咨询公司case分析方法

1、Case in terview分析工具/框架 来源：张旭的日志最近在准备CASE INTERVIEW，刚接触这个，对里面涉及到的 FRAMEWORK和STRATEGY非常不熟悉，偶获珍宝，与诸君共享。顺便攒RP!案例面试分析工具/框架一.Busin ess Strategy1 市场进入类行业分析（波特 5力，市场趋势，市场规模，市场份额， 市场壁垒等）公司宏观环境（人口，经济，自然，技术，政治），公司 微观环境（公司，供应商，市场中介，顾客，竞争对手， 大众）3C （Competitor, Consumer, Company/Capabilities ） Cost-reve nue固定成本，可

2、变成本收入怎么计算？时间序列估计，可比公司估计市场细分很重要，niche marketA. 地理细分B. 人口细分（年龄及生命周期阶段细分，性别细分，收 入细分）C. 心理细分（社会阶层，生活方式，个性特征）D. 行为细分（购买时机-柯达，利益细分-牙膏，用户状 况，使用率，忠诚度）2.行业分析类市场（市场规模，市场细分，产品需求/趋势分析，客户需求）竞争（竞争对手的经济情况，产品差异化，市场整合度， 产业集中度）顾客/供应商关系（谈判能力，替代者，评估垂直整合）进入/离开的障碍（评估公司进入 /离开。对新加入者的反应，经济规模，预测学习曲线，研究政府调控）资金金融（主要金融资金来源，产业风险

3、因素，可变成本/固定成本）风险预测与防范3.新产品引入类营销调研产品？价格？即 4P4C （Customer, Competition. Cost, Capabilities）市场促销，分校渠道（渠道选择，库存，运输，仓储）STP 禾口 4P ( Product, Price, Place, Promotion )产品生命周期二.Bus in ess Operati on1.市场容量扩张（竞争对手，消费者，自己实力）2利润改善型Reve nue. Cost分析，到底是销售额下降造成，还是成本上 升造成如果销售额下降，看 4P 了（是价格过高？产品质量问题？ 分校渠道问题？还是promotion

4、的efficacy有问题？）如果成本上升，看固定成本or可变成本是否有冋题？（固定成本过高，设备是否老化，需要关闭生产线、厂房，降 低管理者工资等，可变成本过咼，看原材料价格是否上升， 有没有降低的可能，switch suppliers?还是人员工资过高， 需要裁员等）成本结构是否合理，产能利用率如何（闲置率）3. 推销任何一种产品/服务4P，3c4. 定价以成本为基础的定价成本加成定价，以目标利润（盈亏平衡定价）以价值为基础定价以竞争为基础定价三.Market Sizing/Estimation市场趋势，市场规模，市场份额，市场壁垒等 市场集中度市场驱动因素（价格，服务，质量，外观） 关键成

5、功要素 KSF四.M&A类整合原因(synergy, scale, management impulse, Tax consid eration, Diversification, Breakup Value)5C (Character, Capacity, Capital, Conditions, Competitive A dva ntage)类型：horiz on tal, vertical, congen eric, con glomerate估值方法：DFC，Market Multiple( EBITDA，P/E，P/B) DFC : Pro Forma Cash Flow

6、Statement，Discount Rate Hostile VS Friendly takeovers所有咨询公司面试可能用到的分析结构Advanced concepts & frameworksMBAs and other candidates with business background, take note - interviewers will expect you to have a more detailed take on your case than an undergraduate would have. Here are some com monly use

7、d case concepts.Net present valuePerhaps the most important type of decision company managers must make on a daily basis is w hether to undertake a proposed investment. For example, should the company buy a certain piece of equipment? Build a particular factory? Invest in a new project? These types

8、of decisions are c alled capital budgeting decisions. The consultant makes such decisions by calculating the net prese nt value of each proposed investment and making only those investments that have positive net p resent values.Example: Hernandez is the CFO of Western Manufacturing Corp., an automo

9、bile manufacturer. T he company is considering opening a new factory in Ohio that will require an initial investment o f $1 million. The company forecasts that the factory will generate after-tax cash flows of $100,00 0 in Year 1, $200,000 in Year 2, $400,000 in Year 3, and $400,000 in Year 4. At th

10、e end of Ye ar 4, the company would then sell the factory for $200,000. The company uses a discount rate o f 12 percent. Hernandez must determine whether the company should go ahead and build the fac tory. To make this decision, Hernandez must calculate the net present value of the investment. T he

