Stephanie Scott
MBA Case Studies
Nike Acquisition of Lululemon
MBA 8135: CORPORATE FINANCE
In Major Integrated Case 2 (MIC2), I evaluated whether Nike should acquire Lululemon using the class FP&A and valuation templates, with a specific emphasis on the tradeoff between higher earnings power and weaker credit quality under a 100% debt-financed transaction structure. I began by establishing Nike’s baseline performance using rate-of-change and %‑of‑sales analysis, then moved into the model’s key valuation assumptions and credit inputs to ensure the story and numbers stayed consistent across the workbook and pitch deck.
Next, I built the valuation baseline using Nike’s key assumptions: A‑ credit rating, 4.92% 10‑year bond yield, 4.01% risk‑free rate, 1.32 beta, 7.94% WACC, and 2.60% long‑term growth rate. With that foundation, I summarized the proposed transaction terms: a $23.585B implied equity purchase price for Lululemon, representing a 1.23× premium and an implied offer of $190.30 per share, funded under the case assumption of 100% debt. This setup framed the decision question clearly: does the deal’s earnings and value uplift justify the incremental financing and credit risk introduced by debt funding?
I then evaluated financing implications using the combined credit profile and cost of debt: the acquisition pushes the credit profile from Nike A‑ to combined BB+, implying an increased 10‑year borrowing rate of 6.63% and higher interest cost risk. On the operating side, the combined company shows materially greater earnings capacity: Nike standalone 2030 EBITDA is ~$10.2B, while combined 2030 EBITDA is ~$14.0B, implying an incremental uplift of ~$3.8B annually. That earnings expansion becomes the central offset to the higher leverage and borrowing cost: the model narrative is “credit risk increases, but earnings power increases more.”
Recommendation: Yes—Nike should acquire Lululemon under the case assumptions because the combined EBITDA uplift and scale benefits outweigh the added debt and higher borrowing costs in the framework used. I explicitly acknowledged the primary downside—more debt and a credit rating decline that increases interest expense—and positioned the decision as a disciplined tradeoff: accept higher financing risk only because the combined earnings base is significantly larger and better able to support the capital structure over time.
Final Case Competition: Evolving Frisch’s Big Boy for the Next Generation
MBA 8820: GLOBAL COMPETITIVE STRATEGY
Frisch’s Big Boy is a legacy family-dining brand with deep roots in the Midwest, known for its nostalgic identity and loyal customer base. However, the brand faces growth challenges due to an aging audience, limited Gen Z engagement, and a concentrated regional presence. This case study explores how Frisch’s can evolve to stay relevant without losing its core identity.
The strategy reframes the target audience by focusing on college students as a high-value growth segment. With high-frequency dining habits and strong potential for long-term brand loyalty, college campuses present an opportunity to embed Frisch’s into everyday routines and reintroduce the brand to a new generation.
To support this, the recommendation includes expanding into campus-adjacent and on-campus locations, alongside a shift to smaller, quick-service formats designed for efficiency and convenience. A key differentiator is the introduction of an alumni-driven franchise model, creating a pipeline from student to owner and strengthening long-term brand investment.
Overall, this strategy positions Frisch’s to compete beyond nostalgia—blending community, experience, and accessibility to drive sustainable growth and modern relevance.
The presentation design was created entirely from scratch, using Frisch’s website and logo as inspiration to balance the brand’s retro identity with a modern, strategic visual approach.
Competitive Advantage: "Squeeze" Lemonade Stand
MBA 8820: GLOBAL COMPETITIVE STRATEGY
For my Global Competitive Strategy course, I developed Squeeze, a lemonade stand concept designed around a social-first, experience-driven approach. Rather than competing on product alone, the concept focused on differentiation through branding, aesthetic appeal, and shareability—positioning the stand as both a beverage stop and a content-friendly destination for Gen Z and millennial consumers.
The initial strategy included branding, product offerings, target audience, and positioning within a one-page framework. Feedback highlighted the strength of the brand name and creative differentiation, while also pointing out the need for a more defined location strategy—reinforcing the importance of balancing creativity with strategic precision.
I expanded the project by building a full visual identity and presentation deck, translating the concept into a cohesive brand experience with elements like menu design, stand mockups, and interactive photo moments. This step brought the strategy to life and demonstrated how experiential design can drive engagement and repeat visits.
This project highlights my ability to develop a clear competitive advantage, apply consumer insight to branding, and evolve a concept from strategy to execution.
