咨詢公司case分析方法

Case interview 分析工具/框架來源：張旭的日志最近在準(zhǔn)備CASEINTERVIEW，剛接觸這個，對里面涉及到的FRAMEWORK和STRATEGY非常不熟悉，偶獲珍寶，與諸君共享。順便攢RP??！案例面試分析工具/框架一．Business Strategy1．市場進(jìn)入類行業(yè)分析（波特 5力，市場趨勢，市場規(guī)模，市場份額，市場壁壘等）公司宏觀環(huán)境（人口，經(jīng)濟(jì)，自然，技術(shù)，政治），公司微觀環(huán)境（公司，供應(yīng)商，市場中介，顧客，競爭對手，大眾）3C（Competitor, Consumer, Company/Capabilities ）Cost-revenue固定成本，可變成本收入怎么計算？時間序列估計，可比公司估計市場細(xì)分很重要， niche market地理細(xì)分人口細(xì)分（年齡及生命周期階段細(xì)分，性別細(xì)分，收入細(xì)分）心理細(xì)分（社會階層，生活方式，個性特征）行為細(xì)分（購買時機(jī)-柯達(dá)，利益細(xì)分-牙膏，用戶狀況，使用率，忠誠度）2．行業(yè)分析類市場（市場規(guī)模，市場細(xì)分，產(chǎn)品需求 /趨勢分析，客戶需求）競爭（競爭對手的經(jīng)濟(jì)情況，產(chǎn)品差異化，市場整合度，產(chǎn)業(yè)集中度）顧客/供應(yīng)商關(guān)系（談判能力，替代者，評估垂直整合）進(jìn)入/離開的障礙（評估公司進(jìn)入 /離開。對新加入者的反應(yīng)，經(jīng)濟(jì)規(guī)模，預(yù)測學(xué)習(xí)曲線，研究政府調(diào)控）資金金融（主要金融資金來源，產(chǎn)業(yè)風(fēng)險因素，可變成本 /固定成本）風(fēng)險預(yù)測與防范3．新產(chǎn)品引入類營銷調(diào)研產(chǎn)品？價格？即 4P4C (Customer, Competition, Cost, Capabilities)市場促銷，分校渠道（渠道選擇，庫存，運輸，倉儲）STP和4P（Product, Price, Place, Promotion）產(chǎn)品生命周期精品文庫二．Business Operation1．市場容量擴(kuò)張（競爭對手，消費者，自己實力）2．利潤改善型Revenue, Cost分析，到底是銷售額下降造成，還是成本上升造成如果銷售額下降，看 4P了（是價格過高？產(chǎn)品質(zhì)量問題？分校渠道問題？還是 promotion 的efficacy 有問題？）如果成本上升，看固定成本 or可變成本是否有問題？（固定成本過高，設(shè)備是否老化，需要關(guān)閉生產(chǎn)線、廠房，降低管理者工資等，可變成本過高，看原材料價格是否上升，有沒有降低的可能， switch suppliers? 還是人員工資過高，需要裁員等）成本結(jié)構(gòu)是否合理，產(chǎn)能利用率如何（閑置率）推銷任何一種產(chǎn)品/服務(wù)4P，3c定價以成本為基礎(chǔ)的定價成本加成定價，以目標(biāo)利潤（盈虧平衡定價）以價值為基礎(chǔ)定價以競爭為基礎(chǔ)定價三．Market Sizing/Estimation市場趨勢，市場規(guī)模，市場份額，市場壁壘等市場集中度市場驅(qū)動因素（價格，服務(wù)，質(zhì)量，外觀）關(guān)鍵成功要素 KSF四．M&A類整合原因（synergy, scale, management impulse, Taxconsideration, Diversification, Breakup Value）5C（Character, Capacity, Capital, Conditions, Competitive Advantage）類型：horizontal, vertical, congeneric, conglomerate估值方法：DFC，Market Multiple( EBITDA，P/E，P/B)DFC：ProForma Cash Flow Statement，Discount RateHostile VS Friendly takeovers所有咨詢公司面試可能用到的分析結(jié)構(gòu)Advanced concepts & frameworks歡迎下載 2精品文庫MBAsandothercandidateswithbusinessbackground,takenote-interviewerswillexpectyoutohaveamoredetailedtakeonyourcasethananundergraduatewouldhave.Herearesomecommonlyusedcaseconcepts.NetpresentvaluePerhapsthemostimportanttypeofdecisioncompanymanagersmustmakeonadailybasisiswhethertoundertakeaproposedinvestment.Forexample,shouldthecompanybuyacertainpieceofequipment?Buildaparticularfactory?Investinanewproject?Thesetypesofdecisionsarecalledcapitalbudgetingdecisions.Theconsultantmakessuchdecisionsbycalculatingthenetpresentvalueofeachproposedinvestmentandmakingonlythoseinvestmentsthathavepositivenetpresentvalues.Example:HernandezistheCFOofWesternManufacturingCorp.,anautomobilemanufacturer.ThecompanyisconsideringopeninganewfactoryinOhiothatwillrequireaninitialinvestmentof$1million.Thecompanyforecaststhatthefactorywillgenerateafter-taxcashflowsof$100,000inYear1,$200,000inYear2,$400,000inYear3,and$400,000inYear4.AttheendofYear4,thecompanywouldthensellthefactoryfor$200,000.Thecompanyusesadiscountrateof12percent.Hernandezmustdeterminewhetherthecompanyshouldgoaheadandbuildthefactory.Tomakethisdecision,Hernandezmustcalculatethenetpresentvalueoftheinvestment.Thecashflowsassociatedwiththefactoryareasfollows:HernandezthencalculatestheNPVofthefactoryasfollows:Sincethefactoryhasanegativenetpresentvalue,Hernandezcorrectlydecidesthatthefactoryshouldnotbebuilt.ThenetpresentvalueruleNotefromtheexampleabovethatoncetheconsultanthasfiguredouttheNPVofaproposedinvestment,shethendecideswhethertoundertaketheinvestmentbyapplyingthenetpresentvaluerule:Makeonlythoseinvestmentsthathaveapositivenetpresentvalue.Aslongastheconsultantfollowsthisrule,shecanbeconfidentthateachinvestmentismakingapositivenetcontributiontothecompany.TheCapitalAssetPricingModel(CAPM)Intheaboveexample,weassumedagivendiscountrate.However,partofaconsultant'sjobistodetermineanappropriatediscountrate(r)tousewhencalculatingnetpresentvalues.Thediscountratemayvarydependingontheinvestment.BetaThefirststepinarrivingatanappropriatediscountrateforagiveninvestmentisdeterminingtheinvestmentsriskiness.Themarketriskofaninvestmenti歡迎下載 3精品文庫smeasuredbyits"beta"(?),whichmeasuresriskinesswhencomparedtothemarketasawhole.Aninvestmentwithabetaof1hasthesameriskinessasthemarketasawhole(so,forexample,whenthemarketmovesdown10percent,thevalueoftheinvestmentwillonaveragefall10percentaswell).Aninvestmentwithbetaof2willbetwiceasriskyasthemarket(sowhenthemarketfalls10percent,thevalueoftheinvestmentwillonaveragefall20percent).CAPMOncetheconsultanthasdeterminedthebetaofaproposedinvestment,hecanusetheCapitalAssetPricingModel(CAPM)tocalculatetheappropriatediscountrate(r):Therisk-freerateofreturnisthereturnthecompanycouldreceivebymakingarisk-freeinvestment(forexample,byinvestinginU.S.Treasurybills).Themarketrateofreturnisthereturnthecompanycouldreceivebyinvestinginawell-diversifiedportfolioofstocks(forexample,S&P500).Example:Shen,Inc.,acoalproducer,isconsideringinvestinginanewventurethatwouldmanufactureandmarketcarbonfilters.Shen'schieffinancialofficer,Apelbaum,wantstocalculatetheNPVoftheproposedventureinordertodeterminewhetherthecompanyshouldmaketheinvestment.Afterstudyingtheriskinessoftheproposedventure,Apelbaumdeterminesthatthebetaoftheinvestmentis1.5.AU.S.Treasurynoteofcomparablematuritycurrentlyyields7percent,whilethereturnontheS&P500stockindexis12percent.Therefore,thediscountrateApelbaumwillusewhencalculatingtheNPVoftheinvestmentwillbe:Althoughthisisanoverlysimplifieddiscussionofhowconsultantscalculatediscountratetouseintheircash-flowanalysis,itdoesgiveyouanoverviewofhowconsultantsincorporatethenotionofaninvestment'smarkettoselecttheappropriatediscountrate.Porter'sFiveForcesDevelopedbyHarvardBusinessSchoolprofessorMichaelPorterinhisbookCompetitiveStrategy,thePorter'sFiveForcesframeworkhelpsdeterminetheattractivenessofanindustry.Beforeanycompanyexpandsintonewmarkets,divestsproductlines,acquiresnewbusinesses,orsellsdivisions,itshouldaskitself,"Istheindustrywe'reenteringorexitingattractive?"ByusingPorter'sFiveForces,acompanycanbegintodevelopathoughtfulanswer.ConsultantsfrequentlyutilizePorter'sFiveForcesasastartingpointtohelpcompaniesevaluateindustryattractiveness.Take,forexample,entryintothecopystoremarket(likeKinko's).Howattractiveisthecopystoremarket?