咨詢公司case分析方法

1、Case interview 分析工具分析工具/框架框架 來源： 張旭的日志 最近在準(zhǔn)備最近在準(zhǔn)備 CASE INTERVIEW，剛接觸這個(gè)，對(duì)里面涉及到的，剛接觸這個(gè)，對(duì)里面涉及到的 FRAMEWORK和和 STRATEGY 非常不熟悉，偶獲珍寶，與諸君共享。順便攢非常不熟悉，偶獲珍寶，與諸君共享。順便攢 RP！案例面試分析工具案例面試分析工具/框架框架一一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（Com

2、petitor, Consumer, Company/Capabilities） Cost-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）D. 行為細(xì)分（購買時(shí)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(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

3、開的障礙（評(píng)估公司進(jìn)入/離開。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 營銷調(diào)研 產(chǎn)品？價(jià)格？即 4P 4C (Customer, Competition, Cost, Capabilities) 市場(chǎng)促銷，分校渠道（渠道選擇，庫存，運(yùn)輸，倉儲(chǔ)） STP 和 4P（Product, Price, Place, Promotion） 產(chǎn)品生命周期 二二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利潤改善型 Revenue, Cost 分析，到底是

4、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(jià)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(jià)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）3. 推銷任何一種產(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（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

5、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 四四M&A 類類 整合原因（synergy, scale, management impulse, Tax consideration, Diversification, Breakup Value） 5C（Character, Capacity, Capital, Conditions, Competitive Advantage） 類型：horizontal, vertical, congeneric, conglomera

6、te 估值方法：DFC，Market Multiple( EBITDA，P/E，P/B) DFC：Pro Forma Cash Flow Statement，Discount Rate Hostile VS Friendly takeovers 所有咨詢公司面試可能用到的分析結(jié)構(gòu)所有咨詢公司面試可能用到的分析結(jié)構(gòu) Advanced concepts & frameworks MBAs and other candidates with business background, take note - interviewers will expect you to have a more det

7、ailed take on your case than an undergraduate would have. Here are some commonly used case concepts. Net present value Perhaps the most important type of decision company managers must make on a daily basis is whether to undertake a proposed investment. For example, should the company buy a certain

8、piece of equipment? Build a particular factory? Invest in a new project? These types of decisions are called capital budgeting decisions. The consultant makes such decisions by calculating the net present value of each proposed investment and making only those investments that have positive net pres

9、ent values. Example: Hernandez is the CFO of Western Manufacturing Corp., an automobile manufacturer. The company is considering opening a new factory in Ohio that will require an initial investment of $1 million. The company forecasts that the factory will generate after-tax cash flows of $100,000

10、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 should go ahead and build the factory. To make this deci

11、sion, 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, Hernandez correctly decides that the factory should not

12、be built. The net present value rule Note from the example above that once the consultant has figured out the NPV of a proposed investment, she then decides whether to undertake the investment by applying the net present value rule: Make only those investments that have a positive net present value.

13、 As long as the consultant follows this rule, she can be confident that each investment is making a positive net contribution to the company. The Capital Asset Pricing Model (CAPM) In the above example, we assumed a given discount rate. However, part of a consultants job is to determine an appropria

14、te discount rate (r) to use when calculating net present values. The discount rate may vary depending on the investment. Beta The first step in arriving at an appropriate discount rate for a given investment is determining the investments riskiness. The market risk of an investment is measured by it

15、s 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 average fall 10 percent as well). An investment wit

16、h beta of 2 will be twice as risky as the market (so when the market falls 10 percent, the value of the investment will on average fall 20 percent). CAPM Once the consultant has determined the beta of a proposed investment, he can use the Capital Asset Pricing Model (CAPM) to calculate the appropria

17、te discount rate (r): The risk-free rate of return is the return the company could receive by making 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 a well-diversified portfolio of stocks (fo

18、r example, S&P 500). Example: Shen, Inc., a coal producer, is considering investing in a new venture that would manufacture and market carbon filters. Shens chief financial officer, Apelbaum, wants to calculate the NPV of the proposed venture in order to determine whether the company should make the

