分析工具框架

1、Case interview分析工具/框架案例面試分析工具/框架一.Business Strategy1.市場(chǎng)進(jìn)入類行業(yè)分析(波特5力,市場(chǎng)趨勢(shì),市場(chǎng)規(guī)模,市場(chǎng)份額,市場(chǎng)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(chǎng)中介,顧客,競(jìng)爭(zhēng)對(duì)手,大眾3C(Competitor, Consumer, Company/CapabilitiesCost-revenue固定成本,可變成本收入怎么計(jì)算?時(shí)間序列估計(jì),可比公司估計(jì)市場(chǎng)細(xì)分很重要,niche marketA.地理細(xì)分B.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C.心理細(xì)分(社會(huì)階層,生活方式,個(gè)性特征

2、D.行為細(xì)分(購(gòu)買(mǎi)時(shí)機(jī)-柯達(dá),利益細(xì)分-牙膏,用戶狀況,使用率,忠誠(chéng)度2.行業(yè)分析類市場(chǎng)(市場(chǎng)規(guī)模,市場(chǎng)細(xì)分,產(chǎn)品需求/趨勢(shì)分析,客戶需求競(jìng)爭(zhēng)(競(jìng)爭(zhēng)對(duì)手的經(jīng)濟(jì)情況,產(chǎn)品差異化,市場(chǎng)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(píng)估垂直整合進(jìn)入/離開(kāi)的障礙(評(píng)估公司進(jìn)入/離開(kāi)。對(duì)新加入者的反應(yīng),經(jīng)濟(jì)規(guī)模,預(yù)測(cè)學(xué)習(xí)曲線,研究政府調(diào)控資金金融(主要金融資金來(lái)源,產(chǎn)業(yè)風(fēng)險(xiǎn)因素,可變成本/固定成本風(fēng)險(xiǎn)預(yù)測(cè)與防范3.新產(chǎn)品引入類營(yíng)銷(xiāo)調(diào)研產(chǎn)品?價(jià)格?即4P4C (Customer, Competition, Cost, Capabilities市場(chǎng)促銷(xiāo),分校渠道(渠道選擇,庫(kù)存,運(yùn)輸,倉(cāng)儲(chǔ)STP和4

3、P(Product, Price, Place, Promotion產(chǎn)品生命周期二.Business Operation1.市場(chǎng)容量擴(kuò)張(競(jìng)爭(zhēng)對(duì)手,消費(fèi)者,自己實(shí)力2.利潤(rùn)改善型Revenue, Cost分析,到底是銷(xiāo)售額下降造成,還是成本上升造成如果銷(xiāo)售額下降,看4P了(是價(jià)格過(guò)高?產(chǎn)品質(zhì)量問(wèn)題?分校渠道問(wèn)題?還是promotion的efficacy有問(wèn)題?如果成本上升,看固定成本or可變成本是否有問(wèn)題?(固定成本過(guò)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(guò)高,看原材料價(jià)格是否上升,有沒(méi)有降低的可能,switch suppliers? 還是人員工資過(guò)高,需要裁員等成

4、本結(jié)構(gòu)是否合理,產(chǎn)能利用率如何(閑置率3.推銷(xiāo)任何一種產(chǎn)品/服務(wù)4P,3c4.定價(jià)以成本為基礎(chǔ)的定價(jià)成本加成定價(jià),以目標(biāo)利潤(rùn)(盈虧平衡定價(jià)以價(jià)值為基礎(chǔ)定價(jià)以競(jìng)爭(zhēng)為基礎(chǔ)定價(jià)三.Market Sizing/Estimation市場(chǎng)趨勢(shì),市場(chǎng)規(guī)模,市場(chǎng)份額,市場(chǎng)壁壘等市場(chǎng)集中度市場(chǎng)驅(qū)動(dòng)因素(價(jià)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 Value5C(Character, Capacity, Capital, Condition

5、s, Competitive Advantage類型:horizontal, vertical, congeneric, conglomerate估值方法:DFC,Market Multiple( EBITDA,P/E,P/BDFC:Pro Forma 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 & frameworksMBAs and other candidates with business background, take note -

6、interviewers will expect you to have a more detailed take on your case than an undergraduate would have. Here are some commonly used case concepts.Net present valuePerhaps the most important type of decision company managers must make o n a daily basis is whether to undertake a proposed investment.