歡迎下載 4精品文庫Potentialentrants:Whatisthethreatofnewentrantsintothemarket?Copystoresarenotveryexpensivetoopen-youcanconceivablyopenacopystorewithonecopierandoneemployee.Therefore,barrierstoentryarelow,sothere'sahighriskofpotentialnewentrants.Buyerpower:Howmuchbargainingpowerdobuyershave?Copystorecustomersarerelativelypricesensitive.Betweenthechoiceofacopystorethatcharges5centsacopyandastorethatcharges6centsacopy,buyerswillusuallyheadforthecheaperstore.Becausecopystoresarecommon,buyershavetheleveragetobargainwithcopystoreownersonlargeprintjobs,threateningtotaketheirbusinesselsewhere.Theonlymitigatingfactorsarelocationandhours.Ontheotherhand,priceisnottheonlyfactor.Copystoresthatarewillingtostayopen24hoursmaybeabletochargeapremium,andcustomersmaysimplypatronizethecopystoreclosesttothemifotherlocationsarerelativelyinconvenient.Supplierpower:Howmuchbargainingpowerdosuppliershave?Whilepaperpricesmaybeontherise,copierpricescontinuetofall.Theskilllevelemployeesneedtooperateacopyshop(forbasicservices,likecopying,collating,etc.)arerelativelylowaswell,meaningthatemployeeswillhavelittlebargainingpower.Suppliersinthissituationhavelowbargainingpower.Threatofsubstitutes:Whatistheriskofsubstitution?Forbasiccopyingjobs,morepeoplenowpossesscolorprintersathome.Additionally,faxmachineshavethecapabilitytofulfillcopyfunctionsaswell.Largecompanieswillnormallyhavetheirowncopyingfacilities.However,forlarge-scaleprojects,mostindividualsandemployeesatsmallcompanieswillstillusetheservicesofacopyshop.TheInternetisapotentialthreattocopystoresaswell,becausesomedocumentsthatformerlywouldbedistributedinhardcopywillnowbepostedontheWeborsentthroughe-mail.However,forthetimebeing,thereisstillrelativelystrongdemandforcopystoreservices.Competition:Competitionwithintheindustryappearstobeintense.Storesoftencompeteonprice,andarewillingto"underbid"oneanothertowinprintingcontracts.Storescontinuetoaddnewfeaturestocompeteaswell,suchasexpandinghoursto24-hourserviceandofferingfreedelivery.Fromthisanalysis,youcanascertainthatcopystoresaresomethingofacommoditymarket.Consumersareveryprice-sensitive,copystoresareinexpensivetosetup,andthemarketisrelativelyeasilyenteredbycompetitors.Advancesintechnologymayreducethesizeofthecopystoremarket.Value-addedservices,suchaslatehours,convenientlocations,oradditionalservicessuchascreatingcalendarsorstickers,mayhelpcopystoresdifferentiatethemselves.Butoverall,thecopystoreindustrydoesnotappeartobeanattractiveone.Asdot-comscomeunderfire,onecasequestionwe'veheardincreasinglyis"HowwouldyoucreatebarrierstoentryasanInternetStartup?"