19、 investment. After studying the riskiness of the proposed venture, Apelbaum determines that the beta of the investment is 1.5. A U.S. Treasury note of comparable maturity currently yields 7 percent, while the return on the S&P 500 stock index is 12 percent. Therefore, the discount rate Apelbaum will

20、 use when calculating the NPV of the investment will be: Although this is an overly simplified discussion of how consultants calculate discount rate to use in their cash-flow analysis, it does give you an overview of how consultants incorporate the notion of an investments market to select the appro

21、priate discount rate. Porters Five Forces Developed by Harvard Business School professor Michael Porter in his book Competitive Strategy, the Porters Five Forces framework helps determine the attractiveness of an industry. Before any company expands into new markets, divests product lines, acquires

22、new businesses, or sells divisions, it should ask itself, Is the industry were entering or exiting attractive? By using Porters Five Forces, a company can begin to develop a thoughtful answer. Consultants frequently utilize Porters Five Forces as a starting point to help companies evaluate industry

23、attractiveness. Take, for example, entry into the copy store market (like Kinkos). How attractive is the copy store market? Potential entrants: What is the threat of new entrants into the market? Copy stores are not very expensive to open - you can conceivably open a copy store with one copier and o

24、ne employee. Therefore, barriers to entry are low, so theres a high risk of potential new entrants. Buyer power: How much bargaining power do buyers have? Copy store customers are relatively price sensitive. Between the choice of a copy store that charges 5 cents a copy and a store that charges 6 ce

25、nts a copy, buyers will usually head for the cheaper store. Because copy stores are common, buyers have the leverage to bargain with copy store owners on large print jobs, threatening to take their business elsewhere. The only mitigating factors are location and hours. On the other hand, price is no

26、t the only factor. Copy stores that are willing to stay open 24 hours may be able to charge a premium, and customers may simply patronize the copy store closest to them if other locations are relatively inconvenient. Supplier power: How much bargaining power do suppliers have? While paper prices may

27、 be on the rise, copier prices continue to fall. The skill level employees 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. Suppliers in this situation have low bargaining power. Thre

28、at of substitutes: What is the risk of substitution? For basic copying jobs, more people now possess color printers at home. Additionally, fax machines have the capability to fulfill copy functions as well. Large companies will normally have their own copying facilities. However, for large-scale pro

29、jects, most individuals and employees at small companies will still use the services of a copy shop. The Internet is a potential threat to copy stores as well, because some documents that formerly would be distributed in hard copy will now be posted on the Web or sent through e-mail. However, for th

30、e time being, there is still relatively strong demand for copy store services. Competition: Competition within the industry appears to be intense. Stores often compete on price, and are willing to underbid one another to win printing contracts. Stores continue to add new features to compete as well,

31、 such as expanding hours to 24-hour service and offering free delivery. From this analysis, you can ascertain that copy stores are something of a commodity market. Consumers are very price-sensitive, copy stores are inexpensive to set up, and the market is relatively easily entered by competitors. A

32、dvances 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 themselves. But overall, the copy store industry does not appear to be

33、 an attractive one. 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 curve If youre considering a product case, figure out how mature your product or service is Strategy tool/framework chart He

34、res one way to think about the choice between being the lowest-cost provider or carving out a higher-end market niche - what consultants call differentiation. The Four Ps This is a useful framework for evaluating marketing cases. It can be applied to both products and services. The Four Ps consist o

35、f: Price The 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. Consider how pricing is being used in the context of the case pr

36、esented to you. Product The product (or service) may provide strategic advantage if it is the only product/service that satisfies a particular intersection of customer needs. Or it may simply be an extension of already existing products, and therefore not much of a benefit. Try to tease out the valu

37、e of the product in the marketplace based on the case details you have been given. Position/Place The physical location of a product/service can provide an advantage if it is superior to its competition, if it is easier or more convenient for people to consume, or if it makes the consumer more aware