7、For example, should the company buy a certain piece of equipment? Build a particular facto ry? Invest in a new project? These types of decisions are called capital budget ing decisions. The consultant makes such decisions by calculating the net pres ent value of each proposed investment and making o

8、nly those investments tha t have positive net present values.Example: Hernandez is the CFO of Western Manufacturing Corp., an automobil e manufacturer. The company is considering opening a new factory in Ohio th at will require an initial investment of $1 million. The company forecasts that t he fac

9、tory will generate after-tax cash flows of $100,000 in Year 1, $200,000 in Year 2, $400,000 in Year 3, and $400,000 in Year 4. At the end of Year 4, the company would then sell the factory for $200,000. The company uses a discount rate of 12 percent. Hernandez must determine whether the company shou

10、ld go ahead and build the factory. To make this decision, Hernandez must calculate the net present value of the investment. The cash flows associated with the factory are as follows:Hernandez then calculates the NPV of the factory as follows:Since the factory has a negative net present value, Hernan

11、dez correctly decide s that the factory should not be built.The net present value ruleNote from the example above that once the consultant has figured out the NP V of a proposed investment, she then decides whether to undertake the invest ment by applying the net present value rule:Make only those i

12、nvestments that have a positive net present value.As long as the consultant follows this rule, she can be confident that each inv estment is making a positive net contribution to the company.The Capital Asset Pricing Model (CAPMIn the above example, we assumed a given discount rate. However, part of

13、 a consultants job is to determine an appropriate discount rate (r to use when c alculating net present values. The discount rate may vary depending on the in vestment.BetaThe first step in arriving at an appropriate discount rate for a given investmen t is determining the investments riskiness. The

14、 market risk of an investment i s measured by its beta (?, which measures riskiness when compared to the market as a whole. An investment with a beta of 1 has the same riskiness as the market as a whole (so, for example, when the market moves down 10 percent, the value of the investment will on aver

15、age fall 10 percent as well. An investment with beta of 2 will be twice as risky as the market (so when th e market falls 10 percent, the value of the investment will on average fall 20 percent.CAPMOnce the consultant has determined the beta of a proposed investment, he ca n use the Capital Asset Pr

16、icing Model (CAPM to calculate the appropriate disc ount rate (r:The risk-free rate of return is the return the company could receive by makin g a risk-free investment (for example, by investing in U.S. Treasury bills. The market rate of return is the return the company could receive by investing in

17、 a well-diversified portfolio of stocks (for example, S&P 500.Example: Shen, Inc., a coal producer, is considering investing in a new ventur e that would manufacture and market carbon filters. Shens chief financial offic er, Apelbaum, wants to calculate the NPV of the proposed venture in order to de

18、termine whether the company should make the investment. After studying t he riskiness of the proposed venture, Apelbaum determines that the beta of th e investment is 1.5. A U.S. Treasury note of comparable maturity currently yie lds 7 percent, while the return on the S&P 500 stock index is 12 perce

19、nt. The refore, the discount rate Apelbaum will use when calculating the NPV of the in vestment will be:Although this is an overly simplified discussion of how consultants calculate dis count rate to use in their cash-flow analysis, it does give you an overview of how consultants incorporate the not

20、ion of an investments market to select the appropriate discount rate.Porters Five ForcesDeveloped by Harvard Business School professor Michael Porter in his book Co mpetitive Strategy, the Porters Five Forces framework helps determine the att ractiveness of an industry. Before any company expands in

21、to new markets, di vests product lines, acquires new businesses, or sells divisions, it should ask it self, Is the industry were entering or exiting attractive? By using Porters Fi ve Forces, a company can begin to develop a thoughtful answer. Consultants f requently utilize Porters Five Forces as a

22、 starting point to help companies eval uate industry attractiveness.Take, for example, entry into the copy store market (like Kinkos. How attract ive is the copy store market?Potential entrants: What is the threat of new entrants into the market? Copy s tores are not very expensive to open - you can

23、 conceivably open a copy storewith one copier and one employee. Therefore, barriers to entry are low, so th eres a high risk of potential new entrants.Buyer power: How much bargaining power do buyers have? Copy store custo mers are relatively price sensitive. Between the choice of a copy store that