歡迎下載 5精品文庫ProductlifecyclecurveIfyou'reconsideringaproductcase,figureouthow"mature"yourproductorserviceisStrategytool/frameworkchartHere'sonewaytothinkaboutthechoicebetweenbeingthelowest-costproviderorcarvingoutahigher-endmarketniche-whatconsultantscalldifferentiation.TheFourPsThisisausefulframeworkforevaluatingmarketingcases.Itcanbeappliedtobothproductsandservices.TheFourPsconsistof:PriceThepriceafirmsetsforitsproduct/servicecanbeastrategicadvantage.Forexample,itcanbepredatory(setverylowtoundercutthecompetition),oritcanbesetslightlyabovemarketaveragetoconveya"premium"image.Considerhowpricingisbeingusedinthecontextofthecasepresentedtoyou.ProductTheproduct(orservice)mayprovidestrategicadvantageifitistheonlyproduct/servicethatsatisfiesaparticularintersectionofcustomerneeds.Oritmaysimplybeanextensionofalreadyexistingproducts,andthereforenotmuchofabenefit.Trytoteaseoutthevalueoftheproductinthemarketplacebasedonthecasedetailsyouhavebeengiven.Position/PlaceThephysicallocationofaproduct/servicecanprovideanadvantageifitissuperiortoitscompetition,ifitiseasierormoreconvenientforpeopletoconsume,orifitmakestheconsumermoreawareoftheproduct/serviceoveritscompetition.Inthecontextofabusinesscase,youmaywanttodeterminetheplacementoftheproductorservicecomparedtoitscompetition.PromotionWithsomuchnoiseintoday'sconsumer(andbusinesstobusiness)marketplace,itisdifficultforanyoneproduct/servicetostandoutinacategory.Promotionalactivity(includingadvertising,discountingtoconsumersandsuppliers,celebrityappearances,etc.)canbeusedtocreateormaintainconsumerawareness,opennewmarkets,ortargetaspecificcompetitor.Youmaywanttosuggestapromotionalstrategyinthecontextofthecaseyouarepresentedrelativetothepromotionalactivityofothercompetingproducts/services.The Four CsThe Four Csare especially useful for analyzing new product introductions andfor industry analysis.Customers歡迎下載 6精品文庫Howisthemarketsegmented?Whatarethepurchasecriteriathatcustomersuse?CompetitionWhatisthemarketshareoftheclients?Whatisitsmarketposition?Whatisitsstrategy?Whatisitscostposition?Doeshe/shehaveanymarketadvantages?CostWhatkindofeconomiesofscaledoestheclienthave?Whatistheclient'sexperiencecurve?Willincreasedproductionlowercost?CapabilitiesWhatresourcescantheclientdrawfrom?Howistheclientorganized?Whatistheproductionsystem?TheFiveCsThisframeworkismostlyappliedtofinancialcasesandtocompanies(althoughitcanbeappliedtoindividuals).Youmayemployitinothersituationsifyouthinkitisappropriate.CharacterEvaluatethededication,trackrecord,andoverallconsumerperceptionofthecompany.Arethereanylegalactionspendingagainstthecompany?Ifso,forwhatreason?Isthecompanyprogressiveaboutitswastedisposal,qualityoflifeforitsemployees,andcharitablecontributions?Whatsortofimpactwouldthishaveonthecaseyouareevaluating?CapacityIfyouaredealingwithamanufacturingentity,areitsfactoriesat,above,orbelowcapacity,andforwhatreasons?Arethereplanstoaddnewplants,improvethetechnologyinexistingplants,orcloseunderperformingplants?Whataboutproductionoverseas?CapitalWhatisthecompany'scostofcapitalrelativetoitscompetitors?Howhealthyareitscashflows,revenues,anddebtloadrelativetoitscompetition?ConditionsWhatisthecurrentbusinessclimatethecompany(anditsindustry)faces?Whatistheshort-andlong-termgrowthpotentialintheindustry?Howisthemarketcharacterized?Isitemergingormature?Thesequestionscanassistyouinevaluatingthefactsofthecaseagainsttheenvironmentthatthecompany/industry