This chapter focuses on a case study to describes a scenario of a diversified conglomerate having multiple Strategic Business Units (SBUs) facing diverse business challenges. AXN Corporation was a leading conglomerate with diverse lines of business. AXN commenced its operations as an engineering company providing electronic-based controls for automobiles. It subsequently expanded as a software provider to telecom companies for their services. The AXN group company was headed by the Chief Executive Officer, who was assisted by the Chief Financial Officer, the Senior Director of Strategy, and the heads of three SBUs, who were also designated as Senior Directors. AXN Corporation had missed its profit targets consistently for three quarters in a row. The categorization was done for the initiatives under each SBU. In addition, initiatives supporting AXN’s shared functions and the Corporate Office were considered during the categorization. There were several things AXN did right to define and institutionalize the portfolio.