24、ch arges 5 cents a copy and a store that charges 6 cents a copy, buyers will usu ally head for the cheaper store. Because copy stores are common, buyers hav e the leverage to bargain with copy store owners on large print jobs, threateni ng to take their business elsewhere. The only mitigating factor

25、s are location a nd hours. On the other hand, price is not the only factor. Copy stores that ar e willing to stay open 24 hours may be able to charge a premium, and custo mers may simply patronize the copy store closest to them if other locations ar e relatively inconvenient.Supplier power: How much

26、 bargaining power do suppliers have? While paper p rices may be on the rise, copier prices continue to fall. The skill level employe es need to operate a copy shop (for basic services, like copying, collating, etc. are relatively low as well, meaning that employees will have little bargaining power.

27、 Suppliers in this situation have low bargaining power.Threat of substitutes: What is the risk of substitution? For basic copying jobs, more people now possess color printers at home. Additionally, fax machines h ave the capability to fulfill copy functions as well. Large companies will normal ly ha

28、ve their own copying facilities. However, for large-scale projects, most in dividuals and employees at small companies will still use the services of a cop y shop. The Internet is a potential threat to copy stores as well, because som e documents that formerly would be distributed in hard copy will

29、now be post ed on the Web or sent through e-mail. However, for the time being, there is s till relatively strong demand for copy store services.Competition: Competition within the industry appears to be intense. Stores oft en compete on price, and are willing to underbid one another to win printing

30、contracts. Stores continue to add new features to compete as well, such as e xpanding hours to 24-hour service and offering free delivery.From this analysis, you can ascertain that copy stores are something of a com modity market. Consumers are very price-sensitive, copy stores are inexpensiv e to s

31、et up, and the market is relatively easily entered by competitors. Advan ces in technology may reduce the size of the copy store market. Value-added services, such as late hours, convenient locations, or additional services such as creating calendars or stickers, may help copy stores differentiate t

32、hemselve s. But overall, the copy store industry does not appear to be an attractive on e.As dot-coms come under fire, one case question weve heard increasingly is How would you create barriers to entry as an Internet Startup?Product life cycle curveIf youre considering a product case, figure out ho

33、w mature your product orStrategy tool/framework chartHeres one way to think about the choice between being the lowest-cost provi der or carving out a higher-end market niche - what consultants call differenti ation.The Four PsThis is a useful framework for evaluating marketing cases. It can be appli

34、ed t o both products and services. The Four Ps consist of:PriceThe price a firm sets for its product/service can be a strategic advantage. For example, it can be predatory (set very low to undercut the competition, or it can be set slightly above market average to convey a premium image. Consi der h

35、ow pricing is being used in the context of the case presented to you. ProductThe product (or service may provide strategic advantage if it is the only prod uct/service that satisfies a particular intersection of customer needs. Or it may simply be an extension of already existing products, and there

36、fore not much of a benefit. Try to tease out the value of the product in the marketplace bas ed on the case details you have been given.Position/PlaceThe physical location of a product/service can provide an advantage if it is sup erior to its competition, if it is easier or more convenient for peop

37、le to consu me, or if it makes the consumer more aware of the product/service over its c ompetition. In the context of a business case, you may want to determine the placement of the product or service compared to its competition. PromotionWith so much noise in todays consumer (and business to busin

38、ess marketpla ce, it is difficult for any one product/service to stand out in a category. Promo tional activity (including advertising, discounting to consumers and suppliers, c elebrity appearances, etc. can be used to create or maintain consumer aware ness, open new markets, or target a specific c

39、ompetitor. You may want to sug gest a promotional strategy in the context of the case you are presented relati ve to the promotional activity of other competing products/services.The Four CsThe Four Cs are especially useful for analyzing new product introductions and for industry analysis.CustomersH

40、ow is the market segmented?What are the purchase criteria that customers use?What is the market share of the clients?What is its market position?What is its strategy?What is its cost position?Does he/she have any market advantages?CostWhat kind of economies of scale does the client have?What is the

41、clients experience curve?Will increased production lower cost?CapabilitiesWhat resources can the client draw from?How is the client organized?What is the production system?The Five CsThis framework is mostly applied to financial cases and to companies (althoug h it can be applied to individuals. You