inhabits.Competitive AdvantageThis isthe unique edge acompany possesses over its competitors. It can be歡迎下載 7精品文庫anunparalleledsetofbusinessprocesses,theabilitytoproduceaproduct/serviceatalowercost,chargeamarketpremium,oranynumberofotherassetsthatcreateanadvantageoverothermarketplayers.Whateverthecase,theseadvantagesareusuallydefensibleandnoteasilycopied.InevaluatingbusinesscasesusingtheFiveCsframework,youshouldlookforthoseuniquequalitiesthatacompanypossessesandidentifyanythatmeetthecriteriamentionedabove.Youmaysuggestthatthecompanyleverageitscompetitiveadvantagemoreaggressivelyorrecommendalternativesifthatcompanyhasnodiscernibleadvantage.ValueChainAnalysisThisapproachinvolvesassessingacompany'soverallbusinessprocessesandidentifyingwherethatcompanyactuallyaddsvaluetoaproductorservice.Thetotalmarginofprofitwillbethevalueoftheproductorservicetobuyers,lessthecostofitsproduction,asdeterminedbythevaluechain.Inmostcases,acompetitiveadvantageisonlytemporaryformanyoftoday'sproducts/services.Beingfirsttomarket,havingauniqueformulaorconfiguration,orhavingexclusivityinamarketwereoncelong-termdefensiblestrategies.Buttoday,businessesaregloballyconnectedbylightning-fastcommunicationsandknowledge-sharingsystemsandmanufacturingtechnologiesaregettingbetterandfasteratreactingtoandanticipatingmarketconditions.Thustheseadvantagesareonlyfleetingormaynotexistatall.ValueChainAnalysisattemptstoidentifyacompetitiveadvantagebydeconstructingthevarious"changes"acompany'sbusinessprocessesperformonasetofrawmaterialsorotherinputs.Mostcanbeeasilycopiedbyothercompetitors,butthereisusuallyauniquesubsetthatrepresentsthe"value-added"qualitiesonlythecompanyunderscrutinypossesses.Thissetisthatcompany'scompetitiveadvantage,or"valuechain."Sometimesthissetcanbecopied,butauniquesetofcircumstancesmaystillallowthecompanyinquestiontoperformthematalowercost,chargeapremiuminthemarket,orretainhighermarketsharethanitscompetitors.Inthecontextofabusinesscase,youcanusethisframeworktoidentifyacompany'soverallbusinessprocessessetandthendetermineifoneormoreoftheprocessesaredefensiblecompetitiveadvantages.Forexample,amanufactureroffruitjuicemighthavethefollowingvaluechainelements:?Researchanddevelopment(Willmangoreallytastegoodwithcloudberryjuice?)?Costofgoodssold(Howmuchdoesitcosttomanufacturethefruitjuice?IsthereafrostinFloridathatdrivesupthecostsoforanges?IsthecurrencycrisisinIndonesiamakingpapayaverycheap?Areper-volumepurchaseslowerthan,forexample,thoseofTropicana?)?Packagingandshipping(Howmuchdoesthatnewbanana-shapedcontainercost?Aremanybottleslostintransit?Whatarethefixedcostsofshipping?)