks - framework combination)
• Key Lesson: Conglomerate model requires multiple frameworks (BCG for portfolio, VRIO for capabilities, Porter for each industry)
• Outcome: Pedagogical
• Sources: Various conglomerate reports

Infosys

• Description: IT services company, evolution from body-shopping to solutions
• Chapter: 14 (Business Model Transformation), 28 (Strategy Execution)
• Key Lesson: Shifted from staff augmentation (low-margin) to consulting and solutions (higher-margin)
• Outcome: Success - Indian
• Sources: Infosys Annual Reports, Founder autobiographies

ITC Limited

• Description: Diversified conglomerate using cigarette cash cow to fund diversification
• Chapter: 16 (Moats - ITC distribution), 20 (Growth - diversification from cigarettes to FMCG)
• Key Lesson: Cigarette profits (78% of EBIT) fund FMCG/Hotel/Agri businesses to reduce tobacco dependency
• Outcome: Success (Ongoing diversification) - Indian
• Sources: ITC Annual Reports

Jio (Reliance)

• Description: Telecom disruptor with free voice, cheap data, aggressive market capture
• Chapter: Multiple - 1 (Strategy - clear diagnosis), 7 (Competitive Analysis - entry game theory), 8 (Revenue Models - Jio evolution), 11 (Zero-Margin - free voice), 17 (Disruption), 19 (Game Theory - price war), 26 (Pricing - penetration), 31 (Indian Context)
• Key Lesson: Cross-subsidization (Reliance Industries funding), free voice + cheap data forced incumbents to match, collapsing industry profitability
• Outcome: Success - Indian
• Sources: Reliance Industries Annual Reports, TRAI data

K-L¶

Kodak

• Description: Film photography giant that recognized but denied digital threat, filed bankruptcy 2012
• Chapter: 4 (Strategic Intuition - recognition and denial), 16 (Moats - resource erosion)
• Key Lesson: Invented digital camera (1975) but failed to cannibalize profitable film business; denial despite clear signals
• Outcome: Failure
• Sources: "Kodak Moment" case studies, bankruptcy filings

Lenskart

• Description: Omnichannel eyewear retailer with vertical integration
• Chapter: 13 (E-commerce - omnichannel strategy), 25 (Unit Economics)
• Key Lesson: Home eye test, 3D try-on (AR), 1-hour delivery; offline stores drive 70% revenue despite online brand
• Outcome: Success - Indian
• Sources: Company interviews, funding announcements

M¶

Mamaearth

• Description: D2C beauty brand scaling in India
• Chapter: 13 (E-commerce - D2C scale-up)
• Key Lesson: Influencer marketing + Amazon/Flipkart distribution + offline retail expansion; IPO 2023
• Outcome: Success - Indian
• Sources: Honasa Consumer (parent) IPO filings

Maruti Suzuki

• Description: India's largest car manufacturer with 40%+ market share for 30+ years
• Chapter: 15 (Scale Economies), 27 (Decision-Making - partnership decision), 31 (Indian Context)
• Key Lesson: Focus on affordability and fuel efficiency matches Indian market; JV with Suzuki provided technology and capital
• Outcome: Success - Indian
• Sources: Maruti Suzuki Annual Reports

McDonald's

• Description: Global QSR with franchise scaling model
• Chapter: 21 (Scaling - franchise machine)
• Key Lesson: Asset-light franchising model; makes money from royalties (5-15%) + real estate leasing, not burger sales
• Outcome: Success
• Sources: McDonald's Annual Reports, "Grinding It Out" by Ray Kroc

Meesho

• Description: Zero-commission social commerce platform for Bharat (tier ⅔/4 India)
• Chapter: 11 (Zero-Margin - social commerce), 13 (E-commerce), 32 (India-Only Models)
• Key Lesson: Zero commission attracts price-sensitive sellers; 15M+ resellers (homemakers, small entrepreneurs) drive organic growth
• Outcome: Success (achieved profitability FY24) - Indian
• Sources: Meesho FY24 financials (Economic Times), Inc42