11、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 sh ould not be built.The net present value ruleNote from the example above that once the

12、consultant has figured out the NPV of a proposed i nvestment, she then decides whether to undertake the investment by applying the net present valu e 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 in

13、vestment 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 consultant's job is t o determine an appropriate discount rate (r) to use when calculating net present values. The disco

14、unt rate may vary depending on the investment.BetaThe first step in arriving at an appropriate discount rate for a given investment is determining th e investments riskiness. The market risk of an investment is measured by its "beta" (?), which me asures riskiness when compared to the mark

15、et as a whole. An investment with a beta of 1 has t he same riskiness as the market as a whole (so, for example, when the market moves down 10 p ercent, the value of the investment will on average fall 10 percent as well). An investment with b eta of 2 will be twice as risky as the market (so when t

16、he 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 can use the Capital A sset Pricing Model (CAPM) to calculate the appropriate discount rate (r):The risk-free rate of return is the ret

17、urn the company could receive by making a risk-free invest ment (for example, by investing in U.S. Treasury bills). The market rate of return is the return th e company could receive by investing in a well-diversified portfolio of stocks (for example, S&P 500).Example: Shen, Inc., a coal produce

18、r, is considering investing in a new venture that would manuf acture and market carbon filters. Shen's chief financial officer, Apelbaum, wants to calculate the N PV of the proposed venture in order to determine whether the company should make the invest ment. After studying the riskiness of the

19、 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, w hile the return on the S&P 500 stock index is 12 percent. Therefore, the discount rate Apelbaum will use when calculating the NPV of the invest

20、ment will be:Although this is an overly simplified discussion of how consultants calculate discount rate to use i n their cash-flow analysis, it does give you an overview of how consultants incorporate the notio n of an investment's market to select the appropriate discount rate.Porter's Fiv

21、e ForcesDeveloped by Harvard Business School professor Michael Porter in his book Competitive Strategy, the Porter's Five Forces framework helps determine the attractiveness of an industry. Before any company expands into new markets, divests product lines, acquires new businesses, or sells divi

22、si ons, it should ask itself, "Is the industry we're entering or exiting attractive?" By using Porter's Fi ve Forces, a company can begin to develop a thoughtful answer. Consultants frequently utilize Po rter's Five Forces as a starting point to help companies evaluate industry

23、 attractiveness.Take, for example, entry into the copy store market (like Kinko's). How attractive is the copy sto re 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

24、and one employee. Therefore, barriers to entry are low, so there's a high risk of potential new entrants.Buyer power: How much bargaining power do buyers have? Copy store customers are relatively p rice sensitive. Between the choice of a copy store that charges 5 cents a copy and a store that c

25、harges 6 cents a copy, buyers will usually head for the cheaper store. Because copy stores are co mmon, buyers have the leverage to bargain with copy store owners on large print jobs, threatenin g to take their business elsewhere. The only mitigating factors are location and hours. On the oth er han

26、d, price is not 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 i f other locations are relatively inconvenient.Supplier power: How much bargaining power do suppliers have? While pa

27、per prices may be on t he 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 bargain

28、ing 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 have the capability to fulfill copy functi ons as well. Large companies will normally have their own copying facilities. However, for

29、large-s cale projects, most individuals and employees at small companies will still use the services of a co py shop. The Internet is a potential threat to copy stores as well, because some documents that f ormerly would be distributed in hard copy will now be posted on the Web or sent through e-ma

30、il. However, for the 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 pric e, and are willing to "underbid" one another to win printing contracts. Stores continue to add

31、ne w features to compete as well, such as expanding hours to 24-hour service and offering free deliv ery.From this analysis, you can ascertain that copy stores are something of a commodity market. Con sumers are very price-sensitive, copy stores are inexpensive to set up, and the market is relativel

32、y easily entered by competitors. Advances in technology may reduce the size of the copy store ma rket. 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 s

33、tore industry does not appear to be an attractive one.As dot-coms come under fire, one case question we've heard increasingly is "How would you cre ate barriers to entry as an Internet Startup?"Product life cycle curveIf you're considering a product case, figure out how "matur

34、e" your product or service isStrategy tool/framework chartHere's 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 PsThis is a useful framework for evaluating marketing cases. It