AI In My Professional Career
MBA 8125: DIGITAL INNOVATION
For my Digital Innovation course, I analyzed how artificial intelligence could enhance my work as a freelance digital marketer and content creator. Operating as a “one-woman marketing department,” I identified a key challenge: the inefficiency of managing strategy, content creation, analytics, and client communication manually.
I reframed AI as a strategic enhancement tool and integrated it into my workflow in three key ways. First, I developed structured prompting systems to scale content creation while maintaining brand voice, reducing drafting time by 60%. Second, I used AI to translate performance data into actionable insights, enabling more strategic, KPI-driven recommendations. Third, I leveraged AI to streamline business operations, including proposal development, positioning, and client deliverables.
These changes allowed me to shift from execution-focused work to system design and strategic oversight. I ultimately repositioned myself as an “AI-Integrated Marketing Strategist,” aligning with the broader industry shift toward automation and data-driven decision-making.
This project highlights my ability to integrate AI into real-world workflows, improving efficiency, scalability, and overall strategic impact.
Operations Optimization: DoorDash
MBA 8155: OPERATIONS MANAGEMENT
For my Operations Management course, my team analyzed DoorDash’s delivery system to identify bottlenecks, reduce wait times, and improve efficiency. Using process flow mapping and Critical Path Method (CPM) analysis, we examined each stage of the delivery process—from order placement to final drop-off—to understand how delays compound across the system.
Our analysis identified restaurant preparation and delivery travel time as the primary bottlenecks, contributing to a total cycle time of approximately 63 minutes. By incorporating both real and synthetic datasets, we evaluated key drivers of delivery variability, including distance, driver performance, and wait times.
Based on these insights, we proposed a revised process that reduced cycle time to 41 minutes. Recommendations included tightening delivery zones, reducing driver idle time, improving prep-time accuracy, and strategically positioning drivers in high-demand areas.
This project demonstrates my ability to apply operations management frameworks, analyze complex systems, and translate data into actionable strategies that drive measurable efficiency gains.
Omnichannel Marketing Strategy Analysis: Ulta Beauty
MK8200: MARKETING RESEARCH
As part of my MBA Marketing Research coursework, I analyzed Ulta Beauty to evaluate how the brand sustains growth in the highly competitive U.S. beauty market. Ulta’s unique positioning as a one-stop beauty destination—offering both mass and prestige products alongside in-store services—allows it to balance accessibility with a premium customer experience.
My research focused on the brand’s target audience, omnichannel strategy, and marketing ecosystem. A key insight was that Ulta’s integrated digital and in-store experience, supported by services like buy-online-pickup-in-store and its 39M+ member loyalty program, serves as a primary growth driver. However, this model also creates challenges around operational consistency and margin pressure due to heavy reliance on rewards and promotions.
Additionally, Ulta’s strong social and influencer-driven strategy effectively engages Gen Z and millennial consumers, though it requires constant innovation to remain competitive. While the brand’s emphasis on inclusivity strengthens its equity, it is no longer a distinct differentiator in today’s market.
Based on these insights, I identified opportunities to deepen personalization through CRM data, enhance the in-store experience, expand digital capabilities, and refine pricing strategies to better balance growth and profitability.
This project highlights my ability to analyze marketing ecosystems and translate insights into strategic, data-driven recommendations.
Consumer Behavior Analysis: Ben & Jerry’s
MK 8100: BUYER BEHAVIOR
As part of my MBA Consumer Behavior coursework, I analyzed Ben & Jerry’s to understand how consumer motivations influence brand loyalty in the premium ice cream market. The brand stands out through both product innovation and its strong commitment to social justice, sustainability, and ethical sourcing—appealing to consumers driven by both indulgence and values.
My research combined secondary analysis, social media insights, and in-person fieldwork at an Atlanta retail location, where I conducted surveys and observed purchasing behavior. Findings showed that consumers are motivated by a mix of hedonic enjoyment and alignment with the brand’s mission, creating a deeper emotional connection beyond the product.
I identified key segments, including “Dessert Lovers” and “Socially Conscious Consumers,” highlighting the need to balance indulgence-focused messaging with purpose-driven storytelling. While brand loyalty is strong, pricing concerns emerged as a barrier, signaling an opportunity to better communicate the brand’s premium value.
This project showcases my ability to apply consumer behavior frameworks, conduct primary research, and translate insights into strategic marketing recommendations.