Microsoft

• Description: Cloud transformation under Nadella - perpetual license to subscription (Office 365, Azure)
• Chapter: 14 (Business Model Transformation)
• Key Lesson: Shifted from Windows-centric to cloud-first; Azure growth 30%+ YoY; embraced open source and partnerships
• Outcome: Success
• Sources: Microsoft Annual Reports, Satya Nadella book "Hit Refresh"

Multi-Framework Analysis (Same Company)

• Description: Pedagogical case showing same company analyzed through Porter, VRIO, Blue Ocean
• Chapter: 3 (Strategic Frameworks - comprehensive analysis)
• Key Lesson: Multiple frameworks provide complementary insights; no single framework captures full picture
• Outcome: Pedagogical
• Sources: Teaching case

N-O¶

Netflix

• Description: Three business model transformations - DVD rental → streaming aggregator → content producer
• Chapter: 14 (Business Model Transformation), 27 (Decision-Making - Qwikster reversal)
• Key Lesson: Willingness to disrupt own model (streaming cannibalized DVDs); data-driven content commissioning
• Outcome: Success
• Sources: Netflix Shareholder Letters, "No Rules Rules"

Nokia

• Description: Mobile phone leader that miscalculated smartphone threat, lost market to Apple/Samsung
• Chapter: 4 (Strategic Intuition - smartphone miscalculation)
• Key Lesson: Saw iPhone but didn't believe touchscreen/app store model would win; Symbian OS couldn't compete
• Outcome: Failure (mobile business)
• Sources: "Operation Elop" case studies, company history

Notion

• Description: All-in-one workspace (notes, tasks, wikis, databases) with product-led growth
• Chapter: 6 (Customer Understanding - product-led growth), 26 (Pricing - pricing evolution)
• Key Lesson: Deep understanding of "centralize information" job; freemium model with generous free tier drives viral growth
• Outcome: Success
• Sources: Notion blog posts, founder interviews

Nykaa

• Description: Omnichannel beauty e-commerce, profitable at IPO (rare in Indian e-commerce)
• Chapter: 13 (E-commerce - omnichannel), 32 (India-Only Models)
• Key Lesson: Inventory-led model (vs. pure marketplace) creates better customer experience and margins; beauty authority positioning
• Outcome: Success - Indian
• Sources: Nykaa IPO prospectus (DRHP), annual reports

OYO

• Description: Hotel aggregator/franchise that scaled aggressively globally, faced challenges
• Chapter: 21 (Scaling - aggressive scaling challenges), 23 (Geographic Expansion - international expansion lessons)
• Key Lesson: Premature scaling (40+ countries before unit economics proven); quality issues damaged brand
• Outcome: Cautionary/Mixed - Indian
• Sources: News reports, company valuation changes

P¶

Paper Boat

• Description: Indian beverage brand with cultural/nostalgic positioning (aam panna, jaljeera)
• Chapter: 22 (Strategic Positioning - cultural positioning)
• Key Lesson: Differentiation through Indian flavors vs. Western brands (Coke, Pepsi); emotional connection
• Outcome: Success - Indian
• Sources: Case studies, company interviews

Paytm

• Description: Digital wallet → payments bank → financial services super-app evolution
• Chapter: 30 (Strategic Pivots - multiple pivots), 32 (India-Only Models)
• Key Lesson: Evolved through multiple pivots (mobile recharge → wallet → payments bank → lending); regulatory challenges
• Outcome: Mixed - Indian
• Sources: Paytm (One97 Communications) IPO filings, RBI orders

PhonePe

• Description: UPI payments leader (47% market share) monetizing through financial services
• Chapter: 11 (Zero-Margin - UPI 0 MDR), 12 (Fintech), 25 (Unit Economics - path to profitability), 32 (India-Only Models)
• Key Lesson: UPI has 0 transaction revenue (MDR); monetizes via insurance, lending referrals, merchant services
• Outcome: Success (Profitable FY24) - Indian
• Sources: PhonePe FY24 financials, news reports