35、 can be applied to both products an d 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 aver age to convey a "premi

36、um" image. Consider how 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 product/service that sati sfies a particular intersection of customer needs. Or it may simply be an extension of already ex

37、is ting products, and therefore not much of a benefit. Try to tease out the value of the product in the marketplace based on the case details you have been given.Position/PlaceThe physical location of a product/service can provide an advantage if it is superior to its compe tition, if it is easier o

38、r more convenient for people to consume, or if it makes the consumer mor e aware 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. PromotionWith so much noise in today's c

39、onsumer (and business to business) marketplace, it is difficult for any one product/service to stand out in a category. Promotional activity (including advertising, di scounting to consumers and suppliers, celebrity appearances, etc.) can be used to create or maintai n consumer awareness, open new m

40、arkets, or target a specific competitor. You may want to sugg est a promotional strategy in the context of the case you are presented relative to the promotiona l activity of other competing products/services.The Four CsThe Four Cs are especially useful for analyzing new product introductions and fo

41、r industry analysi s.CustomersHow is the market segmented?What are the purchase criteria that customers use?CompetitionWhat 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

42、of scale does the client have?What is the client's 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 (

43、although it can be applied to individuals). You may employ it in other situations if you 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 com

44、pany progressi ve about its waste disposal, quality of life for its employees, and charitable contributions? What s ort 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 reason

45、s? Are there plans to add new plants, improve the technology in existing plants, o r close underperforming plants? What about production overseas?CapitalWhat is the company's cost of capital relative to its competitors? How healthy are its cash flows, revenues, and debt load relative to its comp

46、etition?ConditionsWhat is the current business climate the company (and its 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 en

47、vironment that the company/industry inhabits.Competitive 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/service at a lower cost, charge a market p remium, or any number of other assets t

48、hat create an advantage over other market players. Whate ver the case, these advantages are usually defensible and not easily copied.In evaluating business cases using the Five Cs framework, you should look for those unique quali ties that a company possessesand identify any that meet the criteria m

49、entioned above. You may suggest that the company leverage its competitive advantage more aggressively or recommend alter natives if that company has no discernible advantage.Value Chain AnalysisThis approach involves assessing a company's overall business processes and identifying where that com

50、pany actually adds value to a product or service. The total margin of profit will be the valu e 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 today's products/services.Be

51、ing first to market, having a unique formula or configuration, or having exclusivity in a market were once long-term defensible strategies. But today, businesses are globally connected by lightnin g-fast communications and knowledge-sharing systems and manufacturing technologies are getting b etter

52、and faster at reacting to and anticipating market conditions. Thus these advantages are only fleeting or may not exist at all.Value Chain Analysis attempts to identify a competitive advantage by deconstructing the various " changes" a company's business processes perform on a set of ra

53、w materials or other inputs. Most can be easily copied by other competitors, but there is usually a unique subset that represents th e "value-added" qualities only the company under scrutiny possesses.This set is that company's c ompetitive advantage, or "value chain." Someti

54、mes this set can be copied, but a unique set of cir cumstances may still allow the company in question to perform them at a lower cost, charge a p remium 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 comp

55、any's overall bu siness processes set and then determine if one or more of the processes are defensible competitiv e advantages.For example, a manufacturer of fruit juice might have the following value chain elements: ?Research and development (Will mango really taste good with cloudberry juice?

56、)?Cost of goods sold (How much does it cost to manufacture the fruit juice? Is there a frost inFlorida that drives up the costs of oranges? Is the currency crisis in Indonesia making papaya ver y cheap? Are per-volume purchases lower than, for example, those of Tropicana?) ?Packaging and shipping (H

57、ow much does that new banana-shaped container cost? Are many bottl es lost in transit? What are the fixed costs of shipping?)?Manufacturing (How much do those juice pulpers cost? How often do factories need to be reen gineered?)?Labor (How many employees do we have? Where are they located? Are they

58、unionized?) ?Distribution (Where are the distribution centers? Where are the products distributed?) ?Advertising (Billboards, TV, magazines?)?Margin (How profitable is the juice company?)For more detailed information on this type of analysis, you may want to consider the authoritativ e text on compe

59、titive strategy: Competitive Strategy: Techniques for Analyzing Industries and Com petitors, by Michael E. Porter.Core competencies"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 identifyi ng its core competencies. A firm should define its cor