Case-interview分析工具框架

1、Case interview 分析工具分析工具/框架框架 案例面試分析工具案例面試分析工具/框架框架 一一Business Strategy 1 市場進入類 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，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 市場細分很重要，niche market A. 地理細分 B. 人口細分（年齡

2、及生命周期階段細分，性別細分， 收入細分） C. 心理細分（社會階層，生活方式，個性特征） D. 行為細分（購買時機-柯達，利益細分-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，市場細分，產(chǎn)品需求/趨勢分析，客戶需 求） 競爭（競爭對手的經(jīng)濟情況，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） 進入/離開的障礙（評估公司進入/離開。對新加入者的反應(yīng) ，經(jīng)濟規(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 4P 4C

3、(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 二二Business Operation 1市場容量擴張（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？

4、（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） 3. 推銷任何一種產(chǎn)品/服務(wù) 4P，3c 4. 定價 以成本為基礎(chǔ)的定價 成本加成定價，以目標利潤（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 四四M&A 類類 整合原因（syn

5、ergy, scale, management impulse, Tax consideration, Diversification, Breakup Value） 5C（Character, Capacity, Capital, Conditions, Competi tive Advantage） 類型：horizontal, vertical, congeneric, conglomerate 估值方法：DFC，Market Multiple( EBITDA，P/E，P/B) DFC：Pro Forma Cash Flow Statement，Discount Ra te Hostil

6、e 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 detailed take on your case than an undergrad uate would have. Here are some commonly used case concept

7、s. Net present value Perhaps the most important type of decision company managers must make o n a daily basis is whether to undertake a proposed investment. For example, should the company buy a certain piece of equipment? Build a particular facto ry? Invest in a new project? These types of decision

8、s are called capital budget ing decisions. The consultant makes such decisions by calculating the net pres ent value of each proposed investment and making only those investments tha t have positive net present values. Example: Hernandez is the CFO of Western Manufacturing Corp., an automobil e manu

9、facturer. 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 factory 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 Y

10、ear 4, the company would then sell the factory for $200,000. The company uses a di scount rate of 12 percent. Hernandez must determine whether the company s hould go ahead and build the factory. To make this decision, Hernandez must calculate the net present value of the investment. The cash flows a

11、ssociated w ith 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 decide s that the factory should not be built. The net present value rule Note from the example above that once the consult

12、ant 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 investments that have a positive net present value. As long as the consultant follows this rule, she can be confident that each inv est

13、ment 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 appropriate discount rate (r) to use when c alculating net present values. The discount rate

14、 may vary depending on the in vestment. Beta The first step in arriving at an appropriate discount rate for a given investmen t is determining the investments riskiness. The market risk of an investment i s measured by its beta (?), which measures riskiness when compared to the market as a whole. An

15、 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 pe rcent, the value of the investment will on average fall 10 percent as well). An investment with beta of 2 will be twice as risky as the market (so when the market falls 10

16、percent, the value of the investment will on average fall 20 pe rcent). CAPM Once the consultant has determined the beta of a proposed investment, he ca n use the Capital Asset Pricing Model (CAPM) to calculate the appropriate disc ount rate (r): The risk-free rate of return is the return the compan

17、y 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 a well-diversified portfolio of stocks (for example, S&P 500). Example: Shen, Inc., a coal producer, is considering

18、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 determine whether the company should make the investment. After studying t he riskiness of the proposed venture, Apel

19、baum 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 percent. The refore, the discount rate Apelbaum will use when calculating the NPV of the in vestment will be: Although t

20、his 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 notion of an investments market to select the appropriate discount rate. Porters Five Forces Developed by Harvard Bus

21、iness 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 into new markets, di vests product lines, acquires new businesses, or sells divisions, it should ask it self, Is t

22、he 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 starting point to help companies eval uate industry attractiveness. Take, for example, entry into the copy stor

23、e 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 conceivably open a copy store with one copier and one employee. Therefore, barriers to entry are low, so th

24、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 ch arges 5 cents a copy and a store that charges 6 cents a copy, buyers will usu ally head for the cheaper

25、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 factors are location a nd hours. On the other hand, price is not the only factor. Copy stores that ar e willing t

26、o 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 bargaining power do suppliers have? While paper p rices may be on the rise, copier prices continue to fal

27、l. 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 p ower. Suppliers in this situation have low bargaining power. Threat of substitutes: What is the risk of subst

28、itution? 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 have their own copying facilities. However, for large-scale projects, most in dividuals and employees at

29、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 now be post ed on the Web or sent through e-mail. However, for the time being, there is s till relative

30、ly 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 contracts. Stores continue to add new features to compete as well, such as ex panding hours to 24-hour

31、 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 set up, and the market is relatively easily entered by competitors. Advan ces in technology may reduce

32、 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 themselve s. But overall, the copy store industry does not appear to be an attractive one. As dot-coms

33、 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 Heres one way to think about the

34、choice between being the lowest-cost provi der or carving out a higher-end market niche - what consultants call differenti ation. The Four Ps This is a useful framework for evaluating marketing cases. It can be applied t o both products and services. The Four Ps consist of: Price The price a firm se

35、ts 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 how pricing is being used in the context of the case presented to you. Product The

36、 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 therefore not much o f a benefit. Try to tease out the value of the product in the m

37、arketplace base d on the case details you have been given. Position/Place The 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 people to consu me, or if it makes the consumer more aware of the product/servic

38、e 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. Promotion With so much noise in todays consumer (and business to business) marketpla ce, it is difficult for any one product/service to stand out

39、 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 competitor. You may want to sug gest a promotional strategy in the context

40、 of the case you are presented relati ve 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 criteria that custo

41、mers 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 increased product

42、ion 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 (althoug h it can be applied to individuals). You may employ it in other situations if yo

43、 u 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 l ife for its employees, and c

44、haritable 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, imp rove the technology in existing plants, o

45、r 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 its industry

46、) 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. Competitive Advantage This is the u

47、nique 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 asset s that create an advantage over other market players. Whatever the case, the se a

48、dvantages 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 leverage its competitive ad

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

50、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 configurati on, or having exclus

51、ivity in a market were once long-term defensible strategie s. But today, businesses are globally connected by lightning-fast communicatio ns and knowledge-sharing systems and manufacturing technologies are getting better and faster at reacting to and anticipating market conditions. Thus these advant

52、ages 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 competito rs, but there is usua

53、lly a unique subset that represents the value-added qual ities only the company under scrutiny possesses. This set is that companys co mpetitive advantage, or value chain. Sometimes this set can be copied, but a unique set of circumstances may still allow the company in question to perf orm them at

54、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 defensible competitive advant

55、ages. 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 cost to manufacture the fruit juice? Is there a frost in Florida that drives up the co

56、sts of oranges? Is the currency cri sis in Indonesia making papaya very cheap? Are per-volume purchases lower t han, for example, those of Tropicana?) Packaging and shipping (How much does that new banana-shaped container c ost? Are many bottles lost in transit? What are the fixed costs of shipping?

57、) Manufacturing (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 distr ibuted?) Advertising (Billboards,

58、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. Core compe

59、tencies Core 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 comp etencies broadly in order to be flexible enough to adapt to changes in the