歡迎下載 8精品文庫?Manufacturing(Howmuchdothosejuicepulperscost?Howoftendofactoriesneedtobereengineered?)?Labor(Howmanyemployeesdowehave?Wherearetheylocated?Aretheyunionized?)?Distribution(Wherearethedistributioncenters?Wherearetheproductsdistributed?)?Advertising(Billboards,TV,magazines?)?Margin(Howprofitableisthejuicecompany?)Formoredetailedinformationonthistypeofanalysis,youmaywanttoconsidertheauthoritativetextoncompetitivestrategy:CompetitiveStrategy:TechniquesforAnalyzingIndustriesandCompetitors,byMichaelE.Porter.Corecompetencies"Corecompetencies"istheideathateachfirmhasalimitednumberofthingsitisverygoodat(thatis,itscorecompetenceorcompetencies).Whenrestructuringorreengineering,oneofthestartingpointsforacompanyshouldbeidentifyingitscorecompetencies.Afirmshoulddefineitscorecompetenciesbroadlyinordertobeflexibleenoughtoadapttochangesinthemarketplace.(Forinstance,whenXeroxdefineditselfasa"documentcompany,"ratherthanamakerofcopymachines,itwasabletotakeadvantageofthemorelucrativebusinessofdocumenthandlingandoutsourcingformajorcorporations,aswellasofthemarketforfaxmachines,scanners,andotherdocument-handlingequipment.)Companiesshouldseriouslyenotpartoftheir"core"staurant operations afterand marketing beverages,

consider selling/spinning off business units that arbusiness.Forinstance,Pepsirecentlyspunoffitsreitconcludedthatitsexpertisewasinmanufacturingnot in managing restaurants.Benchmarkingand"bestpractices"Acommonlyusedconceptinconsulting(especiallyinoperationsandimplementationengagements)is"benchmarking."Benchmarkingbasicallymeansresearchingwhatothercompaniesintheindustryaredoing(usuallyinordertoevaluatewhetheryourclientisoperatingefficientlyortoidentifyareaswheretheclientcancutcosts).Forexample,ifamail-ordercompanywantstoreduceitsorder-processingcosts,itwouldwanttocompareitsorderprocessingcostswiththoseofothermail-ordercompanies,breakingdownitscostsforeachpartoftheprocess(includingorder-takingandshipping)andcomparingthemwithindustryaverages.Itcanthenpinpointthoseareaswhereitscostsarehigherthanaveragefortheindustry.Arelatedconceptis"bestpractices":onceyou'vebenchmarkedwhatothercompaniesaredoing,youwanttofocusonthosecompaniesthathaveparticularlowcostsorwhichotherwiseoperateparticularlywell.Whataretheydoingright(i.e.,whataretheir"bestpractices")?Andhowcanourclient(inthecase)emulateorcopywhatthey'redoing?Remembertolookoutsideyourclient's歡迎下載 9精品文庫particularindustry,ifnecessary,tofindthebestpracticesforaparticularprocessoroperation.The2x2matrixThe2x2matrixisagoodframeworktouseanytimeyouhavetwofactorsthat,whencombined,yielddifferentoutcomes.Averyrudimentaryexamplewouldbewhathappenswhenyouturnonyourbathroomfaucets,asfollows:Amorebusiness-appropriateexamplewouldinvolveacquiringacompany.Let?ssayacompanyisinterestedinunderstandingthedifficultyofacquiringorbuildingadistributioncenteranditisconsideringfinancingthisdecisionwitheitherstockordebt.Thepotentialoutcomesmight