38、 of the product/service over its competition. In the context of a business case, you may want to determine the placement of the product or service compared to its competition. Promotion With so much noise in todays consumer (and business to business) marketplace, it is difficult for any one product/

39、service to stand out in a category. Promotional activity (including advertising, discounting to consumers and suppliers, celebrity appearances, etc.) can be used to create or maintain consumer awareness, open new markets, or target a specific competitor. You may want to suggest a promotional strateg

40、y in the context of the case you are presented relative to the promotional activity of other competing products/services. The Four Cs The Four Cs are especially useful for analyzing new product introductions and for industry analysis. Customers How is the market segmented? What are the purchase crit

41、eria that customers use? Competition 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? Cost What kind of economies of scale does the client have? What is the clients experience curve? Will in

42、creased production lower cost? Capabilities What resources can the client draw from? How is the client organized? What is the production system? The Five Cs This framework is mostly applied to financial cases and to companies (although it can be applied to individuals). You may employ it in other si

43、tuations if you think it is appropriate. Character Evaluate 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, quality of life for its empl

44、oyees, and charitable contributions? What sort of impact would this have on the case you are evaluating? Capacity If 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, improve the technology in existin

45、g plants, or close underperforming plants? What about production overseas? Capital What is the companys cost of capital relative to its competitors? How healthy are its cash flows, revenues, and debt load relative to its competition? Conditions What is the current business climate the company (and i

46、ts industry) faces? What 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 you in evaluating the facts of the case against the environment that the company/industry inhabits. Competitive Advantage This

47、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/service at a lower cost, charge a market premium, or any number of other assets that create an advantage over other market players. Whatever the case, th

48、ese 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 the criteria mentioned above. You may suggest that the company leverage its competitiv

49、e advantage more aggressively or recommend alternatives if that company has no discernible advantage. Value Chain Analysis This approach involves assessing a companys overall business processes and identifying where that company actually adds value to a product or service. The total margin of profit

50、 will be the value of the product or service to buyers, less 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 configuration, or having exclusi

51、vity in a market were once long-term defensible strategies. But today, businesses are globally connected by lightning-fast communications and knowledge-sharing systems and manufacturing technologies are getting better and faster at reacting to and anticipating market conditions. Thus these advantage

52、s are only fleeting or may not exist at all. Value Chain Analysis attempts to identify a competitive advantage by deconstructing the various changes a companys business processes perform on a set of raw materials or other inputs. Most can be easily copied by other competitors, but there is usually a

53、 unique subset that represents the value-added qualities only the company under scrutiny possesses. This set is that companys competitive advantage, or value chain. Sometimes this set can be copied, but a unique set of circumstances may still allow the company in question to perform them at a lower

54、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 companys overall business processes set and then determine if one or more of the processes are defensible competitive advantages. For

55、example, a manufacturer of fruit juice might have the following value chain elements: Research and development (Will mango really taste good with cloudberry juice?) Cost of goods sold (How much does it cost to manufacture the fruit juice? Is there a frost in Florida that drives up the costs of orang

56、es? Is the currency crisis in Indonesia making papaya very cheap? Are per-volume purchases lower than, for example, those of Tropicana?) Packaging and shipping (How much does that new banana-shaped container cost? Are many bottles lost in transit? What are the fixed costs of shipping?) Manufacturing

57、 (How much do those juice pulpers cost? How often do factories need to be reengineered?) Labor (How many employees do we have? Where are they located? Are they unionized?) Distribution (Where are the distribution centers? Where are the products distributed?) Advertising (Billboards, TV, magazines?)

58、Margin (How profitable is the juice company?) For more detailed information on this type of analysis, you may want to consider the authoritative text on competitive strategy: Competitive Strategy: Techniques for Analyzing Industries and Competitors, by Michael E. Porter. Core competencies Core compe

59、tencies 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 competencies b

60、roadly in order to be flexible enough to adapt to changes in the marketplace. (For instance, when Xerox defined itself as a document company, rather than a maker of copy machines, it was able to take advantage of the more lucrative business of document handling and outsourcing for major corporations