42、 may employ it in other situations if yo u think it is appropriate.CharacterEvaluate the dedication, track record, and overall consumer perception of the company. Are there any legal actions pending against the company? If so, for what reason? Is the company progressive about its waste disposal, qua

43、lity of l ife for its employees, and charitable contributions? What sort of impact would this have on the case you are evaluating?CapacityIf you are dealing with a manufacturing entity, are its factories at, above, or below capacity, and for what reasons? Are there plans to add new plants, imp rove

44、the technology in existing plants, or close underperforming plants? What about production overseas?CapitalWhat is the companys cost of capital relative to its competitors? How healthy are its cash flows, revenues, and debt load relative to its competition? ConditionsWhat is the current business clim

45、ate the company (and its industry faces? W hat is the short- and long-term growth potential in the industry? How is the market characterized? Is it emerging or mature? These questions can assist yo u in evaluating the facts of the case against the environment that the compan y/industry inhabits.Comp

46、etitive AdvantageThis is the unique edge a company possesses over its competitors. It can be an unparalleled set of business processes, the ability to produce a product/ser vice at a lower cost, charge a market premium, or any number of other assets that create an advantage over other market players

47、. Whatever the case, the se advantages are usually defensible and not easily copied.In evaluating business cases using the Five Cs framework, you should look for those unique qualities that a company possesses and identify any that meet t he criteria mentioned above. You may suggest that the company

48、 leverage its competitive advantage more aggressively or recommend alternatives if that co mpany has no discernible advantage.Value Chain AnalysisThis approach involves assessing a companys overall business processes and i dentifying where that company actually adds value to a product or service. Th

49、 e total margin of profit will be the value of the product or service to buyers, l ess the cost of its production, as determined by the value chain.In most cases, a competitive advantage is only temporary for many of todays products/services. Being first to market, having a unique formula or configu

50、ra tion, or having exclusivity in a market were once long-term defensible strategi es. But today, businesses are globally connected by lightning-fast communicati ons and knowledge-sharing systems and manufacturing technologies are gettin g better and faster at reacting to and anticipating market con

51、ditions. Thus the se advantages are only fleeting or may not exist at all.Value Chain Analysis attempts to identify a competitive advantage by deconstr ucting the various changes a companys business processes perform on a set of raw materials or other inputs. Most can be easily copied by other compe

52、tit ors, but there is usually a unique subset that represents the value-added qu alities only the company under scrutiny possesses. This set is that companys competitive advantage, or value chain. Sometimes this set can be copied, bu t a unique set of circumstances may still allow the company in que

53、stion to per form them at a lower cost, charge a premium in the market, or retain higher market share than its competitors.In the context of a business case, you can use this framework to identify a co mpanys overall business processes set and then determine if one or more of t he processes are defe

54、nsible competitive advantages.For example, a manufacturer of fruit juice might have the following value chai n elements:Research and development (Will mango really taste good with cloudberry juic e?Cost of goods sold (How much does it c ost to manufacture the fruit juice? Is there a frost in Florida

55、 that drives up the costs of oranges? Is the currency c risis in Indonesia making papaya very cheap? Are per-volume purchases lower than, for example, those of Tropicana?Packaging and shippi ng (How much does that new banana-shaped container c ost? Are many bottles lost in transit? What are the fixe

56、d costs of shipping? Manufacturing (How much do those juice pulpers cost? How often do factories need to be reengineered?Labor (How many emplo yees do we have? Where are they located? Are they unionized?Distribution (Where are the distribution centers? Where are the products distri buted?Advertising

57、 (Billboards, TV, magazines?Margin (How profitable is the juice company?For more detailed information on this type of analysis, you may want to consi der the authoritative text on competitive strategy: Competitive Strategy: Tech niques for Analyzing Industries and Competitors, by Michael E. Porter.C

58、ore competenciesCore competencies is the idea that each firm has a limited number of things it is very good at (that is, its core competence or competencies.When restructuring or reengineering, one of the starting points for a company should be identifying its core competencies. A firm should define its core com petencies broadly in order to be flexible enough to adapt to changes in the m arketplace. (For instance, when Xerox defined itself as a document company, rather than a maker of copy machi