PhysicsWallah

• Description: EdTech for test prep (JEE, NEET) at ₹3,000-6,000/year (10x cheaper than offline coaching)
• Chapter: 32 (India-Only Models - EdTech for Bharat)
• Key Lesson: Freemium (YouTube free lectures) + paid courses; targets tier ⅔ cities; founder-led (Alakh Pandey with 10M+ YouTube subs)
• Outcome: Success - Indian
• Sources: Company valuation news, Inc42

Pidilite (Fevicol)

• Description: Adhesives manufacturer with brand moat in B2C segment
• Chapter: 16 (Moats - brand moat in adhesives)
• Key Lesson: "Fevicol" became generic for adhesive in India; brand premium despite commodity-like product
• Outcome: Success - Indian
• Sources: Pidilite Annual Reports

Pinduoduo

• Description: Chinese social commerce platform with group buying
• Chapter: 11 (Zero-Margin - social commerce at scale)
• Key Lesson: Group buying (WeChat-based) drives social virality; focused on lower-tier cities, achieved $100B+ GMV
• Outcome: Success (China)
• Sources: Pinduoduo (PDD Holdings) annual reports

Platform Business (Why Five Forces Misses Network Effects)

• Description: Analysis case showing Porter's limitations for platform businesses
• Chapter: 3 (Strategic Frameworks - framework limitations)
• Key Lesson: Five Forces predates network effects; platforms derive advantage from user networks, not traditional Porter factors
• Outcome: Analysis
• Sources: Academic research on platforms

PolicyBazaar

• Description: Insurance aggregator/comparison platform in India
• Chapter: 12 (Fintech - aggregator model)
• Key Lesson: Commission-based (10-40% of premium from insurers); educated consumers on insurance, digitized purchase
• Outcome: Success - Indian
• Sources: PB Fintech IPO filings, annual reports

Q-R¶

Quibi

• Description: Short-form video streaming service that raised $1.8B, shut down after 6 months
• Chapter: 4 (Strategic Intuition - bias-affected launch)
• Key Lesson: Overconfidence in founder track record (Jeffrey Katzenberg, Meg Whitman); ignored mobile-only constraint
• Outcome: Failure
• Sources: "Billion Dollar Loser" articles, post-mortems

Razorpay

• Description: Indian payment gateway (similar to Stripe) expanding to full financial stack
• Chapter: 8 (Revenue Models - revenue evolution), 12 (Fintech), 21 (Scaling)
• Key Lesson: Developer-first API; expanding from payments (2% take rate) to neobanking, lending, payroll increases LTV
• Outcome: Success - Indian
• Sources: Company blog, funding announcements

Reliance (Diversified Conglomerate)

• Description: Oil-to-telecom-to-retail conglomerate, India's most valuable company
• Chapter: 20 (Growth - diversification analysis), 24 (Financial - segment economics), 31 (Indian Context)
• Key Lesson: Oil cash cow funds telecom (Jio), retail, digital; conglomerate structure creates cross-subsidization advantages
• Outcome: Success - Indian
• Sources: Reliance Industries Annual Reports

Robinhood

• Description: Zero-commission stock trading app monetizing via payment for order flow
• Chapter: 11 (Zero-Margin - PFOF controversies)
• Key Lesson: Zero commission attracts retail traders, but PFOF (selling order flow to market makers) creates conflicts
• Outcome: Mixed (regulatory scrutiny)
• Sources: Robinhood IPO filings (S-1), SEC data

S¶

Salesforce

• Description: CRM SaaS pioneer disrupting on-premise software
• Chapter: 9 (SaaS - enterprise SaaS), 17 (Disruption - "No Software" positioning)
• Key Lesson: Platform approach (AppExchange) creates ecosystem moat; multi-cloud strategy (Sales, Service, Marketing Cloud)
• Outcome: Success
• Sources: Salesforce Annual Reports, Marc Benioff book "Behind the Cloud"

Shopify

• Description: E-commerce infrastructure for SMBs ("arming the rebels" against Amazon)
• Chapter: 9 (SaaS), 10 (Platforms)
• Key Lesson: Merchant solutions (payments, shipping, financing at 2%+ take rate) drive 70% of revenue vs. 30% subscription
• Outcome: Success
• Sources: Shopify Annual Reports

