A candidate for a consulting position prepares an analysis of Dell Corporation. For years, Dell's efficient supply chain innovations and successful leveraging of technology in offering made-to-order computers at competitive prices made it a world leader in market share. But conditions?and profits?seem to have leveled off. To what extent is this a matter of a business model in need of revision, and to what extent is something more fundamental at work? This review of a company's trajectory and strategic hurdles has been used in executive education classes but would serve equally well in first-year MBA courses in strategy or operations management.