Important Points
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1. Listen to the Question 2. Take Notes 3. Summarize the Question (out Loud) 4. Verify the Objective(s)- One objective is to increase sales. Are there any other objectives I should know about?" 5. Ask Clarifying Questions- You should ask basic questions about the company, the industry, the competition, external market factors, and the product. the company: Is it public or private? How big is it? Is it growing? the industry: Where is the industry in its life cycle? competition: Both internal (Who are the major players? What is our market share?) and external market factors (i.e., substitutions, the economy, interest rates, unemployment rate, price-cutting by competitors, rising material costs). the product: If it's a new product, ask about both the advantages and the disadvantages. (Everyone forgets to ask about the disadvantages, but oftentimes disadvantages can drive your answer more than the advantages 6. Organize Your Answer/Lay Out Your Structure 7. Hold that Thought for "One Alligator 8. Manage Your Time 9. Work the Numbers 10. Be Coachable 11. Be Creative and Brainstorm 12. Exude Enthusiasm and a Positive Attitude 13. Bring Closure and Summarize "I'm not that familiar with this market, so if my assumptions are off, please correct me." Determine if this is a population-based question, a household question, an individual question, or a "Who thinks this stuff up?" question. To determine whether it's a population, household, or individual question, ask yourself if the item is used by a population, a household, or an individual. Always want to work with 100 million households in the US and 200 million in Europe THE TWELVE CASE SCENARIOS
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Good Consulting Points
Transcript of Important Points
1. Listen to the Question2. Take Notes3. Summarize the Question (out Loud)4. Verify the Objective(s)- One objective is to increase sales. Are there any other objectives I should
know about?"5. Ask Clarifying Questions- You should ask basic questions about the company, the industry, the
competition, external market factors, and the product. the company: Is it public or private? How big is it? Is it growing? the industry: Where is the industry in its life cycle? competition: Both internal (Who are the major players? What is our market share?) and external market factors (i.e.,
substitutions, the economy, interest rates, unemployment rate, price-cutting by competitors, rising material costs).
the product: If it's a new product, ask about both the advantages and the disadvantages. (Everyone forgets to ask about the disadvantages, but oftentimes disadvantages can drive your answer more than the advantages
6. Organize Your Answer/Lay Out Your Structure7. Hold that Thought for "One Alligator8. Manage Your Time9. Work the Numbers10. Be Coachable11. Be Creative and Brainstorm12. Exude Enthusiasm and a Positive Attitude13. Bring Closure and Summarize
"I'm not that familiar with this market, so if my assumptions are off, please correct me."
Determine if this is a population-based question, a household question, an individual question, or a "Who thinks this stuff up?" question. To determine whether it's a popula-tion, household, or individual question, ask yourself if the item is used by a population, a household, or an individual.
Always want to work with 100 million households in the US and 200 million in Europe
THE TWELVE CASE SCENARIOS
Business cases have traditionally focused on either business strategy or business operations. However, with today's more complex cases,
candidates are getting case questions that cover both categories and multiple scenarios.
Strategy Scenarios:
1. Entering a new market
2. Industry analysis
3. Mergers and Acquisitions
4. Developing a new product
5. Pricing strategies
6. Growth strategies
7. Starting a new business
8. Competitive response
Operations Scenarios:
9. Increasing sales
10. Reducing costs
11. Improving the bottom line
12.Turnarounds
When operations cases are really about strategy (e.g., Strategy: Should we proceed with a turnaround? vs. Operations: How do we proceed with a turnaround?) then think about using cost-benefit analysis (in which you analyze the pros and cons of each possibility)