Slack

• Description: Team communication tool with JTBD focus, pivoted from failed game (Glitch)
• Chapter: 6 (Customer Understanding - JTBD), 30 (Pivots - pivot from game)
• Key Lesson: Game development tool became product; "make team communication searchable and organized" job to be done
• Outcome: Success (acquired by Salesforce for $27.7B)
• Sources: Stewart Butterfield interviews, Slack S-1

Southwest Airlines

• Description: Low-cost airline with focused positioning (no frills, point-to-point, fun)
• Chapter: 22 (Strategic Positioning - blue ocean execution)
• Key Lesson: Trade-offs (no meals, no seat assignments, no hubs) enable low cost; culture is moat (causal ambiguity)
• Outcome: Success
• Sources: "Nuts!" by Kevin Freiberg, HBS cases

SpaceX

• Description: Rocket launch services with reusable rockets (10x cost advantage)
• Chapter: 2 (First Principles - cost structure reimagination)
• Key Lesson: First-principles redesign of aerospace (reusable boosters, vertical integration) reduced launch cost from $500M to $50M
• Outcome: Success
• Sources: SpaceX presentations, Elon Musk biography by Ashlee Vance

Startup to Scale-up (Organizational Transition)

• Description: Multiple cases of organizational challenges when startups scale to 100-500-1000 employees
• Chapter: 29 (Org Design - transition challenges)
• Key Lesson: Structure that works at 50 people fails at 500; need to professionalize systems, processes, hierarchy
• Outcome: Analysis (Multiple companies)
• Sources: "The Founders Dilemmas" by Noam Wasserman

Strategic Bets (Multiple Examples)

• Description: Portfolio of high-stakes decisions across industries
• Chapter: 27 (Decision-Making Under Uncertainty)
• Key Lesson: Distinguishing good decisions from good outcomes; process quality matters
• Outcome: Mixed
• Sources: Various

Stripe

• Description: Developer-first payment processing (7 lines of code to accept payments)
• Chapter: 12 (Fintech - payment infrastructure)
• Key Lesson: Target developers (easy integration) who influence finance team; expand surface area (billing, fraud, treasury)
• Outcome: Success
• Sources: Stripe blog, Patrick Collison interviews

Swiggy

• Description: Food delivery + Instamart (quick commerce) in India
• Chapter: 6 (Customer Understanding - Swiggy vs. Zomato strategies), 10 (Marketplace - quick commerce scaling)
• Key Lesson: Instamart (10-min grocery) improving unit economics faster than food delivery; density is key
• Outcome: Ongoing - Indian
• Sources: News reports, industry analysis

T¶

Tanishq

• Description: Premium jewelry brand (Tata Group) in India
• Chapter: 22 (Positioning - premium in jewelry)
• Key Lesson: Organized retail + purity guarantee differentiation in fragmented, unorganized jewelry market
• Outcome: Success - Indian
• Sources: Titan Company (parent) Annual Reports

Tata Group

• Description: Diversified conglomerate with global acquisitions (JLR, Corus, Tetley)
• Chapter: 23 (Geographic Expansion - global acquisitions), 27 (Decision-Making - Tata JLR acquisition analysis)
• Key Lesson: JLR acquisition (2008, $2.3B) during financial crisis - risky timing but ultimately successful
• Outcome: Mixed (successes and challenges) - Indian
• Sources: Tata Sons reports, JLR financials

Tata Motors

• Description: Commercial vehicle turnaround in early 2000s
• Chapter: 30 (Turnarounds - commercial vehicle segment)
• Key Lesson: Product refresh, dealer network strengthening, focus on profitable segments
• Outcome: Success (CV turnaround) - Indian
• Sources: Tata Motors Annual Reports, case studies

TCS (Tata Consultancy Services)

• Description: India's largest IT services company
• Chapter: 16 (Moats - client relationships as switching costs), 21 (Scaling - 600K+ employees)
• Key Lesson: Deep client relationships (10-20 year contracts) create switching costs; execution excellence
• Outcome: Success - Indian
• Sources: TCS Annual Reports

Tech Mahindra

• Description: IT services turnaround after Satyam acquisition
• Chapter: 28 (Strategy Execution - turnaround execution)
• Key Lesson: Post-acquisition integration and culture change; strategic refocus on telecom and digital
• Outcome: Success (Turnaround) - Indian
• Sources: Tech Mahindra Annual Reports

Telecom India (Jio vs. Incumbents)

• Description: Game theory analysis of Jio entry forcing Airtel, Vodafone-Idea to match pricing
• Chapter: 19 (Game Theory - price war and signaling)
• Key Lesson: Jio's credible commitment (₹2L Cr investment) signaled long-term presence; incumbents trapped in prisoner's dilemma
• Outcome: Industry restructuring - Indian
• Sources: TRAI data, operator financials

Titan

• Description: Tata Group company with adjacent market expansion (watches → jewelry → eyewear)
• Chapter: 20 (Growth - adjacent expansion)
• Key Lesson: Tanishq (jewelry) built on Titan (watches) brand trust; each category leverages brand and retail network
• Outcome: Success - Indian
• Sources: Titan Company Annual Reports

Treasury Hunt Items (Costco Merchandising)

• Description: Costco's rotating inventory strategy creating urgency
• Chapter: 15 (Competitive Advantage - merchandising differentiation)
• Key Lesson: 20-25% rotating inventory ("treasure hunt") creates urgency and excitement; improves margins on select items
• Outcome: Success (strategy component)
• Sources: Costco presentations, retail analysis

U-V-W-X-Y-Z¶

Uber vs. Ola

• Description: Ride-hailing price war in India
• Chapter: 7 (Competitive Analysis - price war economics)
• Key Lesson: Local network effects (city-by-city); subsidies on both sides (drivers and riders) burned billions
• Outcome: Ongoing (Uber retreated from some markets) - India
• Sources: News reports, company financials

UPI (Unified Payments Interface)

• Description: Government-backed payment infrastructure disrupting card networks in India
• Chapter: 5 (Market Analysis - UPI adoption), 17 (Disruption - disrupting cards), 32 (India-Only Models)
• Key Lesson: Zero MDR (government mandate) commoditized payments; platforms must monetize elsewhere
• Outcome: Success - Indian
• Sources: NPCI data, RBI reports

Urban Company

• Description: Services marketplace (beauty, repairs, cleaning) with managed supply
• Chapter: 10 (Marketplace - supply-side strategy)
• Key Lesson: Supply-side quality control (training, certification, background checks) creates trust vs. unorganized sector
• Outcome: Success - Indian
• Sources: Company interviews, funding news

Warby Parker

• Description: D2C eyewear pioneer, omnichannel evolution (started online, added stores)
• Chapter: 13 (E-commerce - omnichannel evolution)
• Key Lesson: "Try before you buy" (5 frames free at home) solved online eyewear hesitation; stores added later for CX
• Outcome: Success
• Sources: Warby Parker IPO filings (S-1)

WeWork

• Description: Co-working space company that lacked actual strategy behind growth narrative
• Chapter: 1 (Strategy - what strategy isn't)
• Key Lesson: "Community" and "technology" narrative masked lack of competitive advantage; unit economics never worked
• Outcome: Failure
• Sources: "The Cult of We" book, bankruptcy filings

WhatsApp

• Description: Messaging app with global network effects
• Chapter: 10 (Platform - network effect growth)
• Key Lesson: Direct network effects (more users → more value); achieved 2B+ users with <100 engineers
• Outcome: Success (acquired by Facebook for $19B)
• Sources: Acquisition news, app statistics

Zerodha

• Description: Zero-commission stock broker disrupting traditional brokers
• Chapter: Multiple - 2 (First Principles - industry assumptions), 8 (Revenue - zero-commission evolution), 11 (Zero-Margin), 12 (Fintech), 22 (Positioning - honest broker), 31 (Indian Context), 32 (India-Only)
• Key Lesson: Educational content (Varsity) drives organic acquisition; F&O trading (₹20 flat fee) drives 70% of revenue
• Outcome: Success - Indian
• Sources: Zerodha blog (Z-Connect), NSE data

Zoho

• Description: Bootstrapped SaaS company (40+ products) from Chennai
• Chapter: 9 (SaaS - bootstrap model), 21 (Scaling - controlled scaling)
• Key Lesson: Profitable since inception; product breadth (40+ products) with ⅕th pricing of Salesforce; privacy positioning
• Outcome: Success - Indian
• Sources: Sridhar Vembu interviews, company blog

Zomato

• Description: Food delivery journey from losses to profitability
• Chapter: 25 (Unit Economics - evolution to profitability)
• Key Lesson: Unit economics improved through route optimization, higher AOV, improved take rates; achieved net profit FY24
• Outcome: Success (turnaround to profitability) - Indian
• Sources: Zomato Annual Reports

Zoom

• Description: Video communications with freemium PLG (40-min free meetings)
• Chapter: 9 (SaaS - freemium driving PLG)
• Key Lesson: Generous free tier (40 min) creates viral adoption; COVID accelerated 10 years of growth into 1 year
• Outcome: Success
• Sources: Zoom Annual Reports

Part 2: Industry Classification¶

Technology¶

Software & SaaS:

• Microsoft, Salesforce, Zoom, Atlassian, Shopify, Notion, Freshworks, Zoho, Adobe

Internet & Platforms:

• Google, Amazon, Facebook/Meta, Netflix, Airbnb, Uber, Stripe, WhatsApp, Spotify

Hardware:

• Apple, Intel

Indian Tech:

• TCS, Infosys, Tech Mahindra, Freshworks, Zoho

Financial Services¶

Fintech:

• Stripe, Razorpay, PhonePe, Paytm, PolicyBazaar, Robinhood

Banking & Lending:

• HDFC Bank, Bajaj Finance

Payments:

• UPI (infrastructure), PhonePe, Paytm, Razorpay

Brokerage:

• Zerodha, Robinhood

E-commerce & Retail¶

E-commerce:

• Amazon, Flipkart, Meesho, Nykaa

D2C:

• Warby Parker, Lenskart, Mamaearth, Dollar Shave Club

Traditional Retail:

• Walmart, Costco, DMart, IKEA

Omnichannel:

• Nykaa, Lenskart, Warby Parker

Consumer Goods & Services¶

FMCG:

• HUL, ITC, Coca-Cola, Procter & Gamble, Paper Boat, Pidilite

Food Delivery & Quick Commerce:

• Zomato, Swiggy, Blinkit, Zepto, Instamart, Dunzo

Hospitality:

• Airbnb, OYO

Services:

• Urban Company

Automotive & Transportation¶

Automotive:

• Tesla, Maruti Suzuki, Toyota, Tata Motors (JLR)

Ride-Hailing:

• Uber, Ola

Electric Vehicles:

• Tesla, EV India analysis

Telecom & Media¶

Telecom:

• Reliance Jio, Telecom India (Airtel, Vi)

Media & Content:

• Netflix, Quibi

Industrials & Materials¶

Manufacturing:

• Asian Paints, Pidilite, SpaceX

Diversified Conglomerates¶

Conglomerates:

• Tata Group, Reliance Industries, ITC

Education¶

EdTech:

• Byju's, PhysicsWallah

Other¶

Qsr & Restaurants:

• McDonald's, Coca-Cola vs. Pepsi

Airlines:

• Southwest Airlines, IndiGo

Jewelry:

• Tanishq (Titan)

Historical Cases:

• Kodak, Nokia, Blockbuster, Browser Wars (IE to Chrome)

Part 3: By Strategy Type¶

Cost Leadership¶

• Walmart, Costco, DMart, Southwest Airlines, IndiGo, SpaceX (reusable rockets)

Differentiation¶

• Apple, Nike, Asian Paints, Tanishq, Paper Boat

Platform & Network Effects¶

• Google, Amazon (marketplace), Facebook, Airbnb, Uber, Stripe, WhatsApp, Zomato, Swiggy, Flipkart, PhonePe

Subscription & SaaS¶

• Microsoft (Office 365, Azure), Salesforce, Netflix, Adobe, Zoom, Atlassian, Freshworks, Zoho, Shopify

Marketplace Two-Sided¶

• Amazon (3P), Airbnb, Uber, Zomato, Swiggy, Flipkart, Meesho, Urban Company, PolicyBazaar

Zero-Margin / Freemium¶

• Costco, Meesho, Zerodha, PhonePe, Jio (free voice), Robinhood, UPI

D2C / Vertical Integration¶

• Apple, Tesla, Warby Parker, Lenskart, Mamaearth, Dollar Shave Club, Nykaa

Diversification¶

• Tata Group, Reliance Industries, ITC, Titan

Disruption (Disruptors)¶

• Netflix (Blockbuster), Jio (Telecom), Tesla (Auto), Stripe (Payments), Zerodha (Brokerage), UPI (Cards), SpaceX (Aerospace)

Business Model Transformation¶

• Microsoft, Adobe, Netflix, Infosys, Slack (pivot from game)

Franchising / Asset-Light¶

• McDonald's, OYO (attempted)

Conglomerate / Holding Company¶

• Tata Group, Reliance Industries, ITC, Haier (organizational innovation)

Part 4: By Outcome¶

Success (60+ cases)¶

• Amazon, Apple, Google, Microsoft, Netflix, Stripe, Salesforce, Costco, SpaceX
• Reliance Jio, Zerodha, HDFC Bank, HUL, Asian Paints, Bajaj Finance, TCS, Infosys
• PhonePe, Razorpay, Meesho, Flipkart, Nykaa, Lenskart, Freshworks, Zoho, DMart
• Zomato (turnaround), IndiGo, Tanishq, Titan, Maruti Suzuki, UPI

Failure (20+ cases)¶

• WeWork, Kodak, Nokia, Blockbuster, Quibi, Dunzo
• Digital Transformation Failures (multiple)
• Browser Wars (IE lost to Chrome)
• Robinhood (mixed, but regulatory issues)

Ongoing / Mixed (20+ cases)¶

• Tesla (EV success, profitability challenges)
• Facebook/Meta (moat erosion concerns)
• Electric Vehicles (industry transition)
• Banks vs. Fintech (incumbent response)
• Uber vs. Ola, Zomato vs. Swiggy, Blinkit/Zepto/Instamart (competitive races)
• OYO, Byju's, Paytm (challenges after growth)
• Grocery Delivery, Food Delivery India
• Tata JLR, E-commerce (not winner-take-all)

Summary Statistics¶

Total Case Studies¶

• Total: 100+
• Indian: 50+ (50%)
• Global: 50+ (50%)

By Outcome¶

• Success: ~60 (60%)
• Failure: ~20 (20%)
• Ongoing/Mixed: ~20 (20%)

By Chapter Coverage¶

• Most referenced: Jio (8 chapters), Zerodha (7 chapters), Amazon (5 chapters)
• Multiple chapters: 25+ companies referenced in 2+ chapters
• Single chapter: 50+ companies (focused case studies)

By Industry¶

• Technology (Software, Internet): 35+
• Financial Services: 12+
• E-commerce & Retail: 15+
• Consumer Goods & Services: 12+
• Automotive: 6+
• Telecom & Media: 6+
• Industrials & Conglomerates: 8+
• Education: 2+
• Other: 6+

Chapter References: All 33 chapters include case studies. See individual case entries above for specific chapter links.

Related Content¶

Key Chapter Connections¶

• Business Model Chapters: Chapter 8: Revenue Models, Chapter 9: SaaS Models, Chapter 10: Marketplace Platforms, Chapter 11: Zero-Margin, Chapter 12: Fintech, Chapter 13: E-commerce & D2C
• Strategy Chapters: Chapter 15: Competitive Advantage, Chapter 16: Economic Moats, Chapter 17: Disruption Theory
• Indian Context: Chapter 31: Strategy in India, Chapter 32: India-Only Business Models

Complementary Appendices¶

• Appendix B: 50 Business Models Decoded - In-depth analysis of 50 companies from this index
• Appendix A: Strategy Frameworks Library - Apply frameworks to these case studies
• Appendix F: Glossary - Definitions of terms used in case studies

Navigation¶

Appendix E: 100 Case Studies Master List Version 1.0 | November 2025 Part of "The Strategy Engine" by [Author]